45 Elm Street

45 Elm Street | Winsted | CT | 06098 Back to Properties


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Overview

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Property Details

  • Price: $ 500,000
  • Units: 7
  • Price/Unit: $ 71,429
  • Rentable SF: 6,092 SF
  • Price/Square Foot: $ 82
  • Site Size: .17 AC
  • Parking: Off-Street
  • Year Built: 1880
  • Exterior: Brick & Vinyl

Property Description

The mixed-use property located 45 Elm Street, Winsted CT is currently comprised of 7 units (5 apartments (4 one-bedrooms and 1 two-bedroom) and 2 office spaces).  The two offices are currently vacant.  Owner was planning on converting each unit to a 3 Bedroom/2 Bath with a projected monthly rent of $1,400.  The prior office tenant was paying $2,250 for both spaces before they moved out in 2022.  In one of the offices there is already a full kitchen and two bathrooms.  The other office has two bathrooms. Heavy CapEx improvement the past 5 years ($57,000 in upgrades) including a gas conversion, new boiler, new hot water heater, creation of handicap accessible entries, and unit renovations.

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Financial Summary

45 Elm Street

Investment Highlights

Price $ 500,000.00
Units 7
Year Built 1880
Rentable SF 6092
Parking Off-Street
Heat Gas - Owner Pays
Hot Water Gas - Owner Pays
Roof Flat/Pitched
Exterior Brick & Vinyl
Site Size 0.17 Acres

Metrics

Price / Unit $ 71,428.57
Price / SF $ 82.07
Gross Rent Multiplier 8.42

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 96,600.00 $ 59,400.00
Less: Vacancy $ 4,830.00 $ 2,970.00
Based On: 5 % est. 5 % est.
Net Rent Income $ 91,770.00 $ 56,430.00
Total Operating Income $ 91,770.00 $ 56,430.00

 

Expense
Potential
Current
Real Estate Taxes $ 6,038.00 $ 6,038.00
Insurance $ 3,255.00 $ 3,255.00
Heat/Hot Water $ 4,305.00 $ 4,305.00
Electric (Common) $ 750.00 $ 750.00
Water & Sewer $ 981.00 $ 981.00
Trash Collection $ 3,000.00 $ 3,000.00
Management Fees $ 4,588.50 $ 2,821.50
Based On: 5% est. 5% est.
Maintenance/Repairs $ 4,588.50 $ 2,821.50
Based On: 5% est. 5% est.
Total Expenses $ 27,506.00 $ 23,972.00
Net Operating Income $ 64,264.00 $ 32,458.00
Cap Rate 12.85 % est. 6.49 % 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
Office 10/2$0$1,400Vacant
Office 20/2$0$1,400Vacant
Apt 11/1$750$750
Apt 21/1$1,000$1,100
Apt 31/1$1,100$1,100
Apt 41/1$1,100$1,100
Apt 52/1$1,000$1,200

Totals

$ 4,950.00

$ 8,050.00

* 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.