November 16, 2021 – Tim Hines of Horvath & Tremblay has arranged the sale of a twelve-unit mixed-use building in Hartford, Connecticut. Hines exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $535,000.
The mixed-use investment property is located at 719-723 Wethersfield Street in Hartford, Connecticut. 719-723 Wethersfield Avenue is a 3-story, brick building, constructed in 1900. The property contains a total of twelve units consisting of two (2) retail suites and ten (10), 1-Bedroom/1-Bathroom units in 7,688 square feet of living area (8,637 square feet of gross area) on a 0.18-acre corner parcel of land. Each unit is 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. The property features outstanding visibility along Wethersfield Avenue and daily traffic counts of 15,000 vehicles, providing a strong environment for the retail space. The Property benefits from a long-term lease with “The Bar”. 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.