For Sale
$18,500,000

12 Balaban RdColchester, CT 06415

Value-add multifamily investment opportunity in CT

Overview

Added:
Dec 11, 2024
Days on market:
114
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.

Property Details for 12 Balaban Rd

Property type
Apartment buildings
Square Feet
81,227 SF
Class
B
Year Built/Renovated
1964/2018
Buildings
4
Stories
1
Lot Size (sq. ft)
1,151,726 SF
Units
92

Location Insight

City
Colchester
County
New London
State
Connecticut
Latitude
41.5572294
Longitude
-72.3553455
12 Balaban Rd, Colchester, Connecticut

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12 Balaban Rd
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