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Multifamily

22 High

22 High St, Bristol, CT 06010

Listing Price: $4,250,000

Cap Rate
6.33%
Number of Units
25
GRM
8.87
Price/Unit
$170,000

Investment Overview

Marcus & Millichap is pleased to offer for sale 22 High in Bristol, CT, a 100% market-rate, 25-unit multifamily opportunity located in Bristol’s Central Business District. The subject property is comprised of three freestanding buildings consisting of 14 one-bed/one-bath apartments, 10 two-bed/one-bath apartments, and one four-bed/one-and-a-half-bath apartment. Considerable revenue upside is achievable through continuation of the proven renovation program.

Originally constructed between 1870 and 1925, 22 High has undergone a significant repositioning over the past 18-24 months. 22 High Street, containing 18 of the 25 units at the property, has benefitted from both exterior enhancements, including landscaping, repointing, new accent Hardie Plank siding, updated lighting, and a new roof, as well as interior renovations including new lighting and refinished hardwood floors in the hallways, new apartment entry doorways with high-tech entry keypads, and new fire-rated building entry and basement doors. Mechanicals have also been updated at the properties with the installation of new high-efficiency heating systems in two of the three buildings (22 and 36 High), and 22 High has also received a new high-efficiency central water heater. Tenants in these two buildings are responsible for individually metered electricity. The owner provides all utilities, including electricity, at 30 High Street (four units, central gas boiler).

22 High presents a new owner the opportunity to harvest additional revenue upside through the continuation of the in-place value-add program. 15 of the 25 units at the property have been carefully and thoughtfully remodeled with market-leading finishes, including a mix of refinished hardwood and luxury vinyl plank flooring, granite countertops, new two-tone shaker-style cabinets, updated stainless steel appliances, new wall-mounted vanities and tile tub surrounds in the bathrooms, and washers/dryers (in most units). These unit upgrades resulted in rent increases of $500 to $700 per month. Continuation of the established renovation program will result in similar increases for the remaining 10 apartments.

Over the past several years, Bristol has begun renovation of the downtown Central Business District (CBD). Newly constructed or proposed developments include Center Square Village, a 104-unit, mixed-use apartment building including nearly 12,000 square feet of retail/restaurant space (2nd phase underway currently), a 30,000sf medical center for Wheeler’s Family Health & Wellness Center, a conversion of the former J.H. Sessions & Sons Company building into +/- 60 workforce housing units, and a +/- 27,000sf cold storage facility.

22 High sits in an excellent location within the submarket, across the street from Bristol’s library and within walking distance from the CBD and the historic Federal Hill neighborhood. The property is merely five miles from Interstate 84, providing ease of access to major area employers throughout Hartford, New Haven, and Northern Fairfield Counties. The city of Bristol is home to numerous major employers as well, including Otis Elevator, Bristol Health, Barnes Group, and ESPN, the world’s largest sports broadcasting company.

Bristol is located in suburban Hartford County, which offers an exceptional quality of life and connectivity to major economic hubs throughout Connecticut within close proximity to Interstate 84. Residents at 22 High also enjoy the dining, shopping, and entertainment options that the Bristol CBD has to offer.

Investment Highlights

  • Unparalleled Finishes: Unique, luxurious, and chic kitchens and bathrooms that exceed the quality of new construction apartments
  • Established Value-Add Opportunity: 15 of the 25 units at the property have been renovated, which have resulted in rent increases of $500 to $700 per unit per month or more
  • Additional Renovation Upside: Completion of the in-place value-add program should result in additional rent increases of $150 to $350 per unit per month
  • Potential to Add Apartment: Ample space for 19th unit at 22 High, most likely a prior super's apartment
  • Revitalization of Downtown Bristol: Bristol has seen a recent increase in development projects within its Central Business District across all asset types, including mixed-use developments with high-quality apartments and storefront retail, affordable housing, medical office buildings, and storage facilities
  • Proximity to Major Employers: 22 High is located within walking distance of several major employers within Bristol, including Bristol Health (0.4 miles) and Bristol City Hall (0.5 miles), as well as five miles from Interstate 84, providing access to Hartford, New Haven, and Northern Fairfield Counties
  • ESPN Headquarters (3 miles) – Located on Middle Street, ESPN's Bristol headquarters is home to approximately 4,000 employees and 1.3 million square feet of office/broadcasting space across 120 acres of land
  • West Hartford Center/Blue Back Square (15 minutes): Located in West Hartford, West Hartford Center & Blueback Square is a premier destination walkable urban center that offers nearly 140 retailers, 40 dining options, cultural and community events, and a charming mix of historic and modern aesthetics

Exclusively Listed By

  • Wes Klockner

    First Vice President Investments

    (203) 672-3326

    Email Wes

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

    New Haven

  • Eric Pentore

    Senior Vice President Investments

    (203) 672-3336

    Email Eric

    License(s): CT: RES. 0787525

    New Haven

Multifamily

22 High

Listing Price: $4,250,000

Cap Rate
6.33%
Number of Units
25
GRM
8.87
Price/Unit
$170,000

Investment Highlights

  • Unparalleled Finishes: Unique, luxurious, and chic kitchens and bathrooms that exceed the quality of new construction apartments
  • Established Value-Add Opportunity: 15 of the 25 units at the property have been renovated, which have resulted in rent increases of $500 to $700 per unit per month or more
  • Additional Renovation Upside: Completion of the in-place value-add program should result in additional rent increases of $150 to $350 per unit per month
  • Potential to Add Apartment: Ample space for 19th unit at 22 High, most likely a prior super's apartment
  • Revitalization of Downtown Bristol: Bristol has seen a recent increase in development projects within its Central Business District across all asset types, including mixed-use developments with high-quality apartments and storefront retail, affordable housing, medical office buildings, and storage facilities
  • Proximity to Major Employers: 22 High is located within walking distance of several major employers within Bristol, including Bristol Health (0.4 miles) and Bristol City Hall (0.5 miles), as well as five miles from Interstate 84, providing access to Hartford, New Haven, and Northern Fairfield Counties
  • ESPN Headquarters (3 miles) – Located on Middle Street, ESPN's Bristol headquarters is home to approximately 4,000 employees and 1.3 million square feet of office/broadcasting space across 120 acres of land
  • West Hartford Center/Blue Back Square (15 minutes): Located in West Hartford, West Hartford Center & Blueback Square is a premier destination walkable urban center that offers nearly 140 retailers, 40 dining options, cultural and community events, and a charming mix of historic and modern aesthetics

Investment Overview

Marcus & Millichap is pleased to offer for sale 22 High in Bristol, CT, a 100% market-rate, 25-unit multifamily opportunity located in Bristol’s Central Business District. The subject property is comprised of three freestanding buildings consisting of 14 one-bed/one-bath apartments, 10 two-bed/one-bath apartments, and one four-bed/one-and-a-half-bath apartment. Considerable revenue upside is achievable through continuation of the proven renovation program. Originally constructed between 1870 and 1925, 22 High has undergone a significant repositioning over the past 18-24 months. 22 High Street, containing 18 of the 25 units at the property, has benefitted from both exterior enhancements, including landscaping, repointing, new accent Hardie Plank siding, updated lighting, and a new roof, as well as interior renovations including new lighting and refinished hardwood floors in the hallways, new apartment entry doorways with high-tech entry keypads, and new fire-rated building entry and basement doors. Mechanicals have also been updated at the properties with the installation of new high-efficiency heating systems in two of the three buildings (22 and 36 High), and 22 High has also received a new high-efficiency central water heater. Tenants in these two buildings are responsible for individually metered electricity. The owner provides all utilities, including electricity, at 30 High Street (four units, central gas boiler). 22 High presents a new owner the opportunity to harvest additional revenue upside through the continuation of the in-place value-add program. 15 of the 25 units at the property have been carefully and thoughtfully remodeled with market-leading finishes, including a mix of refinished hardwood and luxury vinyl plank flooring, granite countertops, new two-tone shaker-style cabinets, updated stainless steel appliances, new wall-mounted vanities and tile tub surrounds in the bathrooms, and washers/dryers (in most units). These unit upgrades resulted in rent increases of $500 to $700 per month. Continuation of the established renovation program will result in similar increases for the remaining 10 apartments. Over the past several years, Bristol has begun renovation of the downtown Central Business District (CBD). Newly constructed or proposed developments include Center Square Village, a 104-unit, mixed-use apartment building including nearly 12,000 square feet of retail/restaurant space (2nd phase underway currently), a 30,000sf medical center for Wheeler’s Family Health & Wellness Center, a conversion of the former J.H. Sessions & Sons Company building into +/- 60 workforce housing units, and a +/- 27,000sf cold storage facility. 22 High sits in an excellent location within the submarket, across the street from Bristol’s library and within walking distance from the CBD and the historic Federal Hill neighborhood. The property is merely five miles from Interstate 84, providing ease of access to major area employers throughout Hartford, New Haven, and Northern Fairfield Counties. The city of Bristol is home to numerous major employers as well, including Otis Elevator, Bristol Health, Barnes Group, and ESPN, the world’s largest sports broadcasting company. Bristol is located in suburban Hartford County, which offers an exceptional quality of life and connectivity to major economic hubs throughout Connecticut within close proximity to Interstate 84. Residents at 22 High also enjoy the dining, shopping, and entertainment options that the Bristol CBD has to offer.

Exclusively Listed By

  • Wes Klockner

    First Vice President Investments

    (203) 672-3326

    Email Wes

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

    New Haven

  • Eric Pentore

    Senior Vice President Investments

    (203) 672-3336

    Email Eric

    License(s): CT: RES. 0787525

    New Haven

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