1526-1528 Broad StHartford, CT 06106

Property Details for 1526-1528 Broad St

Year built

1915

Lot size

0.20 AC

Property size (Sq ft)

12,284 SF

Property type

Apartment buildings

Description

This exceptional multifamily investment opportunity presents a three-story brick building situated on a 0.2-acre lot at 1526-1528 Broad Street in Hartford, Connecticut. The property boasts 12,284 square feet of gross area, with 8,511 square feet of net rentable space, housing six 4-bedroom/1-bathroom units. Each unit commands a price of $187,500, contributing to the property's total asking price of $1,125,000. Built in 1915 and renovated in 1985, the building features a newer furnace (installed 3 years ago). The property enjoys a 12.75% cap rate and a net operating income (NOI) of $143,442. Its strategic location across from Trinity College, a prestigious liberal arts college with an enrollment of 2,235 students, makes it ideal for student housing, with a 14-year history of leasing to students year-round. The property's proximity to major thoroughfares like New Britain Avenue and Washington Street, public transportation, and amenities such as Hartford Hospital (0.6 miles away), contributes to its strong rental demand. The area's demographics are favorable, with over 161,700 people within a 3-mile radius and an average household income exceeding $85,000. Hartford's renter-dominated market (23.8% homeownership rate) further enhances the investment potential. The building's brick construction offers low maintenance and durability. This property represents a compelling investment opportunity with significant potential for strong returns.

Location Insight

City

Hartford

County

Hartford

State

Connecticut

Latitude

41.7486

Longitude

-72.6871

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