August 19, 2024 – 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 $495,000.
The three-story brick building located at 256-258 Mather Street in Hartford, Connecticut contains six (6) residential units comprised of two (2), 3-Bedroom/1-Bathroom units and four (4), 2-Bedroom/1-Bathroom units with 6,090 square feet of living area in 8,813 square feet of gross area on a 0.11-acre parcel of land. The Property is separately metered for heat, hot water, and electricity and had a new roof installed in 2021. With below-market rents, the opportunity exists to increase rents to market rates and significantly increase the income of the Property as well as driving rental rates over the long-term through improved management and programmatic upgrades to unrenovated unit interiors. The Property is well-located on a tree-lined, densely populated residential street in the Upper Albany neighborhood of Hartford. The Property is 1.3-miles from downtown Hartford, and the location offers convenient access to Albany Avenue (US Route 44), area highways, public transportation, numerous public schools, parks, retailers, restaurants, and entertainment amenities.
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.