340 Arch Street, New Britain, CT 06051
340 Arch Street, New Britain, CT 06051
340 Arch Street, New Britain, CT 06051
37
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$2,100,000
Est. payment /mo
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15 Beds
5 Baths
9,864 SqFt
Active

340 Arch Street New Britain, CT 06051

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Criterion Real Estate LLC

Criterion Real Estate LLC

+1(203) 998-0799

UPDATED:

Key Details

Property Type Multi-Family

Sub Type 5 Family+

Listing Status Active

Purchase Type For Sale

Square Footage 9,864 sqft

Price per Sqft $212

MLS Listing ID 24207479

Style 4updown - Unit(s) per Floor

Bedrooms 15

Full Baths 5

Year Built 1900

Annual Tax Amount $33,427

Lot Size 0.270 Acres

Property Sub-Type 5 Family+

Property Description

Excellent condition turnkey mixed-use investment opportunity in New Britain offering strong in-place income with significant rental upside. This 13-unit property consists of 10 residential apartments and 3 established commercial storefronts across two buildings. Bldg 1 features six 2-bedroom apartments plus two commercial storefronts currently occupied by a mini market and party store. The residential units are projected at $1,600/month each, bringing the projected total income for Bldg 1 to $12,450/month including the commercial rents. Bldg 2 features four 3-bedroom apartments plus a commercial space occupied by an established restaurant. The residential units are projected at $1,800/month each, bringing the projected total income for Bldg 2 to $9,931.63/month including the restaurant. Current residential rents range from just $1,200 to $1,600/month, creating meaningful opportunity to increase income as rents are brought closer to projected market levels. Residential tenants cover their own utilities, helping keep owner operating expenses controlled. The property currently generates approximately $234,739.56 in annual recurring income, with projected recurring income increasing to $268,879.56 annually ($22,406.63/month). Based on the expenses provided, projected NOI is approximately $190,233.09. At the $2,100,000 ask price, property supports a 7.43 current cap, with projected income scenario increasing estimated cap to approximately 9+.

Location

State CT

County Hartford

Zoning CBD

Rooms

Basement Full, Full With Walk-Out

Interior

Heating Hot Air

Cooling Wall Unit

Exterior

Exterior Feature Balcony, Sidewalk, Awnings, Lighting

Parking Features Off Street Parking, Assigned Parking, Driveway

Waterfront Description Not Applicable

Roof Type Asphalt Shingle

Building

Lot Description Level Lot

Foundation Concrete

Sewer Public Sewer Connected, Public Sewer In Street

Water Public Water Connected, Public Water In Street

Schools

Elementary Schools Per Board Of Ed

Middle Schools Per Board Of Ed

High Schools Per Board Of Ed

Listed by Michelle Lorenzetti • Premier Re Group LLC

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340 Arch Street