409 Prospect Ave
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409 Prospect Ave
9 Unit Apartment Building $4,366,923 ($485,214/Unit) 6.50% Cap Rate West Hartford, CT 06105
Investment Highlights
- Townhomes with attached garages
- All utilities individually metered
- Walk to shops and restaurants
Executive Summary
9 new-construction luxury townhomes in popular West Hartford. 3, 4 and 5-bedroom units. All utilities individually metered. Very low maintenance costs for owner. Completion in Fall of 2024.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$399,000
|
$25.20
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$19,950
|
$1.26
|
| Effective Gross Income |
$379,050
|
$23.94
|
| Taxes |
$50,000
|
$3.16
|
| Operating Expenses |
$45,000
|
$2.84
|
| Total Expenses |
$95,000
|
$6.00
|
| Net Operating Income |
$284,050
|
$17.94
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $399,000 |
| Annual Per SF | $25.20 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $19,950 |
| Annual Per SF | $1.26 |
| Effective Gross Income | |
|---|---|
| Annual | $379,050 |
| Annual Per SF | $23.94 |
| Taxes | |
|---|---|
| Annual | $50,000 |
| Annual Per SF | $3.16 |
| Operating Expenses | |
|---|---|
| Annual | $45,000 |
| Annual Per SF | $2.84 |
| Total Expenses | |
|---|---|
| Annual | $95,000 |
| Annual Per SF | $6.00 |
| Net Operating Income | |
|---|---|
| Annual | $284,050 |
| Annual Per SF | $17.94 |
Property Facts
| Price | $4,366,923 | Apartment Style | Low Rise |
| Price Per Unit | $485,214 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.36 AC |
| Cap Rate | 6.50% | Construction Status | Under Construction |
| Sale Conditions | High Vacancy Property | Building Size | 15,834 SF |
| Gross Rent Multiplier | 10.94 | Average Occupancy | 1% |
| No. Units | 9 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2024 |
| Property Subtype | Apartment | Parking Ratio | 0.88/1,000 SF |
| Price | $4,366,923 |
| Price Per Unit | $485,214 |
| Sale Type | Investment |
| Cap Rate | 6.50% |
| Sale Conditions | High Vacancy Property |
| Gross Rent Multiplier | 10.94 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.36 AC |
| Construction Status | Under Construction |
| Building Size | 15,834 SF |
| Average Occupancy | 1% |
| No. Stories | 3 |
| Year Built | 2024 |
| Parking Ratio | 0.88/1,000 SF |
Unit Amenities
- Dishwasher
- Microwave
- Washer/Dryer
- Granite Countertops
- Refrigerator
- Double Pane Windows
- Family Room
- Island Kitchen
Site Amenities
- 24 Hour Access
- Fenced Lot
- Trash Pickup - Curbside
- Bicycle Storage
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+3.5 | 7 | $3,625 | 1,620 - 1,794 |
| 4+3.5 | 1 | $3,500 | 1,620 |
| 5+4 | 1 | $4,500 | 2,352 |
Walk Score ®
Very Walkable (81)
zoning
| Zoning Code | RM-1 (Multifamily) |
| RM-1 (Multifamily) |
-
Mark Zweifler -
William Raveis Real Estate & Home Services
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