Ozel Building | 156-162 Franklin Ave
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Ozel Building 156-162 Franklin Ave
14,402 SF 85% Leased Retail Building Hartford, CT 06114 $2,700,000 ($187/SF) 5.87% Cap Rate
Investment Highlights
- Prime Location with high visibility and strong foot traffic, ideal for retailers and customers alike.
- Potential Redevelopment opportunity
- Low operating expenses.
Executive Summary
Welcome to 156-162 Franklin Ave. A Prime Retail and Commercial Investment Opportunity located just minutes from downtown. This diverse retail complex provides a one-stop shopping experience for both consumers and businesses. The property features a mix of commercial units, including a car wash, grocery store, restaurant, and office space. Key Features Include: Total Building Size: Over 17,000 square feet. Prime Location with high visibility and strong foot traffic, ideal for retailers and customers alike. Off-street parking with spaces for tenants & visitors. Accessible retail spaces with upgrades to roof including remodeled storefronts and repaved rear lot. Highlights include natural gas heating. The Cap is of 5 with low operating expenses. The rent roll consist of the following: 2 Story Office Building: $6,500/month. Mini Mart: $3,000/month. Seafood Restaurant: $2,500/month. Car Wash pays $2,500. Property is zoned for Ms-2 with "mix use" potential. First floor of the office building has potential to expand for a fifth retail space. Excellent portfolio for an investor looking to cash flow and own a staple retail complex in a vastly growing neighborhood.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | $174,000 | $12.08 |
Other Income | - | - |
Vacancy Loss | - | - |
Effective Gross Income | $174,000 | $12.08 |
Taxes | $15,633 | $1.09 |
Operating Expenses | - | - |
Total Expenses | $15,633 | $1.09 |
Net Operating Income | $158,367 | $11.00 |
Financial Summary (Actual - 2023)
Gross Rental Income | |
---|---|
Annual | $174,000 |
Annual Per SF | $12.08 |
Other Income | |
---|---|
Annual | - |
Annual Per SF | - |
Vacancy Loss | |
---|---|
Annual | - |
Annual Per SF | - |
Effective Gross Income | |
---|---|
Annual | $174,000 |
Annual Per SF | $12.08 |
Taxes | |
---|---|
Annual | $15,633 |
Annual Per SF | $1.09 |
Operating Expenses | |
---|---|
Annual | - |
Annual Per SF | - |
Total Expenses | |
---|---|
Annual | $15,633 |
Annual Per SF | $1.09 |
Net Operating Income | |
---|---|
Annual | $158,367 |
Annual Per SF | $11.00 |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
14,402 SF
Building Class
C
Year Built
1970
Price
$2,700,000
Price Per SF
$187
Cap Rate
5.87%
NOI
$158,367
Percent Leased
85%
Tenancy
Multiple
Building Height
2 Stories
Loading Docks
2 Exterior
Building FAR
0.69
Lot Size
0.48 AC
Zoning
ms-2 - A mixed-use zone allows for a combination of residential, commercial, and possibly light industrial.
Parking
14 Spaces (0.97 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Dedicated Turn Lane
Walk Score ®
Very Walkable (81)
Nearby Major Retailers
PROPERTY TAXES
Parcel Number | HTFD-000251-000676-000154 | Total Assessment | $226,730 (2024) |
Land Assessment | $95,410 (2024) | Annual Taxes | $15,633 ($1.09/SF) |
Improvements Assessment | $131,320 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
HTFD-000251-000676-000154
Land Assessment
$95,410 (2024)
Improvements Assessment
$131,320 (2024)
Total Assessment
$226,730 (2024)
Annual Taxes
$15,633 ($1.09/SF)
Tax Year
2023
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Ozel Building | 156-162 Franklin Ave
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