96 & 102 Franklin Street

96 & 102 Franklin Street | Meriden | CT | 06450 Back to Properties


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Overview

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Property Details

  • Price: $ 675,000
  • Cap Rate: 8.54%
  • Units: 6
  • Price/Unit: $ 112,500
  • Rentable SF: 5,619 SF
  • Price/Square Foot: $ 120
  • Site Size: .20 AC
  • Parking: Off-Street
  • Year Built: 1880
  • Exterior: Clapboard & Vinyl

Property Description

The apartments located at 96 & 102 Franklin Street, Meriden CT is comprised of 6 units (4-three bedroom, 1-two bedroom, and 1-one bedroom) totaling 5,619 rentable square feet in two-three story buildings built in 1880 and 1895 respectively. Situated on a combined 0.20 acres, the properties share a driveway leading to off-street parking behind the buildings. Tenants pay for their own heat & hot water at the property.  The owner pays for the electric of unit 102-2.  Recent improvements to the property include work to the driveway and parking lot, common area renovations, apartment renovations, and exterior painting all completed in 2022.

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Financial Summary

96 & 102 Franklin Street

Investment Highlights

Price $ 675,000.00
Units 6
Year Built 1880
Rentable SF 5619
Parking Off-Street
Heat Gas - Tenants Pay
Hot Water Gas - Tenants Pay
Roof Gabled - Asphalt Shingle
Exterior Wood Clapboard & Vinyl
Site Size 0.20 Acres

Metrics

Price / Unit $ 112,500.00
Price / SF $ 120.13
Gross Rent Multiplier 7.19

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 105,000.00 $ 93,900.00
Less: Vacancy $ 5,250.00 $ 4,695.00
Based On: 5 % est. 5 % est.
Net Rent Income $ 99,750.00 $ 89,205.00
Total Operating Income $ 99,750.00 $ 89,205.00

 

Expense
Potential
Current
Real Estate Taxes $ 8,815.20 $ 8,815.20
Insurance $ 8,076.56 $ 8,076.56
Electric (Common) $ 1,250.00 $ 1,250.00
Water & Sewer $ 4,500.00 $ 4,500.00
Management Fees $ 4,987.50 $ 4,460.25
Based On: 5% est. 5% est.
Maintenance/Repairs $ 4,987.50 $ 4,460.25
Based On: 5% est. 5% est.
Total Expenses $ 32,616.76 $ 31,562.26
Net Operating Income $ 67,133.24 $ 57,642.74
Cap Rate 9.95 % est. 8.54 % 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
96-13/1$1,600$1,600
96-23/1$1,400$1,600
96-32/1$1,075$1,300
102-13/1$1,650$1,650
102-23/1$1,300$1,600
102-31/1$800$1,000

Totals

$ 7,825.00

$ 8,750.00

* 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.