127 Hawkins StDerby, CT 06418

Property Details for 127 Hawkins St

Year built

1904

Property size (Sq ft)

2,101 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a two-unit apartment building located at 127 Hawkins Street in Derby, Connecticut, 06418. Built in 1904 and renovated in 2022, this property boasts a total of 2,101 square feet of net rentable space, currently achieving 100% occupancy as of September 3rd, 2024. The building features a spacious three-bedroom unit and a cozy two-bedroom unit, each with separate meters for utilities. The property offers a current Net Operating Income (NOI) of $22,078, translating to a 6.49% capitalization rate. However, a pro-forma analysis projects a significant increase in NOI to $34,078, resulting in a compelling 10.02% pro-forma cap rate. This value-add opportunity is priced at $340,000, or $170,000 per unit, and presents a strong price per square foot of $161.83. The property is zoned R-5 and benefits from its location in a revitalizing downtown area, close to Milford, Bridgeport, and New Haven. Additional features include forced hot air heating, newer appliances, and a spacious backyard. This turn-key property offers immediate rental income and substantial long-term growth potential in a thriving community. The property's strong current performance and significant upside potential make it an attractive investment for discerning buyers.

Location Insight

City

Derby

County

New Haven

State

Connecticut

Latitude

41.3273

Longitude

-73.0917

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