25 Unit Central CT Portfolio

25 Unit Portfolio | Central | CT | Back to Properties

170 & 176 Pearl Street | Middletown | CT | 06457

48 Liberty Street | Middletown | CT | 06457

96 & 102 Franklin Street | Meriden | CT | 06450

2023 West Street | Southington | CT | 06489


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Overview

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Property Details

  • Price: $ 3,000,000
  • Cap Rate: 7.23%
  • Units: 25
  • Price/Unit: $ 120,000
  • Rentable SF: 22,069 SF
  • Price/Square Foot: $ 136
  • Site Size: 0.98 AC

Property Description

The 25 unit Central CT portfolio consists of three clusters: 15 units in Middletown CT located at 170 & 176 Pearl Street and 48 Liberty Street, 6 units in Meriden CT located at 96 & 102 Franklin Street, and 4 units in Southington CT located at 2023 West Street.  The properties can be purchased as a package or individually. All the properties have tenant paid heat and hot water with the exception of 48 Liberty Street in Middletown CT.  The current ownership has filed for an additional two units to be added to 48 Liberty Street not included in the current unit count nor potential. Ownership plans on repaving the parking lots of 2023 West and 96 & 102 Franklin with an expected completion in June 2022.

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Financial Summary

25 Unit Central CT Portfolio

Investment Highlights

Price $ 3,000,000.00
Units 25
Rentable SF 22069
Heat Gas & Oil
Hot Water Gas & Oil
Roof Gable - Asphalt Shingle
Exterior Mixed - Primarily Vinyl
Site Size 0.98 Acres

Metrics

Price / Unit $ 120,000.00
Price / SF $ 135.94
Gross Rent Multiplier 8.33

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 417,600.00 $ 360,228.00
Less: Vacancy $ 20,880.00 $ 18,011.40
Based On: 5 % est. 5 % est.
Net Rent Income $ 396,720.00 $ 342,216.60
Plus: Other Income $ 1,200.00 $ 0.00
Total Operating Income $ 397,920.00 $ 342,216.60

 

Expense
Potential
Current
Real Estate Taxes $ 38,417.50 $ 38,417.50
Insurance $ 22,000.00 $ 22,000.00
Heat/Hot Water $ 4,000.00 $ 4,000.00
Electric (Common) $ 4,200.00 $ 4,200.00
Water & Sewer $ 22,500.00 $ 22,500.00
Management Fees $ 19,896.00 $ 17,110.83
Based On: 5% est. 5% est.
Maintenance/Repairs $ 19,896.00 $ 17,110.83
Based On: 5% est. 5% est.
Total Expenses $ 130,909.50 $ 125,339.16
Net Operating Income $ 267,010.50 $ 216,877.44
Cap Rate 8.90 % est. 7.23 % 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
MI - 170 - A1/1$950$1,250
MI - 170 - B2/1$1,255$1,450
MI - 170 - C2/1$1,225$1,375
MI - 170 - D1/1$889$1,250
MI - 170 - E1/1$1,000$1,150
MI - 170 - F1/1$1,200$1,250
MI - 170 - Ret0/2$1,250$1,250
MI - 176 - 11/1$750$1,100
MI - 176 - 21/1$650$1,075
MI - 176 - 31/1$950$1,050
MI - 176 - 41/1$900$1,050
MI - 48 - 1E3/1$1,200$1,550
MI - 48 - 1W2/1$1,350$1,450
MI - 48 - 2E2/1$1,400$1,450
MI - 48 - 2W2/1$1,350$1,450
ME - 96 - 13/1$1,600$1,600
ME - 96 - 23/1$1,400$1,600
ME - 96 - 32/1$1,250$1,300
ME - 102 - 13/1$1,650$1,650
ME - 102 - 23/1$1,100$1,600
ME - 102 - 31/1$800$1,100
SO - 10/1$1,150$1,200
SO - 22/1$1,150$1,925
SO - 32/1$1,900$1,925Vacant
SO - 42/1$1,700$1,750Vacant

Totals

$ 30,019.00

$ 34,800.00

* 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.