Six-Unit Garden-Style Apartment
New
For Sale
$975,000
51 Forbes Street, East Hartford, CT 06108
Single-story multifamily property with renovated interiors, on-site laundry, tenant storage, and off-street parking.
Property Size1,956 SF
Price / SF$354.29
Days on Market5
Property Features for 51 Forbes Street
General Information
Standard status
Active
Size
1,956 SF
Property subtype
5 Family+
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
5 x 1BR, 1 x efficiency
Multifamily Units
6
Amenities
on-site coin-op laundry
tenant storage lockers
Building Details
Building Size
1,956 SF
Year Built
1956
Stories
1
Construction
garden-style
Listing Agency:
NortheastPCG, Inc
Listed By:
Derek Mahabir
(203) 751-1187
Source:
Iverty
Added: Sep 9
Changed: Sep 12
Last Checked: Sep 13 at 11:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NortheastPCG, Inc
Investment Insights
Based on property information with market context.
This single-story garden-style apartment property contains six units, including five one-bedroom apartments and one efficiency-style unit. Five residences have received full renovations with updated kitchens, flooring, and finishes. The property also includes coin-operated laundry, tenant storage lockers, and off-street parking for the residents. Electric service is separately metered, while seven gas meters support a central gas-fired heating and hot water system serving the units and common areas.
The property occupies nearly half an acre at 51 Forbes St in East Hartford, with access to Interstates 84 and 91 and proximity to downtown Hartford and the Connecticut River. Nearby context includes retail, dining, parks, transit options, and employment associated with a major aerospace manufacturer. Built in 1956, the asset combines a manageable six-unit configuration with established on-site amenities and a partially renovated unit base.
The property occupies nearly half an acre at 51 Forbes St in East Hartford, with access to Interstates 84 and 91 and proximity to downtown Hartford and the Connecticut River. Nearby context includes retail, dining, parks, transit options, and employment associated with a major aerospace manufacturer. Built in 1956, the asset combines a manageable six-unit configuration with established on-site amenities and a partially renovated unit base.
Key Highlights
- Six‑unit, single‑story garden‑style multifamily property
- Nearly half an acre in East Hartford
- Unit mix includes five one‑bedrooms and one flexible efficiency
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$37,128
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$742,560
$742.6K
Cap Rate 7%
$530,400
$530.4K
Cap Rate 9%
$412,533
$412.5K
Market Conditions
NOI Build-Up for 2,752 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$71.7K $26.04/SF
− Vacancy
−$4.2K −$1.51/SF
EGI
$67.5K $24.53/SF
− OpEx
−$30.4K −$11.04/SF
NOI
$37.1K $13.49/SF
Area
Hartford, CT
Vacancy
5.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$742,560
Cap Rate 7%
$530,400
Cap Rate 9%
$412,533
Alternative Uses
Best Use
Apartment 5plus
$530.4K
$464.1K – $618.8K
NOI $37,128 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$820.3K
$717.8K – $957.0K
NOI $57,421 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
539
Businesses Nearby
Explore this area
Business Placement
Demographics for 06108, CT
24,201
Population
9,963
Households
2.4
Avg Household Size
38
Median Age
15%
College-Educated
85%
High-School Grad
8.1 sq mi
ZIP Area
2,988
Density / Sq Mi
$55,766
Median Household Income
$35,801
Median Earnings
$1,161
Median Rent
$218,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Single-story multifamily property with renovated interiors, on-site laundry, tenant storage, and off-street parking.
Where is this apartment building located?
The property is located at 51 Forbes Street East Hartford, CT.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Six‑unit, single‑story garden‑style multifamily property; Nearly half an acre in East Hartford; Unit mix includes five one‑bedrooms and one flexible efficiency
