Mixed-Use Property with
New
For Sale
$1,098,888
645 Burnside Ave, East Hartford, CT 06108
A café and residential apartments share the property, supported by on-site parking and recent building improvements.
Property Size5,846 SF
Price / SF$187.97
Days on Market6
Property Features for 645 Burnside Ave
General Information
Standard status
Active
Size
5,846 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR, 3 x 1BR, 4 x studio
Multifamily Units
8
Additional Details
Cap Rate
7.7%
Public Transit
Yes
Building Details
Year Built
1903
Listing Agency:
Century 21 AllPoints Realty
Listed By:
Lisa Cozzi (860) 508-2102 (860) 263-2121
Source:
Centralconnecticuthomefinder
Added: Sep 9
Changed: Sep 13
Last Checked: Sep 13 at 9:45AM
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 Century 21 AllPoints Realty
Investment Insights
Based on property information with market context.
Built in 1903, this mixed-use property combines a café with eight residential apartments for a total of nine units. The residential mix includes one 2-bedroom apartment, three 1-bedroom apartments, and four studios. Recent work includes a new front porch, front entry doors, central boiler, hot water heater, and select replacement windows. The café pays its own gas and electric expenses, while on-site parking serves the commercial and residential components.
The property offers multiple income sources from its café and apartment uses. Public transportation is accessible, and neighborhood retail and services are nearby. Reported operating metrics include a 9.4% ROI and a 7.7% cap rate.
The property offers multiple income sources from its café and apartment uses. Public transportation is accessible, and neighborhood retail and services are nearby. Reported operating metrics include a 9.4% ROI and a 7.7% cap rate.
Key Highlights
- 9‑unit mixed‑use property with one café and eight residential apartments
- Residential mix includes one 2‑bedroom, three 1‑bedroom apartments, and four studios
- 9.4% ROI and 7.7% cap rate
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
$78,870
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
7.18%
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%
$1,577,400
$1.6M
Cap Rate 7%
$1,126,714
$1.1M
Cap Rate 9%
$876,333
$876.3K
Market Conditions
NOI Build-Up for 5,846 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
$152.2K $26.04/SF
− Vacancy
−$8.8K −$1.51/SF
EGI
$143.4K $24.53/SF
− OpEx
−$64.5K −$11.04/SF
NOI
$78.9K $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%
$1,577,400
Cap Rate 7%
$1,126,714
Cap Rate 9%
$876,333
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$985.9K – $1.31M
NOI $78,870 @ 7.0% cap · market cap 7.18%
Second Best
Specialty Retail
$1.11M
$968.1K – $1.29M
NOI $77,448 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,977 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
655
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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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?
Mixed-use property - A café and residential apartments share the property, supported by on-site parking and recent building improvements.
Where is this mixed-use property located?
The property is located at 645 Burnside Ave East Hartford, CT.
What is the asking price?
The asking price for this property is $1,098,888.
What are key features of this property?
This property features: 9‑unit mixed‑use property with one café and eight residential apartments; Residential mix includes one 2‑bedroom, three 1‑bedroom apartments, and four studios; 9.4% ROI and 7.7% cap rate
