177-179 Buckingham St Hartford, CT 06106

Property Details for 177-179 Buckingham St

Year built

1927

Lot size

0.41 lot acres

Property size

8,700 SF

Property type

Apartment buildings

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.