The Cozzi Team is pleased to present this Turn Key portfolio located in the heart of Asylum Hill, Hartford. This portfolio offers the cities strongest unit mix of 103 well-maintained apartments. This brick portfolio is located across the street from The Hartford Insurance Company, St Francis Hospital & Congregational Church.
The unit mix consists of:
9: 4 bed/ 1 bath units
17: 4 bed/2 bath units
1: 4 bed/3 bath units
27: 3 bed/2 bath units
5: 3 bedroom/1 bath units
17: 2 bed/2 bath units
17: 2 bed/1 bath units
10: 1 bed/1 bath units
These units are some of the largest in the city with rents ranging from $600 to $1,450. There is upside on rents of approximately $100/ unit with additional upgrades in units. Rents include gas heat & hot water. Tenants pay their own electric and cooking gas. There are 1.2 parking spots/unit, keyed elevators for tenant access only and on-site laundry. Between 2007-2009 all units were gut rehabbed to the studs. Over the last 5 years, over half of the units have been updated as unit are rented to new tenants. Buildings were built in 1920’s & 1960’s.
Capital improvement in the last 3 years includes: 6 brand new roofs, most windows have been replaced, updated electrical, 8 new boilers that have JEM heating monitoring system, and all-new exterior lighting.
Kitchens updates:
Ceramic tiles
Oak or Cherry cabinets
New countertops
Bathrooms updates:
Ceramic tile floors
New vanity and toilets
Tub surrounds and tile surrounds
Flooring:
1920’s assets have hardwood floors
1960’s assets have carpet, engineered flooring
The Plumbing Stacks in 33 Sumner has been replaced, all units have been remodeled.
Common areas: Owner just completed renovation of one Hallway. This is one area to add value and will benefit the opportunity to increase rents. The quality of the finishing in each unit are uniform in the appearance, with the cabinets, tile and paint all being the same quality, color and style.
