404 North Main St, Manchester CT

May 23

Written By AB

7-unit Multi Family sold in Manchester, CT
List Price: $850,000 ($121.4k/unit)
Cap Rate: 8.5%

Fully stabilized multi family asset with a monthly rent roll of just over $9,000 a month. Property has recently gone through extensive renovations in 4 of 7 units including upgrades to granite counter top, luxury vinyl plank flooring, stainless steel appliances and in-unit washer/dryers to name a few. In all, 6 of 7 units enjoy either in-unit or private washer/dryers a rare luxury in the submarket. Future ownership can further increase rental revenue by finishing unit upgrades in remaining 3 units as well as replace communal furnace currently servicing the 2 units in front building (as well as supply hot water to entire asset) with separate heating units to eliminate landlord utility expense.