Mixed-Use Retail and
For Sale
$1,750,000
629-641 Park Street, Hartford, CT 06106
Two adjacent mixed-use buildings include apartments and street-level commercial storefronts plus a dedicated on-site parking lot.
Property Size1,910 SF
Price / SF$148.31
Days on Market50
Property Features for 629-641 Park Street
General Information
Standard status
Active
Size
1,910 SF
Property subtype
5 Family+
Additional Details
Highway Access
Yes
Multifamily Units
8
Building Details
Building Size
1,910 SF
Year Built
1910
Tenancy
Multi
Listing Agency:
Brass Moon Realty
Listed By:
Ben Weinberg · License #RES.0813934
(917) 974-6356
Source:
Iverty
Added: Jul 21
Changed: Sep 8
Last Checked: Sep 8 at 5:10AM
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 Brass Moon Realty
Investment Insights
Based on property information with market context.
This for-sale portfolio combines two adjacent mixed-use buildings at 629-633 and 637-641 Park Street. The property provides 11 income-producing units total, including 8 residential apartments and 3 street-level commercial storefronts. A dedicated on-site parking lot is included, supporting both the residential tenants and the commercial operations.
The commercial storefront spaces benefit from visibility and frontage along Park Street. The asset is positioned for convenient access to downtown Hartford, public transportation, I-84, shopping, restaurants, and neighborhood amenities.
Offered as one portfolio, the buildings create a diversified income mix between residential and commercial tenants, with the combined configuration designed to support ongoing cash flow through multiple revenue streams.
The commercial storefront spaces benefit from visibility and frontage along Park Street. The asset is positioned for convenient access to downtown Hartford, public transportation, I-84, shopping, restaurants, and neighborhood amenities.
Offered as one portfolio, the buildings create a diversified income mix between residential and commercial tenants, with the combined configuration designed to support ongoing cash flow through multiple revenue streams.
Key Highlights
- Two adjacent mixed‑use buildings offered as one portfolio at 629‑633 and 637‑641 Park Street, Hartford (built 1910)
- 11 total income‑producing units: 8 residential apartments and 3 street‑level commercial storefronts
- Dedicated on‑site parking lot serving residents and commercial tenants
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
$159,198
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
9.10%
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%
$3,183,960
$3.2M
Cap Rate 7%
$2,274,257
$2.3M
Cap Rate 9%
$1,768,867
$1.8M
Market Conditions
NOI Build-Up for 11,800 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
$307.3K $26.04/SF
− Vacancy
−$17.8K −$1.51/SF
EGI
$289.5K $24.53/SF
− OpEx
−$130.3K −$11.04/SF
NOI
$159.2K $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%
$3,183,960
Cap Rate 7%
$2,274,257
Cap Rate 9%
$1,768,867
Alternative Uses
Best Use
Apartment 5plus
$2.27M
$1.99M – $2.65M
NOI $159,198 @ 7.0% cap · market cap 9.10%
Second Best
Mixed Use
$2.15M
$1.88M – $2.51M
NOI $150,450 @ 7.0% cap · market cap 8.60%
Theoretical Best
Office A
$3.52M
$3.08M – $4.10M
NOI $246,207 @ 7.0% cap · market cap 14.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,911
Businesses Nearby
Explore this area
Business Placement
Demographics for 06106, CT
38,036
Population
16,938
Households
2.2
Avg Household Size
33
Median Age
17%
College-Educated
70%
High-School Grad
4.2 sq mi
ZIP Area
9,056
Density / Sq Mi
$47,542
Median Household Income
$31,395
Median Earnings
$1,237
Median Rent
$201,600
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?
Mixed-use property - Two adjacent mixed-use buildings include apartments and street-level commercial storefronts plus a dedicated on-site parking lot.
Where is this mixed-use property located?
The property is located at 629-641 Park Street Hartford, CT.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Two adjacent mixed‑use buildings offered as one portfolio at 629‑633 and 637‑641 Park Street, Hartford (built 1910); 11 total income‑producing units: 8 residential apartments and 3 street‑level commercial storefronts; Dedicated on‑site parking lot serving residents and commercial tenants
