18 Unit Torrington, CT Portfolio

44 Albert Street | Torrington | CT | 06790 Back to Properties

60 Albert Street | Torrington | CT | 06790

44 E Albert Street | Torrington | CT | 06790

184 Hoffman Street | Torrington | CT | 06790

40 Mortimer Street | Torrington | CT | 06790


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Overview

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Property Details

  • Price: $ 1,900,000
  • Cap Rate: 10.05%
  • Units: 18
  • Price/Unit: $ 105,556
  • Rentable SF: 18,818 SF
  • Price/Square Foot: $ 101
  • Site Size: 1.13 AC
  • Parking: Garage & Off-Street
  • Year Built: 1900
  • Exterior: Clapboard & Vinyl

Property Description

The 18-Unit Torrington Portfolio consists of consists of 5 properties: 44 Albert Street (4 units), 60 Albert Street (3 units), 44 E Albert Street (4 units), 184 Hoffman Street (4 units), and 40 Mortimer Street (3 units).  Tenants pay for heat and hot water at all buildings.  The properties at 44 Albert Street, 44 E Albert Street, and 40 Mortimer Street all have garages that are currently rented. Two units at 40 Mortimer Street (40-2 and 40-3 on rent roll) are currently vacant and under renovation.

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Financial Summary

18 Unit Torrington, CT Portfolio

Investment Highlights

Price $ 1,900,000.00
Units 18
Year Built 1900
Rentable SF 18818
Parking Garage & Off-Street
Heat Tenants Pay
Hot Water Tenants Pay
Roof Pitched-Asphalt Shingle
Exterior Clapboard & Vinyl
Site Size 1.13 Acres

Metrics

Price / Unit $ 105,555.56
Price / SF $ 100.97
Gross Rent Multiplier 6.75

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 312,000.00 $ 281,640.00
Less: Vacancy $ 15,600.00 $ 14,082.00
Based On: 5 % est. 5 % est.
Net Rent Income $ 296,400.00 $ 267,558.00
Plus: Other Income $ 18,180.00 $ 8,880.00
Total Operating Income $ 314,580.00 $ 276,438.00

 

Expense
Potential
Current
Real Estate Taxes $ 31,517.36 $ 31,517.36
Insurance $ 14,300.00 $ 14,300.00
Electric (Common) $ 1,250.00 $ 1,250.00
Water & Sewer $ 10,840.00 $ 10,840.00
Management Fees $ 15,729.00 $ 13,821.90
Based On: 5% est. 5% est.
Maintenance/Repairs $ 15,729.00 $ 13,821.90
Based On: 5% est. 5% est.
Total Expenses $ 89,365.36 $ 85,551.16
Net Operating Income $ 225,214.64 $ 190,886.84
Cap Rate 11.85 % est. 10.05 % 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
44-14/1$1,475$1,500
44-22/1$1,450$1,700
44-32/1$1,550$1,600
44-43/1$1,450$1,600
60-14/1$1,150$1,600
60-23/1$1,600$1,700
60-R2/1$1,450$1,450
44 E-13/1$1,400$1,450
44 E-21/1$950$1,050
44 E-31/1$1,000$1,050
44 E-42/1$950$1,100
184-12/1$1,175$1,350
184-23/1$1,200$1,500
188-12/1$1,020$1,200
188-24/2$1,350$1,650
40-12/1$1,450$1,500
40-22/1$1,250$1,300Vacant
40-33/1$1,600$1,700Vacant

Totals

$ 23,470.00

$ 26,000.00

* 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.