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Multifamily

385 Main

385 Main St, Hartford, CT 06106

Listing Price: $4,550,000

Cap Rate
4.74%
Number of Units
31
Price/Unit
$146,774

Investment Overview

Marcus & Millichap is pleased to present 385 Main Street in Downtown Hartford – a mixed-use, 100% market rate significant value-add opportunity comprised of 28-units, 6,650 square feet of commercial/retail space, and 28 surface parking spaces. 385 Main is exceptionally well-located within the Hartford Central Business District (CBD), walkable to major area employment drivers and merely blocks from the Front Street District and Adriaen’s Landing, where public/private redevelopment has totaled nearly $1 billion. 385 Main is also walkable and surrounded by numerous restaurants, shopping, and entertainment options (Walk Score of 92 – Walker’s Paradise). Originally constructed during the Gilded Age, 385 Main has exceptional curb appeal. The property features a stunning Second/Empire/Mansard architectural style which enhances a new owner’s ability to add significant value and drive revenue through the creation of a boutique niche luxury apartment building following modest renovations to kitchens, bathrooms, unit finishes, and common areas. The property contains unique apartment homes consisting of 25 one-bedroom (675-800 SF), and three two-bedroom units (930 SF). Units feature expansive open floor plans with soaring ceiling heights of 11.5 to 12.5 feet. A review of the competitive subset suggests that unit and common area upgrades will result in considerable rent increases of $300 - $400 per unit, or +/- $75,000 in annual cash flow. Downtown Hartford has added approximately 2,200 new luxury apartments over the past five to eight years, and average rents for recent construction/adaptive re-use properties are $2.60/SF or 20% to 85% greater than the average rents at 385 Main. Additionally, the building contains approximately 6,650 SF of retail/commercial space. Two-thirds of the retail space is leased to a Peruvian Restaurant, Rinconcito Peruano, that has two years remaining on its lease with one, five-year option outstanding. The lease-up or repurposing of the +/- 1,150 SF of vacant office/commercial space would also create additional revenue. Capital expenditures over the past two years: a complete elevator modernization with an updated controller, hoist machinery, ropes, overhead/deflector sheaves, car operating panels, hall fixtures, car door operators, and hatch equipment. The rubber EPDM roof was fully replaced, and a new five-ton HVAC unit was installed for a commercial suite.

Investment Highlights

  • Outstanding Value-Add Opportunity: Unit and common area upgrades will result in rent increases between $300-$400 representing revenue gains that could total in excess of $75,000 annually.
  • Unique Apartments with Vaulted Ceilings: ceiling height is approximately 11.5' on the third, fourth, and fifth floors and approximately 12.5' on the second floor. Select units have balconies.
  • Walkable to Major Area Employment Drivers and Education (Walk Score of 92 – Walker's Paradise): Within a 5-15 minute walk to Travelers, Aetna, The Hartford, The Bushnell, The XL Center, and more.
  • Significant Recent Capital Expenditures: Elevator mechanical and control modernization, new roof, and commercial HVAC systems all within the last two years.
  • Transit-Oriented Development: Located minutes away from Hartford Union Station with rail service via the Hartford Line and Amtrak, in addition to the CT Fastrak rapid transit system, and immediately accessible to Interstate 84. Tenants can be in New Britain/Farmington in 10 minutes, New Haven or Springfield Mass within 40 minutes, or NYC/Boston in three hours
  • Significant Investment Activity in Downtown Hartford: Over the past five to seven years, there has been approximately $2 billion invested within five blocks of 385 Main on new developments/repositioning projects including the Front Street District, 165 Capitol Street state office redevelopment, and Park and Main. Additionally, in the planning stages is the $500 million Bushnell South Redevelopment which will further enhance the immediate vicinity.

Exclusively Listed By

  • Eric Pentore

    First Vice President Investments

    (203) 672-3336

    Email Eric

    License(s): CT: RES. 0787525

    New Haven

  • Wes Klockner

    First Vice President Investments

    (203) 672-3326

    Email Wes

    License(s): NY: 10401263791, CT: RES, 0799478

    New Haven

Multifamily

385 Main

Listing Price: $4,550,000

Cap Rate
4.74%
Number of Units
31
Price/Unit
$146,774

Investment Highlights

  • Outstanding Value-Add Opportunity: Unit and common area upgrades will result in rent increases between $300-$400 representing revenue gains that could total in excess of $75,000 annually.
  • Unique Apartments with Vaulted Ceilings: ceiling height is approximately 11.5' on the third, fourth, and fifth floors and approximately 12.5' on the second floor. Select units have balconies.
  • Walkable to Major Area Employment Drivers and Education (Walk Score of 92 – Walker's Paradise): Within a 5-15 minute walk to Travelers, Aetna, The Hartford, The Bushnell, The XL Center, and more.
  • Significant Recent Capital Expenditures: Elevator mechanical and control modernization, new roof, and commercial HVAC systems all within the last two years.
  • Transit-Oriented Development: Located minutes away from Hartford Union Station with rail service via the Hartford Line and Amtrak, in addition to the CT Fastrak rapid transit system, and immediately accessible to Interstate 84. Tenants can be in New Britain/Farmington in 10 minutes, New Haven or Springfield Mass within 40 minutes, or NYC/Boston in three hours
  • Significant Investment Activity in Downtown Hartford: Over the past five to seven years, there has been approximately $2 billion invested within five blocks of 385 Main on new developments/repositioning projects including the Front Street District, 165 Capitol Street state office redevelopment, and Park and Main. Additionally, in the planning stages is the $500 million Bushnell South Redevelopment which will further enhance the immediate vicinity.

Investment Overview

Marcus & Millichap is pleased to present 385 Main Street in Downtown Hartford – a mixed-use, 100% market rate significant value-add opportunity comprised of 28-units, 6,650 square feet of commercial/retail space, and 28 surface parking spaces. 385 Main is exceptionally well-located within the Hartford Central Business District (CBD), walkable to major area employment drivers and merely blocks from the Front Street District and Adriaen’s Landing, where public/private redevelopment has totaled nearly $1 billion. 385 Main is also walkable and surrounded by numerous restaurants, shopping, and entertainment options (Walk Score of 92 – Walker’s Paradise). Originally constructed during the Gilded Age, 385 Main has exceptional curb appeal. The property features a stunning Second/Empire/Mansard architectural style which enhances a new owner’s ability to add significant value and drive revenue through the creation of a boutique niche luxury apartment building following modest renovations to kitchens, bathrooms, unit finishes, and common areas. The property contains unique apartment homes consisting of 25 one-bedroom (675-800 SF), and three two-bedroom units (930 SF). Units feature expansive open floor plans with soaring ceiling heights of 11.5 to 12.5 feet. A review of the competitive subset suggests that unit and common area upgrades will result in considerable rent increases of $300 - $400 per unit, or +/- $75,000 in annual cash flow. Downtown Hartford has added approximately 2,200 new luxury apartments over the past five to eight years, and average rents for recent construction/adaptive re-use properties are $2.60/SF or 20% to 85% greater than the average rents at 385 Main. Additionally, the building contains approximately 6,650 SF of retail/commercial space. Two-thirds of the retail space is leased to a Peruvian Restaurant, Rinconcito Peruano, that has two years remaining on its lease with one, five-year option outstanding. The lease-up or repurposing of the +/- 1,150 SF of vacant office/commercial space would also create additional revenue. Capital expenditures over the past two years: a complete elevator modernization with an updated controller, hoist machinery, ropes, overhead/deflector sheaves, car operating panels, hall fixtures, car door operators, and hatch equipment. The rubber EPDM roof was fully replaced, and a new five-ton HVAC unit was installed for a commercial suite.

Exclusively Listed By

  • Eric Pentore

    First Vice President Investments

    (203) 672-3336

    Email Eric

    License(s): CT: RES. 0787525

    New Haven

  • Wes Klockner

    First Vice President Investments

    (203) 672-3326

    Email Wes

    License(s): NY: 10401263791, CT: RES, 0799478

    New Haven

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