79 Newington Ave New Britain, CT 06051

Property Details for 79 Newington Ave

Lot size

0.51 lot acres

Property size

16,900 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a 13-unit multifamily portfolio in New Britain, Connecticut, comprising four buildings totaling 16,900 square feet. The portfolio boasts a 6.28% cap rate and a strong $77,577 net operating income (NOI) with 100% occupancy. The buildings, constructed between 1890 and 1915, are situated on a 0.51-acre lot and offer a mix of one- and two-bedroom units. Three buildings are three stories, and one is two stories. Individual units feature separate meters for electricity and gas, with tenants responsible for their utilities. The landlord covers common area electricity, water, and sewer. Conveniently located in southern New Britain, the properties offer easy access to major highways (I-84, CT Route 9, CT Route 72), public transportation, and numerous retail amenities, including supermarkets, pharmacies, and a hospital. The proximity to Central Connecticut State University (under 3 miles) and Downtown Hartford (11 miles) further enhances the investment potential. This value-add opportunity allows for interior upgrades to increase rental rates in a high-demand market. The portfolio includes 79 Newington Ave (3 units, 2,398 sq ft living area, 4,199 sq ft total area, 0.07 acres), 35 Austin St (4 units, 3,156 sq ft living area, 5,184 sq ft total area, 0.25 acres), 202 Buell St (3 units, 2,200 sq ft living area, 3,805 sq ft total area, 0.07 acres), and 165 Greenwood St (3 units, 2,200 sq ft living area, 3,712 sq ft total area, 0.12 acres). Each building offers off-street parking. The asking price is $1,235,000, or $95,000 per unit. The net rentable area is 9,954 square feet, with a price per square foot of $124. This is a fee simple ownership.

Location Insight

City

New Britain

County

Hartford

State

Connecticut

Longitude

-72.7612734

Latitude

41.6713162