For Sale
$550,000

15-17 Kenneth StHartford, CT 06114

Six-unit apartment building, strong ROI.

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional value-add multifamily investment opportunity presents a three-story brick building at 15-17 Kenneth Street in Hartford, Connecticut's Barry Square neighborhood. The property boasts six residential units: four two-bedroom/one-bathroom and two three-bedroom/one-bathroom units, totaling 6,525 square feet of net rentable space within a 9,186 square foot gross building area. Situated on a 0.14-acre lot, this 1925-built property offers a compelling 7.27% cap rate with a current NOI of $39,960 and an asking price of $550,000 ($84 per square foot). Currently operating at 100% occupancy, this property presents significant value-add potential through rental increases to market rates and potential unit upgrades. The building benefits from a new boiler and hot water heater, with each unit individually metered for electricity (tenant responsibility). Landlord responsibilities include common area electricity, gas-fired heat, hot water, and water/sewer. Conveniently located near major roadways (Interstates 84 & 91, US Route 5, CT Route 99), public transportation, Trinity College, Hartford Hospital, and downtown Hartford, this property is ideally positioned within a densely populated residential area with strong rental demand and a high percentage of renters (Hartford's homeownership rate is 23.8%). The area's average household income exceeds $87,472, supporting strong rental income potential.

Highlights

  • Excellent Barry Square location, 1.75 miles south of Downtown Hartford, with easy access to I-84, I-91, US Route 5, CT Route 99, Hartford Hospital, Trinity College, Brainard Airport, and Goodwin Park.
  • Property sits on Kenneth Street in a dense residential area, close to major thoroughfares offering abundant retail and entertainment options, and within walking distance of public transportation.
  • 0.8 miles from Hartford Hospital, a top-ranked, Level I Trauma Center with a large surgical caseload.
  • 0.5 miles from Trinity College, a prestigious liberal arts college with over 2,200 students.
  • Significant value-add potential through rent increases to market rates and unit upgrades.
  • Each unit has separate electric meters; landlord covers common area utilities, including a new boiler and hot water heater.

Property Details for 15-17 Kenneth St

Property type
Apartment buildings
Square Feet
9,186 SF
Year Built
1925
Buildings
1
Stories
3
Lot Size (sq. ft)
6,098 SF
Units
6

Location Insight

City
Hartford
County
Hartford
State
Connecticut
Latitude
41.740969
Longitude
-72.68455
15-17 Kenneth St, Hartford, Connecticut

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15-17 Kenneth St
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