60 Gillett StHartford, CT 06105

Property Details for 60 Gillett St

Year built

1963

Construction

STEEL FRAME

Lot size

0.62 AC

Property size (Sq ft)

28,820 SF

Zone code

MX-1

Property type

Office properties

Property subtype

Office buildings

APN

HTFD M:179 B:318 L:004

APU

HTFDM179B318L004

Description

This exceptional Hartford, CT investment portfolio comprises three properties located on Gillett Street, offering significant potential for high returns. The centerpiece is 60 Gillett Street, a five-story, 28,847 square foot office building situated on approximately 0.62 acres. Currently undergoing rezoning for conversion into a 45-unit apartment complex (pending city approval), this project will include approximately 13 studio and 32 one-bedroom units, and a full basement. The building features an elevator and 46 surface parking spaces. Complementing this is 81 Gillett Street, a three-story, 15,100 square foot free-standing medical office building on approximately 0.35 acres. This fully sprinklered building includes one elevator, 20 covered and 20 surface parking spaces. Pending city approval, it is proposed for rezoning and expansion into a 42-unit apartment complex with an additional story. Finally, 83 Gillett Street provides an additional parking lot currently supporting 81 Gillett, with plans for an additional 72 apartment units. This portfolio presents a unique opportunity to capitalize on the growing demand for residential properties in Hartford, with the potential for substantial returns through both immediate income generation and future development. The properties are strategically located near St. Francis Hospital and other medical facilities, further enhancing their appeal and investment potential. All properties are located in Hartford, CT, zip code 06105.

• CAP approach

  CAP return

  Valuation

  6%

  $4,764,807

  6.5%

  $4,398,283

  7%

  $4,084,120

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,765,621

  Geo Method

  $3,765,621

• Alternative Use

  Use

  Valuation

  Residential

  $5,453,871

  Hospitality

  $4,995,716

  Educational

  $4,156,378

  Medical

  $4,299,322

  Retail

  $6,465,476

Location Insight

City

Hartford

County

Hartford

State

Connecticut

Latitude

41.7697

Longitude

-72.6993

CBSA code

25540

CBSA name

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

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].