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Highland Apartments 43 Granite St 31 Unit Apartment Building $4,000,000 ($129,032/Unit) 6.58% Cap Rate New London, CT 06320
INVESTMENT HIGHLIGHTS
- Value-Add Opportunity - $100,000 in Upside
- Exceptional Rental Demand
- Immediate Access to Transportation & Transit
- Flourishing Submarket – Economic Strength
- Diverse & Resilient Employment Ecosystem
- Local Shopping, Dining, Nightlife, Arts & Culture
EXECUTIVE SUMMARY
Northeast Private Client Group is pleased to exclusively present Highland Apartments, a 31-unit value-add apartment building located in New London, Connecticut.
Built in 1920, the property is comprised of 8 studio, one bath, 16 one bedroom, one bath, and 7 two bedroom, one bath apartments set on 0.51 acres.
Highland Apartments’ location provides immediate access to Interstates 95 & 395, the New London Union Train Station, and the New London Ferry Terminal. Additionally, it provides convenient access to local shopping, dining, nightlife, and several community parks, as well as Connecticut College, the United States Coast Guard Academy, and Lawrence Memorial Hospital.
This property presents an ideal opportunity for investors looking to acquire a stable asset with significant upside potential in a burgeoning market. A new owner will have the opportunity to improve curb appeal and amenities and continue unit renovations to capture a proven premium in the market.
Built in 1920, the property is comprised of 8 studio, one bath, 16 one bedroom, one bath, and 7 two bedroom, one bath apartments set on 0.51 acres.
Highland Apartments’ location provides immediate access to Interstates 95 & 395, the New London Union Train Station, and the New London Ferry Terminal. Additionally, it provides convenient access to local shopping, dining, nightlife, and several community parks, as well as Connecticut College, the United States Coast Guard Academy, and Lawrence Memorial Hospital.
This property presents an ideal opportunity for investors looking to acquire a stable asset with significant upside potential in a burgeoning market. A new owner will have the opportunity to improve curb appeal and amenities and continue unit renovations to capture a proven premium in the market.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $4,000,000 | Building Class | C |
| Price Per Unit | $129,032 | Lot Size | 0.51 AC |
| Sale Type | Investment | Building Size | 26,956 SF |
| Cap Rate | 6.58% | Average Occupancy | 94% |
| No. Units | 31 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1920 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | R-4 | ||
| Price | $4,000,000 |
| Price Per Unit | $129,032 |
| Sale Type | Investment |
| Cap Rate | 6.58% |
| No. Units | 31 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.51 AC |
| Building Size | 26,956 SF |
| Average Occupancy | 94% |
| No. Stories | 4 |
| Year Built | 1920 |
| Opportunity Zone |
Yes |
| Zoning | R-4 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Fireplace
- Storage Space
- Heating
- Kitchen
- Hardwood Floors
- Vaulted Ceiling
- High Speed Internet Access
- Patio
SITE AMENITIES
- Grill
1 1
Walk Score®
Very Walkable (85)
PROPERTY TAXES
| Parcel Number | NLON-000039-000235-000004 | Improvements Assessment | $1,414,400 |
| Land Assessment | $434,000 | Total Assessment | $1,848,400 |
PROPERTY TAXES
Parcel Number
NLON-000039-000235-000004
Land Assessment
$434,000
Improvements Assessment
$1,414,400
Total Assessment
$1,848,400
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Highland Apartments | 43 Granite St
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