202 Main St New Hartford, CT 06057
- Commercial real estate
Current Use by Public Records
- Commercial real estate
Property Details for 202 Main St
- Year built
- 1940
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a four-unit apartment building located at 202 Main Street, New Hartford, Connecticut, 06057. The property, built in 1940, consists of two, two-story buildings totaling four units. The unit mix includes two one-bedroom/one-bathroom units, one two-bedroom/one-bathroom unit, and one three-bedroom/one-bathroom unit. Currently boasting 100% occupancy, the property generates a Net Operating Income (NOI) of $32,780, representing a 4.68% capitalization rate. Significant value-add potential exists through minor improvements and strategic rental increases, projected to boost NOI to $47,120 and a pro-forma cap rate of 6.73%. The property sits on R-15 zoned land, offering flexibility for future development. Its convenient location near the Farmington River provides recreational opportunities, while its proximity to Route 44 ensures easy access to Hartford. The asking price is $700,000, translating to $129,346 per unit. This stabilized multifamily investment offers a compelling blend of immediate income and future growth potential. This is a rare opportunity to acquire a well-located, income-producing property in a desirable Connecticut market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- New Hartford
- County
- Litchfield
- State
- Connecticut
- Longitude
- -72.958609211348
- Latitude
- 41.863121853708
