47 Lawlor StNew Britain, CT 06051

Property Details for 47 Lawlor St

Lot size

0.26 AC

Zone code

T

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

NBRI M:C6D B:129

APU

NBRIMC6DB129

Description

This exceptional value-add opportunity presents an eight-unit apartment building in New Britain, Connecticut, situated on a sizable 11,231-square-foot lot. The property comprises two buildings totaling 6,943 square feet, offering a mix of unit sizes. One building features six units, while the second is a two-family dwelling. All units are currently 100% occupied, generating a current NOI of $63,169, representing a 7.22% cap rate. However, a pro-forma NOI of $87,904 projects a 10.05% cap rate, reflecting significant upside potential due to below-market rents. The property boasts on-site parking for up to ten vehicles, a considerable advantage in this location. Built in 1904, the three-story buildings are zoned T and offer a compelling opportunity for renovation and value enhancement. The asking price is $875,000, translating to $109,375 per unit and $126.03 per square foot. The property's convenient proximity to I-84 adds to its appeal, making it an attractive investment for those seeking both immediate returns and long-term growth in a desirable Connecticut location. Tenants are responsible for their own utilities (NNN). This presents a rare chance to acquire a well-located multifamily property with substantial potential for increased profitability.

• CAP approach

  CAP return

  Valuation

  6%

  $1,872,526

  6.5%

  $1,728,486

  7%

  $1,605,022

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,479,855

  Geo Method

  $1,479,855

• Alternative Use

  Use

  Valuation

  Residential

  $2,143,322

  Hospitality

  $1,963,272

  Educational

  $1,633,419

  Medical

  $1,689,595

  Retail

  $2,540,874

Location Insight

City

New Britain

County

Hartford

State

Connecticut

Latitude

41.6754

Longitude

-72.7786

CBSA code

25540

CBSA name

HARTFORD-WEST HARTFORD-EAST HARTFORD, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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