Three-Unit Multifamily
New
For Sale
$519,999
61-63 Elliott St, Hartford, CT 06114
Three residences offer kitchens, living rooms, and full bathrooms within a functional multifamily layout.
Property Size2,943 SF
Price / SF$176.69
Days on Market6
Property Features for 61-63 Elliott St
General Information
Standard status
Active
Size
2,943 SF
Property subtype
Multi-Family
Building Details
Year Built
1908
Listing Agency:
I'Lann Realty, LLC
Listed By:
Ajani Graham (203) 815-8921 (475) 775-5427 · License #RES.0834610
(203) 815-8921
Source:
Sunsetcreekrealty
Added: Sep 1
Changed: Sep 5
Last Checked: Sep 5 at 8:59AM
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 I'Lann Realty, LLC
Investment Insights
Based on property information with market context.
Located at 61-63 Elliott Street in Hartford’s South End, this three-unit multifamily property was built in 1908. Each residence includes three bedrooms, one full bathroom, a kitchen, and a living room, creating a consistent configuration across the building. The property also includes a full basement and off-street parking.
The NX-2-zoned property is near shopping, restaurants, public transportation, major highways, schools, and other local amenities. Its three-unit layout and established residential configuration support both owner-occupancy and rental use.
The NX-2-zoned property is near shopping, restaurants, public transportation, major highways, schools, and other local amenities. Its three-unit layout and established residential configuration support both owner-occupancy and rental use.
Key Highlights
- Three residential units, each with 3 bedrooms and 1 full bathroom
- Each unit includes a kitchen and living room
- Full basement included
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
$43,214
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
8.31%
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%
$864,280
$864.3K
Cap Rate 7%
$617,343
$617.3K
Cap Rate 9%
$480,156
$480.2K
Market Conditions
NOI Build-Up for 2,943 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
$65.3K $22.20/SF
− Vacancy
−$3.6K −$1.22/SF
EGI
$61.7K $20.98/SF
− OpEx
−$18.5K −$6.29/SF
NOI
$43.2K $14.68/SF
Area
Hartford, CT
Vacancy
5.51%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$864,280
Cap Rate 7%
$617,343
Cap Rate 9%
$480,156
Alternative Uses
Best Use
Multifamily LT 5
$617.3K
$540.2K – $720.2K
NOI $43,214 @ 7.0% cap · market cap 8.31%
Second Best
Apartment 5plus
$567.2K
$496.3K – $661.8K
NOI $39,705 @ 7.0% cap · market cap 7.64%
Theoretical Best
Office A
$877.2K
$767.6K – $1.02M
NOI $61,406 @ 7.0% cap · market cap 11.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,909
Businesses Nearby
Explore this area
Business Placement
Demographics for 06114, CT
26,257
Population
11,206
Households
2.3
Avg Household Size
34
Median Age
15%
College-Educated
71%
High-School Grad
4.0 sq mi
ZIP Area
6,564
Density / Sq Mi
$47,905
Median Household Income
$31,996
Median Earnings
$1,296
Median Rent
$228,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residences offer kitchens, living rooms, and full bathrooms within a functional multifamily layout.
Where is this triplex located?
The property is located at 61-63 Elliott St Hartford, CT.
What is the asking price?
The asking price for this property is $519,999.
What are key features of this property?
This property features: Three residential units, each with 3 bedrooms and 1 full bathroom; Each unit includes a kitchen and living room; Full basement included
