Multifamily
The Bentley at West End
249 Sisson Ave, Hartford, CT 06105
Listing Price: $2,600,000
Investment Overview
Marcus & Millichap is pleased to present The Bentley at West End in Hartford, Connecticut — a 100% market-rate, 36-unit, in-process rehabilitation project directly off Farmington Avenue, just minutes from West Hartford Center and Hartford's Central Business District (CBD)
Located at 249-255 Sisson Avenue, The Bentley at West End contains 18 one-bedroom/one-bathroom apartments and 18 two-bedroom/one-bathroom apartments. The site also contains a rear parking lot with surface spaces plus 21 private garages.
The remaining rehabilitation has been structured to run through two tax-incentive programs simultaneously. Phase II submission for $500,000 in state historic tax credits is complete. The property has also qualified for the city of Hartford's Blighted Assessment Deferral Program. Under this program, the subject property will operate under its current fixed assessment of $1,343,000 over the first five years following completion of the project and the building receiving its Certificates of Occupancy. Starting in year six, the post-rehab assessed value is phased in above the pre-rehabilitation assessment at 20% annually over the subsequent five-year period (Years 6-10 of the abatement). Access to this program will offer a new investor the benefit of reduced tax burdens, allowing for stronger in-place cash flows and returns through the first decade of ownership.
The Bentley at West End’s remaining scope of work includes, but is not limited to, upgrading utility services and heating systems, rebuilding the garages, and full unit interiors.
Located in Hartford’s Historic West End neighborhood, The Bentley at West End sits just three blocks from the West Hartford line directly off Farmington Avenue. Residents have easy access to Hartford’s CBD offering a variety of shopping, dining, entertainment, and employment opportunities. Further, the subject property is merely minutes to West Hartford Center - a destination lifestyle center with over 140 shops and restaurants. The Bentley at West End provides investors and developers a strong opportunity to construct best-in-class apartments with West Hartford lifestyle attractions at a Hartford price point.
The Bentley at West End
Investment Highlights
- Significant Opportunity to rehabilitate and reposition a 36-unit multifamily property in Hartford's West End. Property is projected to generate a stabilized NOI of approximately $382,000.
- Historic Tax Credits: Received Phase I approval for $500,000 in State Historic Tax Credits, as well as an additional $100,000 in Federal Historic Tax Credits. Phase II application process is underway.
- Scope of Work: Renovation of 36 apartments – kitchens, bathrooms, flooring, common areas, plumbing, windows, and doors, together with restoration of the existing garage and basement improvements
- Part of Hartford's Blighted Assessment Deferral Program: Following completion of the improvements, or upon issuance of the C/O, the property's assessment remains at its pre-rehabilitation value for five years. The property's current market value is $1,343,000, equating an assessed value of $940,100, and an annual real estate tax burden of approximately $64,820. Beginning in Year 6, the post-rehab assessed values is phased in above the pre-rehabilitation assessment by 20% annually over the subseq
- Direct Farmington Avenue Access: The Bentley at West End offers direct parking-lot access from Farmington Avenue, one of Hartford's most heavily traveled east-west arterials connecting Downtown Hartford and West Hartford,
- Less Than Two Miles to Downtown Hartford: Minutes to the Hartford CBD, the cultural and business center of the metro Hartford region offering a variety of shopping, dining, entertainment, and employment opportunities. Numerous local recreational attractions include The Hartford Stage, XL Center, The Bushnell, and Bushnell Park.
- Proximate to West Hartford Center/Blue Back Square: Within a 10-minute drive to this prime destination lifestyle center, home to boutique restaurants and over 140 shops.
- Abundant Employment Drivers: Major area employment drivers include, but not limited to: Travelers, the Connecticut State Capitol Building, The Phoenix Companies, UConn Hartford, XL Insurance, Aetna, and Accenture. Also within a 15-minute drive of four major area hospitals, the Pratt & Whitney Headquarters (Pratt has invested over $500 million and added over 4,000 jobs since 2015), and roughly 20 minutes to ESPN, Stanley Black & Decker, and United Technologies.
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Listing Price: $2,600,000
Investment Highlights
- Significant Opportunity to rehabilitate and reposition a 36-unit multifamily property in Hartford's West End. Property is projected to generate a stabilized NOI of approximately $382,000.
- Historic Tax Credits: Received Phase I approval for $500,000 in State Historic Tax Credits, as well as an additional $100,000 in Federal Historic Tax Credits. Phase II application process is underway.
- Scope of Work: Renovation of 36 apartments – kitchens, bathrooms, flooring, common areas, plumbing, windows, and doors, together with restoration of the existing garage and basement improvements
- Part of Hartford's Blighted Assessment Deferral Program: Following completion of the improvements, or upon issuance of the C/O, the property's assessment remains at its pre-rehabilitation value for five years. The property's current market value is $1,343,000, equating an assessed value of $940,100, and an annual real estate tax burden of approximately $64,820. Beginning in Year 6, the post-rehab assessed values is phased in above the pre-rehabilitation assessment by 20% annually over the subseq
- Direct Farmington Avenue Access: The Bentley at West End offers direct parking-lot access from Farmington Avenue, one of Hartford's most heavily traveled east-west arterials connecting Downtown Hartford and West Hartford,
- Less Than Two Miles to Downtown Hartford: Minutes to the Hartford CBD, the cultural and business center of the metro Hartford region offering a variety of shopping, dining, entertainment, and employment opportunities. Numerous local recreational attractions include The Hartford Stage, XL Center, The Bushnell, and Bushnell Park.
- Proximate to West Hartford Center/Blue Back Square: Within a 10-minute drive to this prime destination lifestyle center, home to boutique restaurants and over 140 shops.
- Abundant Employment Drivers: Major area employment drivers include, but not limited to: Travelers, the Connecticut State Capitol Building, The Phoenix Companies, UConn Hartford, XL Insurance, Aetna, and Accenture. Also within a 15-minute drive of four major area hospitals, the Pratt & Whitney Headquarters (Pratt has invested over $500 million and added over 4,000 jobs since 2015), and roughly 20 minutes to ESPN, Stanley Black & Decker, and United Technologies.
Investment Overview
Marcus & Millichap is pleased to present The Bentley at West End in Hartford, Connecticut — a 100% market-rate, 36-unit, in-process rehabilitation project directly off Farmington Avenue, just minutes from West Hartford Center and Hartford's Central Business District (CBD) Located at 249-255 Sisson Avenue, The Bentley at West End contains 18 one-bedroom/one-bathroom apartments and 18 two-bedroom/one-bathroom apartments. The site also contains a rear parking lot with surface spaces plus 21 private garages. The remaining rehabilitation has been structured to run through two tax-incentive programs simultaneously. Phase II submission for $500,000 in state historic tax credits is complete. The property has also qualified for the city of Hartford's Blighted Assessment Deferral Program. Under this program, the subject property will operate under its current fixed assessment of $1,343,000 over the first five years following completion of the project and the building receiving its Certificates of Occupancy. Starting in year six, the post-rehab assessed value is phased in above the pre-rehabilitation assessment at 20% annually over the subsequent five-year period (Years 6-10 of the abatement). Access to this program will offer a new investor the benefit of reduced tax burdens, allowing for stronger in-place cash flows and returns through the first decade of ownership. The Bentley at West End’s remaining scope of work includes, but is not limited to, upgrading utility services and heating systems, rebuilding the garages, and full unit interiors. Located in Hartford’s Historic West End neighborhood, The Bentley at West End sits just three blocks from the West Hartford line directly off Farmington Avenue. Residents have easy access to Hartford’s CBD offering a variety of shopping, dining, entertainment, and employment opportunities. Further, the subject property is merely minutes to West Hartford Center - a destination lifestyle center with over 140 shops and restaurants. The Bentley at West End provides investors and developers a strong opportunity to construct best-in-class apartments with West Hartford lifestyle attractions at a Hartford price point.
Exclusively Listed By
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