Investment Overview

Marcus & Millichap is pleased to present an exclusive opportunity to acquire 7 Norfolk Street in Hartford. This 21-unit multifamily property consists of two adjacent buildings on one tax lot featuring eight studios, 12 one-bedrooms, and one two-bedroom apartment. The building at the corner, known as 7 Norfolk Street, is a brick structure containing thirteen apartments, and most have received updated kitchens with ceramic-tiled floors and new appliances (refinished hardwood floors in the living areas). The eight-family house at 93 Blue Hills Avenue was gut-rehabilitated down to the studs in 2020 – everything is new, including: electrical service to each apartment plumbing individual water heaters all appliances unit interiors - kitchens, baths, lighting, and flooring Originally constructed in 1930, both buildings at 7 Norfolk have been very well-maintained by current ownership; however, current rents are below market. The asset presents a strong opportunity to capture revenue upside through bringing rents to market/reducing loss-to-lease. Review of comparable properties in the area suggests the ability to drive average rents by more than $160/unit above current in-place, allowing a new owner to enhance annual cash flow by over $40,000. 7 Norfolk is located in the northwest corner of the city of Hartford. The property is walking distance to the University of Hartford and less than two miles from the UConn School of Law. The streets surrounding 7 Norfolk are primarily well-kept single-family homes and small multifamily buildings. The property is across the street from Breakthrough Magnet School’s north campus. Tenants enjoy this neighborhood for its quiet enjoyment and equidistance to Downtown Hartford’s CBD and West Hartford’s employment opportunities. 7 Norfolk is surrounded by abundant employment opportunities within a diverse local economy. Numerous employment drivers are within a 20-minute radius, including, but not limited to, Saint Francis Health (1.1 miles) – one of eight major area hospitals, Travelers (2.1 miles), Cigna (4 miles), Pratt & Whitney (5 miles), The Jackson Laboratory for Genomic Medicine (7.4 miles), Otis Elevator Company (9.9 miles), and Stanley Black & Decker (12.2 miles). Additionally, there are nine colleges and universities in the area. The property will benefit from its strong location, surrounded by employment, and merely minutes to urban centers.