This exceptional 92-unit apartment complex, Colchester Estates, presents a compelling value-add investment opportunity. Located on a 26.44-acre parcel in Colchester, CT (06415), this Class B property boasts 81,227 square feet of living space, offering 92 two-bedroom/one-bathroom units. Completely redeveloped between 2018 and 2021, the property features renovated interiors with hardwood floors, shaker cabinetry, stone countertops, new appliances, and tiled bathrooms. Exterior improvements include new roofs, landscaping, a basketball court, picnic area, playground, dog parks, gated entry, updated mailboxes, doors, EV charging stations, and asphalt repairs. Significant systems upgrades encompass new wells and water treatment systems, septic systems, generators, and a new oil sub-metering system for tenant billing. The property benefits from an assumable Fannie Mae loan with a balance of $11,030,000 (as of 7/17/23) at a 2.91% interest rate, with interest-only payments until November 2024. Strategically located two miles from Route 2, it offers easy commuting access to Hartford and lower New London County, with Colchester's town center just 2.5 miles away. The property's current 100% occupancy and average rents significantly below market rates provide a substantial value-add potential. Colchester boasts a median household income exceeding $110,000, supporting strong rental demand. The asking price is $18,500,000, representing a 5.83% cap rate and a pro-forma cap rate of 6.76%. The property's numerous amenities, including ample parking, gazebos, and a leasing office, further enhance its appeal. The new oil sub-metering system is projected to offset approximately 85% of heating oil expenses. This turnkey asset offers a compelling combination of immediate cash flow and significant upside potential.
Highlights
Turnkey multifamily property with recently completed renovations featuring modern finishes and appliances.
Assumable Fannie Mae loan of $11,030,000 at 2.91% interest (as of 7/17/23), interest-only until 11/2024, maturing 11/1/2030.
Luxury amenities include ample parking, gazebos, dog park, basketball court, playground, EV charging stations, and picnic area.
Significant value-add opportunity with below-market rents, allowing for immediate rental increases.
Excellent location with easy access to Hartford, Middletown, and other Southern Connecticut areas within 30 minutes.
Strong demographics with a median household income exceeding $110,000.
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Contacts
Rich Edwards
Jeff Wright
Robert Paterno
Bradley Balletto
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12 Balaban Rd, Colchester, Connecticut, 06415
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
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12 Balaban Rd
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