For Sale
$1,600,000

177-179 Buckingham StHartford, CT 06106

12 Units + 30+ Unit Potential

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional investment opportunity presents a 12-unit apartment building in Hartford, CT's burgeoning Bushnell South neighborhood, situated on a 0.41-acre lot. The property, built between 1927 and 1928 and renovated between 2010 and 2022, boasts 8,700 square feet with 7,800 net rentable square feet, currently operating at 90% occupancy. The existing building features a mix of short-term and long-term rentals, offering immediate cash flow of $78,000 NOI (projected to increase to $85,000). The asking price is $1,600,000, representing a 4.88% cap rate (5.31% pro-forma). Significant upside potential exists through the development of an additional 30+ units on the substantial 17,000 square feet of available air rights. The property benefits from its location within a designated Business Opportunity Zone and potential historical tax credits, further enhancing its investment appeal. The property is zoned NX-1 and is ideally positioned to capitalize on the significant residential development underway in the area, with over 1,000 new units planned in the immediate vicinity. This presents a unique chance to acquire a multifamily asset with substantial growth potential in a rapidly revitalizing urban setting. The property includes one pad and is a three-story building. The lease expiration date is September 30, 2024.

Highlights

  • 161-165 Buckingham lot: Opportunity to construct a new 5-story, 27-unit apartment building.
  • Adjacent 12-unit building generates existing rental income; 5 short-term rentals also in place.
  • Strong demand for quality units in the desirable Bushnell South/SODO neighborhood, offering a quieter alternative to the downtown core.
  • Multiple financing options available, including potential quasi-state funding, low-interest loans (potentially below 5% with a 35-year fixed rate), and 1031 exchange opportunities.
  • Potential for owner participation (up to 20%) due to Opportunity Zone designation; 12-unit building may qualify for historic designation.

Property Details for 177-179 Buckingham St

Property type
Apartment buildings
Square Feet
8,700 SF
Class
B
Year Built/Renovated
1927/2010
Buildings
1
Stories
3
Lot Size (sq. ft)
17,860 SF
Units
12

Location Insight

City
Hartford
County
Hartford
State
Connecticut
Latitude
41.76059346
Longitude
-72.67818756
177-179 Buckingham St, Hartford, Connecticut

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
177-179 Buckingham St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message