Partially Completed Multifamily
New
For Sale
$275,000
6-8 Lebanon Street, Hartford, CT 06112
Partially finished property with a remodeled vacant unit and recent exterior improvements.
Property Size1,120 SF
Price / SF$245.54
Days on Market2
Property Features for 6-8 Lebanon Street
General Information
Standard status
Active
Size
1,120 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
partially completed
Building Details
Year Built
1942
Listing Agency:
PrefeQ Realty
Listed By:
Fabian Weir · License #WEIRF
(860) 995-8326
Source:
Foreverhomesrealestate
Added: Sep 9
Last Checked: Sep 10 at 5:12AM
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 PrefeQ Realty
Investment Insights
Based on property information with market context.
This partially completed multifamily property includes a vacant unit that has been fully remodeled. Exterior work completed within the last 2 years includes a new roof, gutters, and decks. The property is located near a hospital in Hartford, Connecticut, supporting consideration of short-, mid-, and long-term rental use. The property measures 1,120 square feet and was built in 1942.
Key Highlights
- Vacant unit has been completely remodeled
- New roof, gutters, and decks completed within the last 2 years
- 1,120‑square‑foot multifamily property
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
$15,110
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
5.49%
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%
$302,200
$302.2K
Cap Rate 7%
$215,857
$215.9K
Cap Rate 9%
$167,889
$167.9K
Market Conditions
NOI Build-Up for 1,120 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
$29.2K $26.04/SF
− Vacancy
−$1.7K −$1.51/SF
EGI
$27.5K $24.53/SF
− OpEx
−$12.4K −$11.04/SF
NOI
$15.1K $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%
$302,200
Cap Rate 7%
$215,857
Cap Rate 9%
$167,889
Alternative Uses
Best Use
Apartment 5plus
$215.9K
$188.9K – $251.8K
NOI $15,110 @ 7.0% cap · market cap 5.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$333.8K
$292.1K – $389.5K
NOI $23,369 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
530
Businesses Nearby
Explore this area
Business Placement
Demographics for 06112, CT
23,189
Population
8,785
Households
2.6
Avg Household Size
32
Median Age
10%
College-Educated
77%
High-School Grad
3.0 sq mi
ZIP Area
7,730
Density / Sq Mi
$47,010
Median Household Income
$29,383
Median Earnings
$1,229
Median Rent
$203,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Multifamily property - Partially finished property with a remodeled vacant unit and recent exterior improvements.
Where is this multifamily property located?
The property is located at 6-8 Lebanon Street Hartford, CT.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Vacant unit has been completely remodeled; New roof, gutters, and decks completed within the last 2 years; 1,120‑square‑foot multifamily property
