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Property profile

60 Gillett St Hartford, CT 06105

OFF-MARKET
Office buildings
Property ID
US15-0809641
28,820 SF 0.62 ac lot Built 1963
Entity Owned 7-yr Hold ~ Est. High Equity
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Property summary

AI-generated overview

This exceptional Hartford, CT investment portfolio comprises three properties located on Gillett Street, offering significant potential for high returns. The centerpiece is 60 Gillett Street, a five-story, 28,847 square foot office building situated on approximately 0.62 acres. Currently undergoing rezoning for conversion into a 45-unit apartment complex (pending city approval), this project will include approximately 13 studio and 32 one-bedroom units, and a full basement. The building features an elevator and 46 surface parking spaces. Complementing this is 81 Gillett Street, a three-story, 15,100 square foot free-standing medical office building on approximately 0.35 acres. This fully sprinklered building includes one elevator, 20 covered and 20 surface parking spaces. Pending city approval, it is proposed for rezoning and expansion into a 42-unit apartment complex with an additional story. Finally, 83 Gillett Street provides an additional parking lot currently supporting 81 Gillett, with plans for an additional 72 apartment units. This portfolio presents a unique opportunity to capitalize on the growing demand for residential properties in Hartford, with the potential for substantial returns through both immediate income generation and future development. The properties are strategically located near St. Francis Hospital and other medical facilities, further enhancing their appeal and investment potential. All properties are located in Hartford, CT, zip code 06105.

Property profile

Verified
Property type Office buildings
Use group OFFICE BUILDING
Year built 1963
Construction STEEL FRAME
Total area 28,820 SF
Lot 0.62 ac (27,142 SF)
Zoning code MX-1
APN HTFD M:179 B:318 L:004
UPID US15-0809641

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Law Firm Security Service
  • Charitable Organization Social Service Agency
  • Real Estate Agency
  • Physician
  • Big Box & Wholesale Store

Location

60 Gillett St Hartford, CT 06105-2637
Hartford metro Census 503102 HARTFORD-WEST HARTFORD-EAST HARTFORD, CT METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$615k
CAP Approach CAP
by Request
Comparable Approach Comparable
$1.28M
Blend (final) Blend
$615k

Owner & transaction history

since 2018
7 recorded transactions
2023
Price N/A
2018
$900,000
2012
$370,000
2011
$1.1M
2006
$400,000
1995
Price N/A
1992
Price N/A

Zoning & alternative use

MX-1 · Hartford, CT
Zoning description

es, hospitals, and in other areas where low-scale mixed-use development is appropriate. These districts include a mix of compatible office or residential uses in the General Building Type and residential building types.…

General category SPECIAL

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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