444-454 West Street
- Seven (7) Apartments | Two (2) Contiguous Buildings
- Diverse Unit Mix
- Desirable Downtown Location
- Located Within a Qualified Opportunity Zone
- Attractive Entry Cap Rate
- Value-Add Opportunity
- Below Market Rents
- Opportunity to Increase SF of Three Apartments at 444 West Street
- Opportunity to Monetize Two Garage Spaces
Property Description
Northeast Private Client Group is pleased to exclusively present the opportunity to acquire West Street Apartments, a 7-unit multifamily property located at 444-454 West Street in Bristol, Connecticut. This value-add investment is priced at $799,000, offering immediate income with upside potential through rent growth and operational enhancements. Built in 1913 and comprising 6,940 square feet across two buildings, the property features a mix of spacious units with a classic New England architectural aesthetic. The offering presents an in-place cap rate of 8.18% with a pro forma cap rate of 10.98%, underpinned by average current rents of $1,231, which remain below the market average of $1,389, signaling a clear path to increased cash flow through modest rent adjustments. Situated on 0.3 acres in a desirable residential corridor of Bristol, the property benefits from strong tenant demand, proximity to major employers, and convenient access to nearby retail, schools, and public transportation. All units are individually metered for electricity, and tenants are responsible for electricity, cooking, and portions of heat and hot water, minimizing ownership expenses. West Street Apartments offers investors a stable, well-maintained asset with both income security and value appreciation potential in the growing Central Connecticut market.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $799,000 |
| No. of Units: | 7 |
| Year Built: | 1913 |
| Lot Size: | 0.30 Acres |
| Opportunity Zone: | No |
| Price per unit: | $114,143 |
| Property Website | Click Here |
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