12 & 14 Blackall Road

12 & 14 Blackall Road | Milford | CT | 06460 Back to Properties


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Overview

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Property Details

  • Price: $ 1,400,000
  • Cap Rate: 5.63%
  • Units: 5
  • Price/Unit: $ 280,000
  • Rentable SF: 5,007 SF
  • Price/Square Foot: $ 280
  • Site Size: 0.16 AC
  • Parking: Off-Street & Garage
  • Year Built: 1910
  • Exterior: Aluminum Siding

Property Description

The apartments located at 12 & 14 Blackall Road, Milford CT are comprised of 5 apartments (2-two bedroom and 3-one bedroom) across three structures on the 0.16 acre site.  The property has a parking lot for the tenants as well as three rentable garages that are currently vacant.  The primary heating source at the property is tenant paid electric baseboard.  Currently 12 Blackall Road only has 2 electric meters for 3 units.  The owner pays for electric for two of the units here.  Unit 12-1 pays an extra $100 per month, that can be found in “Other Income” as a utility reimbursement.

Immediate value-add strategy re-examining the back structure (3 garages with a one-bedroom apartment) and potential configurations for that building.  Potential rent roll that shows unit 12-3 at $3,000 accounts for the conversion 3 car vacant garage on the 1st floor and the 1 bedroom on the 2nd floor into a 3 bedroom & 1 Bath unit with it’s own garage.

The property is just one-street in from multiple beaches in Milford.  An amazing location providing coastal living for tenants with great access to nearby New Haven, CT in under 20 minutes.

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Financial Summary

12 & 14 Blackall Road

Investment Highlights

Price $ 1,400,000.00
Units 5
Year Built 1910
Parking Off-Street & Garage
Heat Electric & Gas
Hot Water Electric & Gas
Roof Pitched - Asphalt Shingle
Exterior Aluminum Siding
Site Size 0.16 Acres

Metrics

Price / Unit $ 280,000.00
Price / SF $ 279.61
Gross Rent Multiplier 11.33

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 151,200.00 $ 123,600.00
Less: Vacancy $ 7,560.00 $ 6,180.00
Based On: 5 % est. 5 % est.
Net Rent Income $ 143,640.00 $ 117,420.00
Plus: Other Income $ 1,200.00 $ 1,200.00
Total Operating Income $ 144,840.00 $ 118,620.00

 

Expense
Potential
Current
Real Estate Taxes $ 18,881.24 $ 18,881.24
Insurance $ 5,000.00 $ 5,000.00
Heat/Hot Water $ 1,200.00 $ 1,200.00
Electric (Common) $ 1,444.88 $ 1,444.88
Water $ 1,587.13 $ 1,587.13
Sewer $ 1,022.76 $ 1,022.76
Management Fees $ 5,793.60 $ 4,744.80
Based On: 4% est. 4% est.
Maintenance/Repairs $ 7,242.00 $ 5,931.00
Based On: 5% est. 5% est.
Total Expenses $ 42,171.61 $ 39,811.81
Net Operating Income $ 102,668.39 $ 78,808.19
Cap Rate 7.33 % est. 5.63 % est.

All information furnished regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions, prior to sale or lease, or withdrawal without notice. National Multifamily Corp. makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property.

 

Rent Roll

Unit
BR/BA
Current Monthly Rent
Potential Monthly Rent
Status
Lease Expires
12-11/1$2,000$2,100
12-22/1$2,400$2,700Vacant
12-31/1$1,300$3,000
14-11/1$2,000$2,100
14-22/1$2,600$2,700

Totals

$ 10,300.00

$ 12,600.00

* 0 = Studio under BR

All information furnished regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions, prior to sale or lease, or withdrawal without notice. National Multifamily Corp. makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property.