January 14, 2020 – Tom Conner of Horvath & Tremblay has successfully completed the sale of four (4) multi-family units in Danbury, Connecticut. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $550,000, which translates to a 5.92% Cap Rate.
The multi-family investment property, located at 43 Morris Street in Danbury, Connecticut is comprised of four (4) multi-family units. The property, constructed in 1911, consists of 4,768 square feet of living area spread across two buildings on a 0.45 acre parcel with off-street parking and a detached garage. The property, which is separately metered for gas heat, hot water, and electric has been well maintained and has ample green space. The property has a unique unit mix featuring two (2) three-bedroom duplex units, and two (2) three-bedroom flats. The property is in a desirable residential neighborhood adjacent to downtown Danbury. The location offers convenient access to Interstate 84 and Route 7, and is walkable to Danbury Station. Danbury station is on the Metro North line offering service to Manhattan’s Grand Central Station and New Haven’s Union Station. Additionally, the property is less than one mile from Western Connecticut State University with an enrollment in excess of 5,100 students. 43 Morris Street also benefits from strong demographics with more than 75,000 people with an average household income in excess of $88,000 living within a 3-mile radius.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.