49 Cedar St
New Britain, CT 06052

49 Cedar presents an investor a 12-unit value-add opportunity just a stone's throw outside of Downtown New Britain. The building is comprised of four (4) one-bedroom units and eight (8) two-bedroom units. The property also features 16 off-street parking spaces as well as eight (8) garage spaces. Additionally, the property features a laundry room readily available to the residents. 49 Cedar Street is located a short 8-minute walk from New Britain's downtown, putting restaurants, convenient stores, and other amenities within immediate walking distance. New Britain's much acclaimed Walnut Hill Park is also just a 5-minute walk from 49 Cedar Street and offers residents of the property a conveniently close quality of life amenity for their enjoyment. The property is clean and well-maintained - the units have hardwood flooring and are heated with radiators. Tenant's are responsible for electric and their individually metered gas cooking stove expenses, while the landlord is responsible for heating related expenses. Cedar Street Apartments has value-add opportunities in both rent increase potential, operating expense decrease potential, and unrealized income sources. The property's boiler currently uses oil as a fuel source, bu the property is connected to City natural gas which grants the potential for an incoming landlord to invest in the fuel source conversion and lower their heating fuel expenses. Both the eight (8) garages and the laundry room are currently free, but a new landlord could monetize those amenities. The property received a partial new roof in 2017, and the existing residential units are in good shape with a light value add potential. It is also worth noting that 49 Cedar is within close proximity to the $1 billion CT Energy and Innovation Park at the former Stanley Black & Decker site, which is projected to bring transformative technology, clean renewable energy and economic development to New Britain. The park is expected to create more than 3,000 direct and indirect jobs over the next 20 years.