127 Hawkins St Derby, CT 06418

This exceptional investment opportunity presents a two-unit apartment building located at 127 Hawkins Street in Derby, Connecticut, 06418. Built in 1904 and renovated in 2022, this property boasts a total of 2,101 square feet of net rentable space, currently achieving 100% occupancy as of September 3rd, 2024. The building features a spacious three-bedroom unit and a cozy two-bedroom unit, each with separate meters for utilities. The property offers a current Net Operating Income (NOI) of $22,078, translating to a 6.49% capitalization rate. However, a pro-forma analysis projects a significant increase in NOI to $34,078, resulting in a compelling 10.02% pro-forma cap rate. This value-add opportunity is priced at $340,000, or $170,000 per unit, and presents a strong price per square foot of $161.83. The property is zoned R-5 and benefits from its location in a revitalizing downtown area, close to Milford, Bridgeport, and New Haven. Additional features include forced hot air heating, newer appliances, and a spacious backyard. This turn-key property offers immediate rental income and substantial long-term growth potential in a thriving community. The property's strong current performance and significant upside potential make it an attractive investment for discerning buyers.