Skip to main content

Multifamily

411 Main Street

411 Main St, Cromwell, CT 06416

Listing Price: $1,299,000

Cap Rate
5.93%
Number of Units
16
Price/Unit
$81,188

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire 411 Main Street in Cromwell which consists of three buildings and sixteen residential units. The first building is situated closest to Main Street, and it contains eleven units: nine one-bedroom/one-bathroom apartments, one three-bedroom/one-bathroom apartment, and one four-bedroom/one-and-a-half-bathroom townhouse-style unit. The front two apartments, units #1 and #2, are responsible for individual heat, hot water, and electricity. The remainder of the apartments in this building have heat and hot water provided by the owner. All tenants are responsible for individual electricity, and there are common laundry facilities for the property located in this building as well. The second building, situated in the rear of the property, is a four-family house containing one-bedroom/one-bathroom apartments. In this building, the owner provides gas-fired heat and hot water, and tenants are responsible for individually metered electricity. The third building is a three-bedroom, single-family home with individually metered, tenant-paid electricity providing heat and hot water. 411 Main Street is a significant value-add opportunity, and the next owner will benefit from area rents that have been increasing steadily over recent years. Current average rent in Cromwell is $1,461 (RENT Café), which is a 3% increase year-over-year. A review of the competitive submarket suggests the ability to increase average rents by $150/unit/month following more hands-on management and modest upgrades to kitchens, bathrooms, and common areas. Increases of approximately $350/unit per month are achievable for select unit types. Additionally, recently constructed apartments have entered the submarket with the completion of the 160-unit Landon of Cromwell Class-A multifamily development. Current ownership of the subject property has completed several maintenance/capital items during the past few years including modest renovations to select apartments, repainting of all hallways and doorways, and a rehabilitation to the single-family home. The owner has also repaired half the roof of the largest building containing 11 apartments. Cromwell is a desirable central Connecticut suburb abutting the Connecticut River with a median household income of $89,245 and median home value of approximately $275,000, both of which are well above the state average. Located directly on Main Street, the subject property is also just 1.5 miles from Route 9 and slightly over seven miles to Interstate 91, providing ease of access to several major employment centers including Middletown (3 miles South), Hartford (18 miles North), and New Haven (28 miles Southwest). 411 Main Street’s location allows tenants to access a diversity of large employment sectors including healthcare, education, and financial services.

Investment Highlights

  • Located Less than 10 Minutes from Major Central Connecticut 'Eds and Meds' Employment Drivers Including The Middlesex Hospital (3,100 Employees) and Wesleyan University (3,700 Students and Faculty)
  • Suburban Market in Central Connecticut Featuring an Average Household income of $89,245 and a Median Home Value of $275,000
  • Adjacent to the Connecticut River, Within Five Minutes of River Highlands State Park, and TPC River Highlands – Host of the Traveler's Open Championship Professional Golf Tournament
  • Significant Opportunity to Add Value Through Increased Managerial Focus and Modest Renovations to Kitchens, Bathrooms, and Common Areas – A Comprehensive Review of the Submarket Suggests Average Upside of +/- $150/unit Per Month is Achievable
  • Centrally Located Between Employment, Recreation, and Transportation - Just Minutes from Interstate 91 and CT Route 9, Providing Access to Major Employment Centers in Hartford and New Haven
  • Quaint Suburban Setting with Ample On-Site Parking

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

    First Vice President Investments

    (203) 672-3336

    Email Eric

    License(s): CT: RES. 0787525

    New Haven

Listing Price: $1,299,000

Cap Rate
5.93%
Number of Units
16
Price/Unit
$81,188

Investment Highlights

  • Located Less than 10 Minutes from Major Central Connecticut 'Eds and Meds' Employment Drivers Including The Middlesex Hospital (3,100 Employees) and Wesleyan University (3,700 Students and Faculty)
  • Suburban Market in Central Connecticut Featuring an Average Household income of $89,245 and a Median Home Value of $275,000
  • Adjacent to the Connecticut River, Within Five Minutes of River Highlands State Park, and TPC River Highlands – Host of the Traveler's Open Championship Professional Golf Tournament
  • Significant Opportunity to Add Value Through Increased Managerial Focus and Modest Renovations to Kitchens, Bathrooms, and Common Areas – A Comprehensive Review of the Submarket Suggests Average Upside of +/- $150/unit Per Month is Achievable
  • Centrally Located Between Employment, Recreation, and Transportation - Just Minutes from Interstate 91 and CT Route 9, Providing Access to Major Employment Centers in Hartford and New Haven
  • Quaint Suburban Setting with Ample On-Site Parking

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire 411 Main Street in Cromwell which consists of three buildings and sixteen residential units. The first building is situated closest to Main Street, and it contains eleven units: nine one-bedroom/one-bathroom apartments, one three-bedroom/one-bathroom apartment, and one four-bedroom/one-and-a-half-bathroom townhouse-style unit. The front two apartments, units #1 and #2, are responsible for individual heat, hot water, and electricity. The remainder of the apartments in this building have heat and hot water provided by the owner. All tenants are responsible for individual electricity, and there are common laundry facilities for the property located in this building as well. The second building, situated in the rear of the property, is a four-family house containing one-bedroom/one-bathroom apartments. In this building, the owner provides gas-fired heat and hot water, and tenants are responsible for individually metered electricity. The third building is a three-bedroom, single-family home with individually metered, tenant-paid electricity providing heat and hot water. 411 Main Street is a significant value-add opportunity, and the next owner will benefit from area rents that have been increasing steadily over recent years. Current average rent in Cromwell is $1,461 (RENT Café), which is a 3% increase year-over-year. A review of the competitive submarket suggests the ability to increase average rents by $150/unit/month following more hands-on management and modest upgrades to kitchens, bathrooms, and common areas. Increases of approximately $350/unit per month are achievable for select unit types. Additionally, recently constructed apartments have entered the submarket with the completion of the 160-unit Landon of Cromwell Class-A multifamily development. Current ownership of the subject property has completed several maintenance/capital items during the past few years including modest renovations to select apartments, repainting of all hallways and doorways, and a rehabilitation to the single-family home. The owner has also repaired half the roof of the largest building containing 11 apartments. Cromwell is a desirable central Connecticut suburb abutting the Connecticut River with a median household income of $89,245 and median home value of approximately $275,000, both of which are well above the state average. Located directly on Main Street, the subject property is also just 1.5 miles from Route 9 and slightly over seven miles to Interstate 91, providing ease of access to several major employment centers including Middletown (3 miles South), Hartford (18 miles North), and New Haven (28 miles Southwest). 411 Main Street’s location allows tenants to access a diversity of large employment sectors including healthcare, education, and financial services.

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

    First Vice President Investments

    (203) 672-3336

    Email Eric

    License(s): CT: RES. 0787525

    New Haven

MM Texture Background
MM Textured Background Lower