For Sale
$875,000

47 Lawlor StNew Britain, CT 06051

8-Unit Apartment Building, High Potential

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional value-add opportunity presents an eight-unit apartment building in New Britain, Connecticut, situated on a sizable 11,231-square-foot lot. The property comprises two buildings totaling 6,943 square feet, offering a mix of unit sizes. One building features six units, while the second is a two-family dwelling. All units are currently 100% occupied, generating a current NOI of $63,169, representing a 7.22% cap rate. However, a pro-forma NOI of $87,904 projects a 10.05% cap rate, reflecting significant upside potential due to below-market rents. The property boasts on-site parking for up to ten vehicles, a considerable advantage in this location. Built in 1904, the three-story buildings are zoned T and offer a compelling opportunity for renovation and value enhancement. The asking price is $875,000, translating to $109,375 per unit and $126.03 per square foot. The property's convenient proximity to I-84 adds to its appeal, making it an attractive investment for those seeking both immediate returns and long-term growth in a desirable Connecticut location. Tenants are responsible for their own utilities (NNN). This presents a rare chance to acquire a well-located multifamily property with substantial potential for increased profitability.

Highlights

  • $875,000 asking price for an 8-unit apartment building in New Britain, CT.
  • 7.22% current cap rate, 10.05% pro-forma cap rate.
  • 6,943 square feet on an 11,231 square foot lot.
  • Tenants pay all utilities (NNN).
  • Below-market rents provide significant rental upside.
  • On-site parking for up to 10 cars.

Property Details for 47 Lawlor St

Property type
Apartment buildings
Square Feet
6,943 SF
Year Built
1904
Buildings
2
Stories
3
Units
8

Location Insight

City
New Britain
County
Hartford
State
Connecticut
Latitude
41.6754414
Longitude
-72.7787262
47 Lawlor St, New Britain, Connecticut

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47 Lawlor St
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