Renovated Two-Family
For Sale
$479,900
81-83 Hungerford St, Hartford, CT 06106
Updated two-family property with separate entrances, private porches, modern finishes, and off-street parking.
Property Size2,612 SF
Price / SF$183.73
Days on Market23
Property Features for 81-83 Hungerford St
General Information
Standard status
Active
Size
2,612 SF
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 4BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,727
Amenities
recessed lighting
stainless steel appliances
granite countertops
updated kitchens and bathrooms
luxury vinyl flooring
private entrances
rear porches
off-street parking
in-unit washer/dryer hookups
designated laundry area
Building Details
Buildings
1
Listing Agency:
Berkshire Hathaway NE Prop.
(860) 617-1740
Listed By:
Shy Grahame · License #RES.0813469
(860) 617-1740
Source:
Exprealty
Added: Jul 28
Changed: Aug 19
Last Checked: Aug 19 at 10:58AM
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 Berkshire Hathaway NE Prop.
Investment Insights
Based on property information with market context.
This renovated two-family property offers a two-bedroom, one-bath residence on the first floor and a four-bedroom, two-bath residence spanning the second and third floors. Each unit has a private entrance and rear porch, while the upper unit includes in-unit washer/dryer hookups and a designated laundry area. Interior improvements include recessed lighting, stainless steel appliances, granite countertops, updated kitchens and bathrooms, and luxury vinyl flooring. Electrical and plumbing work was completed with permits from the City of Hartford.
The property is being delivered without tenants, allowing a buyer to select occupants for each unit. It also provides ample off-street parking and is located minutes from Downtown Hartford, major highways, shopping, dining, hospitals, and public transportation. A 10-year tax assessment incentive is also associated with the property.
The property is being delivered without tenants, allowing a buyer to select occupants for each unit. It also provides ample off-street parking and is located minutes from Downtown Hartford, major highways, shopping, dining, hospitals, and public transportation. A 10-year tax assessment incentive is also associated with the property.
Key Highlights
- Two‑family layout with a 2 bed / 1 bath first‑floor unit and 4 bed / 2 bath upper unit
- Fully renovated interiors with updated kitchens, bathrooms, electrical, and plumbing
- Permitted renovation work completed through the City of Hartford
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
$38,354
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
7.99%
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%
$767,080
$767.1K
Cap Rate 7%
$547,914
$547.9K
Cap Rate 9%
$426,156
$426.2K
Market Conditions
NOI Build-Up for 2,612 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
$58.0K $22.20/SF
− Vacancy
−$3.2K −$1.22/SF
EGI
$54.8K $20.98/SF
− OpEx
−$16.4K −$6.29/SF
NOI
$38.4K $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%
$767,080
Cap Rate 7%
$547,914
Cap Rate 9%
$426,156
Alternative Uses
Best Use
Multifamily LT 5
$547.9K
$479.4K – $639.2K
NOI $38,354 @ 7.0% cap · market cap 7.99%
Second Best
Apartment 5plus
$503.4K
$440.5K – $587.3K
NOI $35,239 @ 7.0% cap · market cap 7.34%
Theoretical Best
Office A
$778.6K
$681.2K – $908.3K
NOI $54,499 @ 7.0% cap · market cap 11.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
5,816
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?
Duplex - Updated two-family property with separate entrances, private porches, modern finishes, and off-street parking.
Where is this duplex located?
The property is located at 81-83 Hungerford St Hartford, CT.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Two‑family layout with a 2 bed / 1 bath first‑floor unit and 4 bed / 2 bath upper unit; Fully renovated interiors with updated kitchens, bathrooms, electrical, and plumbing; Permitted renovation work completed through the City of Hartford
