15 Unit Middletown, CT Portfolio

170 Pearl Street | Middletown | CT | 06457 Back to Properties

176 Pearl Street | Middletown | CT | 06457

48 Liberty Street | Middletown | CT | 06457


Price Reduced
×

Login

Overview

property galery image property galery image property galery image property galery image property galery image property galery image property galery image property galery image property galery image property galery image property galery image

Property Details

  • Price: $ 1,550,000
  • Cap Rate: 7.19%
  • Units: 15
  • Price/Unit: $ 103,333
  • Rentable SF: 12,790 SF
  • Price/Square Foot: $ 121
  • Site Size: .23 AC
  • Parking: Street
  • Year Built: 1900
  • Exterior: Aluminum & Vinyl

Property Description

The portfolio located at 170 & 176 Pearl Street and 48 Liberty Street, Middletown CT is comprised of 15 units (8-one bedroom, 5-two bedroom, 1-three bedroom, & 1 retail) totaling 12,790 rentable square feet in one-three story and two-two story buildings built in 1900.  The properties are all located on the same block with a collective lot size of 0.23 acres.  Plans have been filed with the Town of Middletown to add two additional units to 48 Liberty.  Currently all tenants pay for their heat and hot water with the exception of 48 Liberty that runs on a central system.

×

Share this property with your friends

Please type comma separated emails if you want to share these properties with multiple people.
×

Download File

×

Download File

×

Download Offering Memorandum

×

3D Tour


Share this property

Request Information


 

Financial Summary

15 Unit Middletown, CT Portfolio

Investment Highlights

Price $ 1,550,000.00
Units 15
Year Built 1900
Rentable SF 12790
Parking Street
Heat Gas & Oil
Hot Water Gas & Oil
Roof Gable - Asphalt Shingle
Exterior Aluminum & Vinyl
Site Size 0.23 Acres

Metrics

Price / Unit $ 103,333.33
Price / SF $ 121.19
Gross Rent Multiplier 7.92

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 229,800.00 $ 195,828.00
Less: Vacancy $ 11,490.00 $ 9,791.40
Based On: 5 % est. 5 % est.
Net Rent Income $ 218,310.00 $ 186,036.60
Total Operating Income $ 218,310.00 $ 186,036.60

 

Expense
Potential
Current
Real Estate Taxes $ 24,136.74 $ 24,136.74
Insurance $ 12,000.00 $ 12,000.00
Heat/Hot Water $ 4,000.00 $ 4,000.00
Electric (Common) $ 2,400.00 $ 2,400.00
Water & Sewer $ 13,500.00 $ 13,500.00
Management Fees $ 10,915.50 $ 9,301.83
Based On: 5% est. 5% est.
Maintenance/Repairs $ 10,915.50 $ 9,301.83
Based On: 5% est. 5% est.
Total Expenses $ 77,867.74 $ 74,640.40
Net Operating Income $ 140,442.26 $ 111,396.20
Cap Rate 9.06 % est. 7.19 % 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
170 - A1/1$950$1,250
170 - B2/1$1,255$1,450
170 - C2/1$1,225$1,375
170 - D1/1$889$1,250
170 - E1/1$1,000$1,150
170 - F1/1$1,200$1,250
170 - Ret0/2$1,250$1,250
176 - 11/1$750$1,100
176 - 21/1$650$1,075
176 - 31/1$950$1,050
176 - 41/1$900$1,050
48 - 1E3/1$1,200$1,550
48 - 1W2/1$1,350$1,450
48 - 2E2/1$1,400$1,450
48 - 2W2/1$1,350$1,450

Totals

$ 16,319.00

$ 19,150.00

* 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.