1526-1528 Broad St Hartford, CT 06106
- Apartment buildings
- 12,284 SF
- 0.20 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 1526-1528 Broad St
- Year built
- 1915
- Lot size
- 0.20 lot acres
- Property size
- 12,284 SF
- Property type
- Apartment buildings
Description
This exceptional multifamily investment opportunity presents a three-story brick building situated on a 0.2-acre lot at 1526-1528 Broad Street in Hartford, Connecticut. The property boasts 12,284 square feet of gross area, with 8,511 square feet of net rentable space, housing six 4-bedroom/1-bathroom units. Each unit commands a price of $187,500, contributing to the property's total asking price of $1,125,000. Built in 1915 and renovated in 1985, the building features a newer furnace (installed 3 years ago). The property enjoys a 12.75% cap rate and a net operating income (NOI) of $143,442. Its strategic location across from Trinity College, a prestigious liberal arts college with an enrollment of 2,235 students, makes it ideal for student housing, with a 14-year history of leasing to students year-round. The property's proximity to major thoroughfares like New Britain Avenue and Washington Street, public transportation, and amenities such as Hartford Hospital (0.6 miles away), contributes to its strong rental demand. The area's demographics are favorable, with over 161,700 people within a 3-mile radius and an average household income exceeding $85,000. Hartford's renter-dominated market (23.8% homeownership rate) further enhances the investment potential. The building's brick construction offers low maintenance and durability. This property represents a compelling investment opportunity with significant potential for strong returns.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Hartford
- County
- Hartford
- State
- Connecticut
- Longitude
- -72.6871
- Latitude
- 41.7486
