454 Park StHartford, CT 06106

Property Details for 454 Park St

Year built

1895

Construction

FRAME

Lot size

0.30 AC

Property size (Sq ft)

13,475 SF

Zone code

MS-1

Property type

Office properties

Property subtype

Office buildings

APN

HTFD M:226 B:440 L:113

APU

HTFDM226B440L113

Description

This exceptional value-add opportunity presents a 13,475 square foot mixed-use property located at 454 Park St, Hartford, CT 06106. The building, constructed in 1895 and boasting two stories, sits on a 13,230 square foot lot and is zoned MS-1, permitting diverse uses. Currently operating at 65% occupancy with three tenants, the property generates a net operating income (NOI) of $61,301, yielding an 11.17% cap rate. A pro-forma analysis projects a significantly improved NOI of $91,108 and a 16.60% cap rate, highlighting the substantial upside potential. The asking price is $549,000, translating to $44.53 per square foot. The property comprises a mix of flex, office, and retail spaces, including approximately 4,650 square feet of flex space previously used as a nightclub and mechanics space. Its prime location on Park Street ensures high visibility and excellent pedestrian and vehicular traffic. The building's historic character and multiple income-producing units (five total, including one medical and two retail spaces) make it an attractive investment for those seeking a diverse portfolio addition. This property offers a unique blend of historical charm and modern investment potential in a thriving Hartford location. The building's strong potential for high foot traffic and its suitability for retail or street retail investment further enhance its appeal.

• CAP approach

  CAP return

  Valuation

  6%

  $2,227,820

  6.5%

  $2,056,449

  7%

  $1,909,560

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,760,644

  Geo Method

  $1,760,644

• Alternative Use

  Use

  Valuation

  Residential

  $2,549,997

  Hospitality

  $2,335,784

  Educational

  $1,943,344

  Medical

  $2,010,179

  Retail

  $3,022,980

Location Insight

City

Hartford

County

Hartford

State

Connecticut

Latitude

41.7583

Longitude

-72.6842

CBSA code

25540

CBSA name

HARTFORD-WEST HARTFORD-EAST HARTFORD, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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