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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.

Attachments

156 Franklin

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
108 FT on Benton St

Amenities

  • Bus Line
  • Dedicated Turn Lane
Walk Score ®
Very Walkable (81)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

Nearby Major Retailers

CTown
Webster Bank
Bravo
Bank of America
Santander
Chase
Starbucks
Rent-a-center

PROPERTY TAXES

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
  • Listing ID: 33817015

  • Date on Market: 11/9/2024

  • Last Updated:

  • Address: 156-162 Franklin Ave, Hartford, CT 06114

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