7 Norfolk St 21 Unit Apartment Building $1,795,000 ($85,476/Unit) 6.18% Cap Rate Hartford, CT 06112

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.