MLS Number 170545645
- Multi Family Multi-Family For Sale
- Square Feet 6,346
- Acreage 0.29
- Year Built 1780
- Bathroom 9
Rarely available 9 unit multifamily on Colchester town green! Currently offered at a 7% Cap Rate with a 7.6% ROI and tremendous upside! The main building has 7 units and there is a 2 unit cottage in the rear of the property. This investment opportunity boasts a historically low vacancy rate due to increasing demand for apartment rentals in local market. Current ownership has gut-renovated each unit over the past decade, while preserving some of the historical aesthetics, such as hardwood flooring and the original cupola on top of the 3rd floor penthouse apartment. Renovations include new: electrical, plumbing, insulation, roof, sewer line, energy efficient double pane windows, flooring, drywall, fire rated steel doors, wired fire alarm system, and separately metered electric. All apartments feature separate and tenant paid electric electric baseboard heat. The unit mix is (1) efficiency, (3) 1 beds, (2) 2 beds, and a large 2 bedroom penthouse apartment, approximately 1,800 SF. There are (2) 1 bedroom units in the cottage in the rear of the property. Prime downtown location next to the Town Green where community events are held regularly. Amenities can be found all around and include: restaurants, retail shopping, grocery stores, and service businesses. Very easy and convenient access to Route 2 and Route 85. Only 25 minutes to Hartford, Norwich and New London. One of a kind property, call today to schedule a private tour!
Listed by Tyler Egner of Sky Realty Group