315 High StNew Britain, CT 06051

Property Details for 315 High St

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a portfolio of three multifamily properties totaling 18 units, strategically located in New Britain, Connecticut's vibrant Little Poland neighborhood. The portfolio comprises three distinct buildings situated on High Street and LaSalle Street. The main asset, a brick building on High Street, boasts 18 two-bedroom, one-bathroom units, with rents currently ranging from $1,250 to $1,450 per month, offering significant upside potential given market rents reaching $1,700. Five of the six units on this property have undergone recent renovations, featuring updated Shaker cabinets, modern flooring, refinished hardwood floors, and tiled bathrooms with new vanities and toilets. Many windows have also been replaced. This building includes ample parking and two garages, each currently rented for $250 per month. A second High Street property features three fully renovated units with modern finishes, commanding rents between $995 and $1,595 per month, and offers off-street parking and four garages (two rented at $250 and one at $100). A third building located on LaSalle Street includes three completely updated units, with rents ranging from $990 to $1,400 per month and off-street parking. All units feature tenant-paid utilities, including natural gas heating and updated electric. The current cap rate is 7%, projected to increase to 9.4% with market rent adjustments. This portfolio sale is offered at $2,300,000 and will not be sold separately. Seller financing is unavailable. Detailed financial information and rental data are available upon request.

Location Insight

City

New Britain

County

Hartford

State

Connecticut

Latitude

41.6766

Longitude

-72.7866

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