47 Lawlor St New Britain, CT 06051-1110

This exceptional value-add opportunity presents an eight-unit apartment building in New Britain, Connecticut, situated on a sizable 11,231-square-foot lot. The property comprises two buildings totaling 6,943 square feet, offering a mix of unit sizes. One building features six units, while the second is a two-family dwelling. All units are currently 100% occupied, generating a current NOI of $63,169, representing a 7.22% cap rate. However, a pro-forma NOI of $87,904 projects a 10.05% cap rate, reflecting significant upside potential due to below-market rents. The property boasts on-site parking for up to ten vehicles, a considerable advantage in this location. Built in 1904, the three-story buildings are zoned T and offer a compelling opportunity for renovation and value enhancement. The asking price is $875,000, translating to $109,375 per unit and $126.03 per square foot. The property's convenient proximity to I-84 adds to its appeal, making it an attractive investment for those seeking both immediate returns and long-term growth in a desirable Connecticut location. Tenants are responsible for their own utilities (NNN). This presents a rare chance to acquire a well-located multifamily property with substantial potential for increased profitability.