52 Prospect St Derby, CT 06418

Property Details for 52 Prospect St

Year built

1900

Lot size

0.32 lot acres

Property size

4,022 SF

Property type

Commercial real estate

Description

This exceptional value-add multifamily investment opportunity presents a 6-unit apartment building situated on a 0.32-acre lot in Derby, Connecticut. The property consists of two, two-story buildings totaling 4,022 square feet of net rentable space, featuring a mix of three one-bedroom/one-bathroom and three two-bedroom/one-bathroom units. Currently boasting 100% occupancy and a strong net operating income (NOI) of $69,503, this property offers an attractive 8.42% cap rate at an asking price of $825,000 ($137,500 per unit). Built in 1900, the property features desirable amenities including direct entry units, private patios or balconies in select units, a private backyard, and ample on-site parking. Located on a quiet, tree-lined street, it benefits from convenient access to Route 34, other major highways, public transportation, local schools, and numerous retail, dining, and entertainment options. The property's location offers easy commutes to Shelton, Bridgeport, and New Haven. Several units present below-market rents, providing a significant opportunity to increase income through rent adjustments and potential interior upgrades. Each unit has separate meters for electricity, gas heat, and hot water, with tenants responsible for their respective utilities. The landlord covers common area electricity, water, and sewer. Strong demographics within a 3-5 mile radius further enhance the property's investment potential, with average household incomes exceeding $125,000. This property represents a compelling investment opportunity with significant upside potential.

Location Insight

City

Derby

County

New Haven

State

Connecticut

Longitude

-73.0783346

Latitude

41.3152374