12 Balaban Rd Colchester, CT 06415
- Commercial real estate
- 81,227 SF
- 26.44 lot acres
Current Use by Public Records
- Livingston Charge Port Charging Station / Electric Vehicle Charging Station
- Colchester Estates / Apartment Complex
- The Gardens at Colchester / Apartment Building
Property Details for 12 Balaban Rd
- Year built
- 1964
- Lot size
- 26.44 lot acres
- Property size
- 81,227 SF
- Property type
- Commercial real estate
Description
This exceptional 92-unit apartment complex, Colchester Estates, presents a compelling value-add investment opportunity. Located on a 26.44-acre parcel in Colchester, CT (06415), this Class B property boasts 81,227 square feet of living space, offering 92 two-bedroom/one-bathroom units. Completely redeveloped between 2018 and 2021, the property features renovated interiors with hardwood floors, shaker cabinetry, stone countertops, new appliances, and tiled bathrooms. Exterior improvements include new roofs, landscaping, a basketball court, picnic area, playground, dog parks, gated entry, updated mailboxes, doors, EV charging stations, and asphalt repairs. Significant systems upgrades encompass new wells and water treatment systems, septic systems, generators, and a new oil sub-metering system for tenant billing. The property benefits from an assumable Fannie Mae loan with a balance of $11,030,000 (as of 7/17/23) at a 2.91% interest rate, with interest-only payments until November 2024. Strategically located two miles from Route 2, it offers easy commuting access to Hartford and lower New London County, with Colchester's town center just 2.5 miles away. The property's current 100% occupancy and average rents significantly below market rates provide a substantial value-add potential. Colchester boasts a median household income exceeding $110,000, supporting strong rental demand. The asking price is $18,500,000, representing a 5.83% cap rate and a pro-forma cap rate of 6.76%. The property's numerous amenities, including ample parking, gazebos, and a leasing office, further enhance its appeal. The new oil sub-metering system is projected to offset approximately 85% of heating oil expenses. This turnkey asset offers a compelling combination of immediate cash flow and significant upside potential.
Value Estimation
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Colchester
- County
- New London
- State
- Connecticut
- Longitude
- -72.3553455
- Latitude
- 41.5572294
