Wharton & Parsons Apartments 286 S Elm St

Wharton & Parsons Apartments is a two property, 42-unit value-add multifamily portfolio located in Wallingford, CT. 17 units remain unrenovated allowing for a new owner to capture significant renovation premium. On average, leased rents are $400/month below market rents achieved at comparable properties nearby. A new owner can capture this upside by renovating the remaining units and marking current rents to market. The two properties are located less than a half-mile from each other and both are walking distance to Wallingford's vibrant downtown with shopping, entertainment, dining, breweries, and nightlife.
Wharton Arms is a 25-unit all-townhouse garden-style property built in 1965 located at 286 South Elm Street. All units feature two-bedroom, one-and-a-half bath, two-story units with full private basements. All units feature washer-dryer hookups and tenant paid heat, hot water, electric and central air. The property features a park-like setting on 3.87 acres and ample parking.
Parsons Apartments is comprised of a 12-unit brick building built in 1964 located at 24 Parsons Street, and an abutting five-unit frame building located at 219 South Orchard Street. All units at 24 Parsons are large two-bedrooms and feature washer-dryer hookups and tenant paid heat, hot water, electric and central air. Both 24 Parsons and 219 South orchard feature off-street parking. 219 South Orchard is a double wide lot and there may be some potential for future development.
Wharton & Parsons Apartments features accretive financing cross-collateralized with The Cove Collection. The financing may be assumable if the property is purchased as a portfolio with The Cove Collection. Wharton & Parsons Apartments is available individually or as a portfolio with The Cove Collection and/or Colchester Estates.