2023 West Street

2023 West Street | Southington | CT | 06489 Back to Properties


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Overview

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Property Details

  • Price: $ 600,000
  • Cap Rate: 7.71%
  • Units: 4
  • Price/Unit: $ 150,000
  • Rentable SF: 3,660 SF
  • Price/Square Foot: $ 164
  • Site Size: 0.55 AC
  • Parking: Off-Street
  • Year Built: 1957
  • Exterior: Vinyl

Property Description

The apartments located at 2023 West Street, Southington CT is comprised of 4 units (3-two bedrooms and 1-studio) totaling 3,660 rentable square feet in one-two story building built in 1957. Situated on 0.55 acres there is off-street parking available for the tenants.  Tenants pay for their own heat and hot water.  The property is 100% occupied.  Significant additional income comes through a commercial lease on the garage at the property that is rented for $350 per month.  Significant upside in the apartment rents over the current rent roll.  The property is just 0.3 Miles away from ESPN Headquarters.

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Financial Summary

2023 West Street

Investment Highlights

Price $ 600,000.00
Units 4
Year Built 1957
Rentable SF 3660
Parking Off-Street
Heat Gas - Tenants Pay
Hot Water Gas - Tenants Pay
Roof Gable - Asphalt Shingle
Exterior Vinyl
Site Size 0.55 Acres

Metrics

Price / Unit $ 150,000.00
Price / SF $ 163.93
Gross Rent Multiplier 8.85

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 79,200.00 $ 67,800.00
Less: Vacancy $ 2,376.00 $ 2,034.00
Based On: 3 % est. 3 % est.
Net Rent Income $ 76,824.00 $ 65,766.00
Plus: Other Income $ 4,200.00 $ 4,200.00
Total Operating Income $ 81,024.00 $ 69,966.00

 

Expense
Potential
Current
Real Estate Taxes $ 6,717.84 $ 6,717.84
Insurance $ 4,000.00 $ 4,000.00
Electric (Common) $ 600.00 $ 600.00
Water & Sewer $ 3,600.00 $ 3,600.00
Management Fees $ 4,051.20 $ 3,498.30
Based On: 5% est. 5% est.
On-site Supervisor $ 1,800.00 $ 1,800.00
Maintenance/Repairs $ 4,051.20 $ 3,498.30
Based On: 5% est. 5% est.
Total Expenses $ 24,820.24 $ 23,714.44
Net Operating Income $ 56,203.76 $ 46,251.56
Cap Rate 9.37 % est. 7.71 % 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
10/1$1,150$1,200
22/1$1,200$1,800
32/1$1,700$1,800
42/1$1,600$1,800

Totals

$ 5,650.00

$ 6,600.00

* 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.