Multifamily Portfolio

Transcription

1 Multifamily Portfolio Offering Memorandum For Sale Investment Opportunity COLLIERS INTERNATIONAL 864 Wethersfield Avenue Hartford, CT colliers.com/hartford Eric Blumenthal direct cell David Richard direct cell

2 THE OPPORTUNITY Investment Highlights ASKING PRICE: $2,999,900 PORTFOLIO HIGHLIGHTS 2 units with a unit price of $9,718 Net Operating Income is $272,296 with a Cap Rate of 9% (estimated) Pro Forma net operating income expense $02,286 with a Cap Rate of 10% (estimated) PROPERTIES 15 Arbor Street, Hartford, CT,94 SF with Units 229 Franklin Avenue, Hartford, CT 5,284 SF with 6 Units 1004 Broad Street, Hartford, CT 8,800 SF with 8 Units 248 Franklin Avenue, Hartford, CT 5,160 SF with 6 Units 48 Edgewood Street, Hartford, CT,5 SF with Units 105 West Street, New Britain, CT 6,405 SF with 6 Units LOCATION Hartford, the capital of Connecticut, is the historic international center of the insurance industry and is a center for medical care, research, and education. Hartford is an 18-square-mile city, home to 125,000 residents, world class dining, international cultural attractions, award winning entertainment venues and some of the largest corporations in the nation. New Britain, nicknamed the Hardware City has a history as a manufacturing center and as the headquarters of Stanley Black & Decker. New Britain is approximately 9 miles southwest of Hartford with a population of 7,206. New Britain is home to Central Connecticut State University and Charter Oak State College. COLLIERS INTERNATIONAL P. 2

3 THE OPPORTUNITY Property Photographs 229 FRANKLIN AVENUE, HARTFORD 1004 BROAD STREET, HARTFORD 48 EDGEWOOD STREET, HARTFORD 248 FRANKLIN AVENUE, HARTFORD 15 ARBOR STREET, HARTFORD 105 WEST STREET, NEW BRITAIN COLLIERS INTERNATIONAL P.

4 THE OPPORTUNITY Property Location Map 48 Edgewood Street 15 Arbor Street 1004 Broad Street 229 Franklin Avenue 248 Franklin Avenue 105 West Street NORTH COLLIERS INTERNATIONAL P. 4

5 15 Arbor Street, Hartford, CT,94 SF 15 Arbor Street Hartford, CT Ample off street parking NX acre From I-91 North, take Exit 29A. Continue onto Whitehead Highway. At traffic circle, take rd exit onto Hudson Street. Turn right onto Capitol Avenue. Turn left onto Arbor Street. The property is on the right. INCOME: $8,076 EXPENSES: $12,286 NOI: $25,760 CAP RATE: 8.89% PRO FORMA NOI: $29,716 PRO FORMA CAP RATE: 10.2% $290,000 Near busline. Great location. Recently rehabbed. COLLIERS INTERNATIONAL P. 5

6 1004 Broad Street, Hartford, CT 8,800 SF 1004 Broad Street Hartford, CT spaces NX-2 Fenced yard. 1/2 the building is Section TBD From I-91 North, take Exit 29A toward Capitol area and continue onto Whitehead Highway. At the traffic circle take the rd exit into Hudson Street. Turn right onto Jefferson Street. Turn right onto Broad Street. The property is on the right. INCOME: $100,000 EXPENSES: $28,800 NOI: $71,200 CAP RATE: 10.6% PRO FORMA NOI: TBD PRO FORMA CAP RATE: TBD $669,000 COLLIERS INTERNATIONAL P. 6

7 48 Edgewood Street, Hartford, CT,5 SF 48 Edgewood Street Hartford, CT Ample NX acre From I-84 West, take Exit 48 toward Asylum Street. Merge onto Spring Street. Turn right onto Garden Street. Turn left onto Edgewood Street. The property is on the right. INCOME: $2,400 EXPENSES: $6,480 NOI: $25,920 CAP RATE: 10.% PRO FORMA NOI: TBD PRO FORMA CAP RATE: TBD $250,000 Very low taxes - $526. Great cash flow. COLLIERS INTERNATIONAL P. 7

8 229 Franklin Avenue, Hartford, CT 5,284 SF 229 Franklin Avenue Hartford, CT Off street parking NX TBD From I-91 North, take Exit 29A toward Capitol and continue onto Whitehead Highway. Turn left onto Columbus Blvd. Continue onto Wyllys Street and stay left toward Maple Avenue. Turn left onto Franklin Avenue. INCOME: $62,04 EXPENSES: $17,770 NOI: $44,54 CAP RATE: 7.8% PRO FORMA NOI: $50,60 PRO FORMA CAP RATE: 8.8% $569,000 6 condo unit with 2-bedroom units: 1,078 SF. Rents below market. Newer brick building. COLLIERS INTERNATIONAL P. 8

9 248 Franklin Avenue, Hartford, CT 5,160 SF 248 Franklin Avenue Hartford, CT car garage 6-8 spaces off street parking 6 6 TBD From I-91 North, take Exit 29A toward Capitol and continue onto Whitehead Highway. Turn left onto Columbus Blvd. Continue onto Wyllys Street and stay left toward Maple Avenue. Turn left onto Franklin Avenue. INCOME: $59,22 EXPENSES: $17,280 NOI: $5,952 CAP RATE: 8.85% PRO FORMA NOI: $5,952 PRO FORMA CAP RATE: 10.75% MX-1 $609,000 6 unit condo with 860 SF 2-bedroom units. Rents below market. 1,000 SF office. Roof is tow years old. New hardwoods and tile. Basement laundry. 5 units recently remodeled. COLLIERS INTERNATIONAL P. 9

10 105 West Street, New Britain, CT 6,405 SF 105 West Street New Britain, CT On street parking only T acres From I-91 North, take Exit 29A turn left toward Maple Avenue. Turn left onto Franklin Avenue. INCOME: $69,000 EXPENSES: $18,100 NOI: $50,900 CAP RATE: 9.25% PRO FORMA NOI: $59,00 PRO FORMA CAP RATE: 14.07% $550,000 New roof down to the rafter. Brick building. Large yard. Porches are newer. Second floor right side includes heat and utilities - $1,500. All other units pay heat and utilities. All units except first floor have recently remodeled kitchens. Clean basement. COLLIERS INTERNATIONAL P. 10

11 COLLIERS INTERNATIONAL 864 Wethersfield Avenue Hartford, CT Main colliers.com/hartford FOR MORE INFORMATION, PLEASE CONTACT Eric Blumenthal direct cell David Richard direct cell