November 16, 2021 – Tim Hines of Horvath & Tremblay has arranged the sale of a six (6) unit multi-family apartment building in Hartford, Connecticut. Hines exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $375,000.
The multi-family apartment building is located at 18-20 South Street in Hartford, Connecticut. The property consists of a three-story, brick building, constructed in 1905. The property contains a total of six (6), 2-Bedroom/1-Bathroom units in 7,341 square feet of living area on a 0.34-acre parcel of land with off-street parking for 18 Vehicles (14 surface spaces and a four-car garage). The building is separately metered for electricity, and gas heat and hot water, which the tenants pay directly. The Property is well-located in the South End neighborhood of Hartford, a predominantly working-class residential area 2-miles south of Downtown Hartford with convenient access to Interstates 91 and US Route 5, Hartford Hospital, Trinity College, Brainard Airport, Goodwin Park, and Downtown employers. South Street is situated between Wethersfield Avenue and Franklin Avenue, which offer convenient access to public transportation and a multitude of retail amenities just a short walk from the property. Additionally, an impressive 126,000+ people live within 3 miles of the Property with an average household income of $66,261. Hartford is a renter-dominated market with a homeownership rate of 23.8%, well below the national average of 63.9%.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.