Mixed-Use Freestanding Three-Story
For Sale
$1,295,000
781 Farmington Ave, West Hartford, CT 06119
Three-story mixed-use building in excellent condition with on-site parking.
Property Size4,368 SF
Lot Size0.32 Acres
Price / SF$296.47
Days on Market119
Property Features for 781 Farmington Ave
General Information
Standard status
Active
Size
4,368 SF
Lot size
0.32 Acres
Property subtype
Commercial
Building Details
Building Size
4,368 SF
Year Built
1922
Listing Agency:
Coldwell Banker Realty
(203) 903-1950
Listed By:
Amy Lapierre
(203) 903-1950
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 8 at 6:53AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 4,368 square foot freestanding three-story building is a mixed-use property with RM-O zoning. Constructed in 1922, the property is in excellent, like-new condition and includes on-site parking. It is located in a highly visible, prime location within a dense mixed business and residential corridor with a high traffic volume. The lot size is approximately 0.32 acres, with approximate dimensions of 53 feet frontage by 207 feet by 83 feet by 203 feet. The property features city water and sewer services, as well as gas heat. There are a total of 79 windows, with 70 new windows installed on the basement, first, and second floors. The third floor has 8 older windows with ropes and weights in good working condition. The exterior is stucco in mint condition, and the architectural shingle hip roof was installed in 2018. The first and second-floor units each have a wood-burning fireplace, wood floors, and 9-foot ceilings. The basement has 7-foot ceilings. There are four electrical meters, one for each unit plus an owner's panel. The property has a bike score of 73, indicating it is very bikeable, a walk score of 89, indicating it is very walkable, and a transit score of 58, indicating good transit options.
Key Highlights
- Prime location in a dense mixed business/residential corridor with high visibility and 16,000+/- daily vehicle traffic.
- Mixed‑Use RM‑O zoning offering flexibility for residential and/or office use.
- Like‑new condition, turn‑key 3‑family property with on‑site parking.
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
$64,139
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
4.95%
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%
$1,282,780
$1.3M
Cap Rate 7%
$916,271
$916.3K
Cap Rate 9%
$712,656
$712.7K
Market Conditions
NOI Build-Up for 4,368 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
$97.0K $22.20/SF
− Vacancy
−$5.3K −$1.22/SF
EGI
$91.6K $20.98/SF
− OpEx
−$27.5K −$6.29/SF
NOI
$64.1K $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%
$1,282,780
Cap Rate 7%
$916,271
Cap Rate 9%
$712,656
Alternative Uses
Best Use
Multifamily LT 5
$916.3K
$801.7K – $1.07M
NOI $64,139 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$841.9K
$736.6K – $982.2K
NOI $58,930 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,138 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,216
Businesses Nearby
Explore this area
Business Placement
Demographics for 06119, CT
14,843
Population
7,206
Households
2.1
Avg Household Size
37
Median Age
68%
College-Educated
95%
High-School Grad
2.1 sq mi
ZIP Area
7,068
Density / Sq Mi
$105,522
Median Household Income
$63,122
Median Earnings
$1,646
Median Rent
$361,700
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 - Three-story mixed-use building in excellent condition with on-site parking.
Where is this mixed-use property located?
The property is located at 781 Farmington Ave West Hartford, CT.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Prime location in a dense mixed business/residential corridor with high visibility and 16,000+/- daily vehicle traffic.; Mixed‑Use RM‑O zoning offering flexibility for residential and/or office use.; Like‑new condition, turn‑key 3‑family property with on‑site parking.
