286 Orchard St Wallingford, CT 06492
- Showrooms
- 1,300 SF
- 0.06 lot acres
Current Use by Public Records
- Showrooms
Property Details for 286 Orchard St
- Year built
- 1946
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.06 lot acres
- Property size
- 1,300 SF
- Property type
- Showrooms
- APN
- WALL M:148 L:075
- APU
- WALLM148L075
Description
This exceptional investment opportunity presents a 42-unit multifamily portfolio situated in Wallingford, Connecticut. Comprising two properties – a 25-unit townhouse complex at 286 South Elm Street and a 17-unit building encompassing 24 Parsons Street and 219 South Orchard Street – this portfolio offers significant value-add potential. The properties boast a 100% occupancy rate and are strategically located less than half a mile apart, within easy walking distance of Wallingford's vibrant downtown area, offering residents convenient access to shopping, dining, and entertainment. Built in 1964 and 1965, with renovations completed in 1965, the properties feature a mix of spacious two-bedroom units, many with townhome-style layouts and private basements. Amenities include washer/dryer hookups, off-street parking, and central air conditioning. Tenant-paid utilities further enhance the investment appeal. Currently, leased rents are significantly below market rates for comparable properties, presenting a clear opportunity for increased revenue through renovations and market-rate adjustments. The 17 unrenovated units offer a substantial opportunity to capture significant renovation premiums. Furthermore, accretive assumable financing is available, cross-collateralized with other properties, making this an even more attractive proposition. The portfolio is available for purchase individually or as part of a larger portfolio. The asking price is $8,400,000, representing a price per unit of $200,000 and a price per square foot of $198. The current cap rate is 6.09%, with a pro-forma cap rate of 7.70%. One property features a double-wide lot with potential for future development.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $240,000
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Location Insight
- Map
- Local Demand
- City
- Wallingford
- County
- New Haven
- State
- Connecticut
- Longitude
- -72.8267
- Latitude
- 41.4483
- CBSA code
- 35300
- CBSA name
- NEW HAVEN-MILFORD, CT METROPOLITAN STATISTICAL AREA
