454 Park St, Unit 456 Hartford, CT 06106-1525

Property Details for 454 Park St

Year built

1895

Construction

FRAME

Lot size

0.30 lot acres

Property size

13,475 SF

Zone code

MS-1

Property type

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.

Location Insight

City

Hartford

County

Hartford

State

Connecticut

Longitude

-72.6842

Latitude

41.7583

CBSA code

25540

CBSA name

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

Property Tax & Assessments