177-179 Buckingham StHartford, CT 06106

Property Details for 177-179 Buckingham St

Year built

1927

Lot size

0.41 AC

Property size (Sq ft)

8,700 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a 12-unit apartment building in Hartford, CT's burgeoning Bushnell South neighborhood, situated on a 0.41-acre lot. The property, built between 1927 and 1928 and renovated between 2010 and 2022, boasts 8,700 square feet with 7,800 net rentable square feet, currently operating at 90% occupancy. The existing building features a mix of short-term and long-term rentals, offering immediate cash flow of $78,000 NOI (projected to increase to $85,000). The asking price is $1,600,000, representing a 4.88% cap rate (5.31% pro-forma). Significant upside potential exists through the development of an additional 30+ units on the substantial 17,000 square feet of available air rights. The property benefits from its location within a designated Business Opportunity Zone and potential historical tax credits, further enhancing its investment appeal. The property is zoned NX-1 and is ideally positioned to capitalize on the significant residential development underway in the area, with over 1,000 new units planned in the immediate vicinity. This presents a unique chance to acquire a multifamily asset with substantial growth potential in a rapidly revitalizing urban setting. The property includes one pad and is a three-story building. The lease expiration date is September 30, 2024.

Location Insight

City

Hartford

County

Hartford

State

Connecticut

Latitude

41.7606

Longitude

-72.6782

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