Historical Multifamily Sale Listing - Gateway Condominiums

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Gateway Condominiums

233 Ellington Rd., East Hartford, CT 06108

N/A

111 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
111
Building Size:
154,280 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Additional Sub-types:
Mid/High-Rise
Property Use Type:
Investment
Cap Rate:
8.10%
Gross Rent Multiplier:
7
Occupancy:
95%
No. Stories:
3
Year Built:
1976
Lot Size:
8.64 AC
Parking Ratio:
4 / 1,000 SF
Listing ID
13803899
Last Updated
over 1 year ago

Highlights

  • Operate as a rental or sell condos for $9,000,000
  • Great location.
  • Recently renovated many apartments, hallways, and groundsRecently renovated many apartments, hallways, and grounds
  • Upside in rent

Description

111 unsold condos from a total of 156 (a controlling share of the condo giving complete control of condo finances and bank account).
Gross Rent Roll: $1,055,000. Expenses: $418,200. NOI: 608,150. Originally constructed as a luxury rental apartment complex in 1976, converted to condos in 1986. Park-like lovely grounds with pool. Consists of 3 buildings: one 3-floor elevator building and two 2-level buildings. 72 car-ports plus ample regular parking.
Many apartments newly renovated. Extensive renovation mostly complete of all common areas, interior lobby and hallways, exterior landscaping and pool.
Due to all these upgrades the rent roll has a lot of upside.

Located in East Hartford, CT a suburb of Hartford.
Next door to the right: a nice shopping center which borders South Windsor a wealthy town with no rental apartment complexes.
Next door to left: a new luxury condominium.
The remaining surrounding area is residential in nature.
The property is less than one minute from the interstate 291 Highway connector which provides convenient access to downtown Hartford, Manchester, and the Buckland Mall area, as well as points North and West. Interstate 291 directly accesses both Interstate 91, which is the major North/South artery as well as Interstate 84, which is the major East/West artery.

Map of 233 Ellington Rd., East Hartford, CT 06108

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