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7 Norfolk St 21 Unit Apartment Building $1,795,000 ($85,476/Unit) 6.18% Cap Rate Hartford, CT 06112
Investment Highlights
- Terrific Foundation for Future Operation - the eight-family building was completely gut rehabilitated four years ago - very well-maintained
- Strong Historical Occupancy - typically operates above 95% occupancy
- Across the Street from MLK Jr. Middle School and around the corner from Annie Fisher Montessori Magnet School
- Value-add Opportunity - review of comparable multifamily buildings in the area suggests the ability to increase rents by $150-175 per unit
- Great Location within Hartford - minutes from downtown central business district and only one mile to the border of West Hartford
Executive Summary
Marcus & Millichap is pleased to present an exclusive opportunity to acquire 7 Norfolk Street in Hartford. This 21-unit multifamily property, less than one mile from the border of West Hartford, consists of two adjacent buildings on one tax lot featuring eight studios, 12 one-bedrooms, and one two-bedroom apartment. The building at the corner, known as 7 Norfolk Street, is a brick structure containing thirteen apartments, and most have received updated kitchens with ceramic-tiled floors and new appliances (refinished hardwood floors in the living areas). The eight-family at 93 Blue Hills Avenue was gut-rehabilitated down to the studs in 2020 – everything is new, inlcluding:
- electrical service to each apartment
- plumbing
- individual water heaters
- all appliances
- unit interiors - kitchens, baths, lighting, and flooring
Originally constructed in 1930, both buildings at 7 Norfolk have been very well-maintained by current ownership; however, current rents are below market. The asset presents a strong opportunity to capture revenue upside through bringing rents to market/reducing loss-to-lease. Review of comparable properties in the area suggests the ability to drive average rents by more than $160/unit above current in-place, allowing a new owner to enhance annual cash flow by over $40,000.
- electrical service to each apartment
- plumbing
- individual water heaters
- all appliances
- unit interiors - kitchens, baths, lighting, and flooring
Originally constructed in 1930, both buildings at 7 Norfolk have been very well-maintained by current ownership; however, current rents are below market. The asset presents a strong opportunity to capture revenue upside through bringing rents to market/reducing loss-to-lease. Review of comparable properties in the area suggests the ability to drive average rents by more than $160/unit above current in-place, allowing a new owner to enhance annual cash flow by over $40,000.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$239,952
|
$19.65
|
| Other Income |
$4,580
|
$0.38
|
| Vacancy Loss |
$7,782
|
$0.64
|
| Effective Gross Income |
$236,750
|
$19.39
|
| Taxes |
$28,480
|
$2.33
|
| Operating Expenses |
$97,313
|
$7.97
|
| Total Expenses |
$125,793
|
$10.30
|
| Net Operating Income |
$110,957
|
$9.09
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $239,952 |
| Annual Per SF | $19.65 |
| Other Income | |
|---|---|
| Annual | $4,580 |
| Annual Per SF | $0.38 |
| Vacancy Loss | |
|---|---|
| Annual | $7,782 |
| Annual Per SF | $0.64 |
| Effective Gross Income | |
|---|---|
| Annual | $236,750 |
| Annual Per SF | $19.39 |
| Taxes | |
|---|---|
| Annual | $28,480 |
| Annual Per SF | $2.33 |
| Operating Expenses | |
|---|---|
| Annual | $97,313 |
| Annual Per SF | $7.97 |
| Total Expenses | |
|---|---|
| Annual | $125,793 |
| Annual Per SF | $10.30 |
| Net Operating Income | |
|---|---|
| Annual | $110,957 |
| Annual Per SF | $9.09 |
Property Facts Under Contract
| Price | $1,795,000 | Apartment Style | Low-Rise |
| Price Per Unit | $85,476 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.46 AC |
| Cap Rate | 6.18% | Building Size | 12,210 SF |
| Gross Rent Multiplier | 7.5 | Average Occupancy | 100% |
| No. Units | 21 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1900/2021 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R4 | ||
| Price | $1,795,000 |
| Price Per Unit | $85,476 |
| Sale Type | Investment |
| Cap Rate | 6.18% |
| Gross Rent Multiplier | 7.5 |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.46 AC |
| Building Size | 12,210 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1900/2021 |
| Opportunity Zone |
Yes |
| Zoning | R4 |
Amenities
Unit Amenities
- Heating
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | - |
| 2+1 | 1 | - | - |
| Studios | 8 | - | - |
1 1
Fairly walkable
50/100
Very drivable
80/100
Good public transit
60/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | HTFD-000174-000187-000003 | Total Assessment | $413,070 (2025) |
| Land Assessment | $48,720 (2025) | Annual Taxes | $28,480 ($2.33/SF) |
| Improvements Assessment | $364,350 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
HTFD-000174-000187-000003
Land Assessment
$48,720 (2025)
Improvements Assessment
$364,350 (2025)
Total Assessment
$413,070 (2025)
Annual Taxes
$28,480 ($2.33/SF)
Tax Year
2024
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7 Norfolk St
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