The Kennedy Building 71 Catlin St 138 Unit Apartment Building $15,950,000 ($115,580/Unit) 6.11% Cap Rate Meriden, CT 06450
INVESTMENT HIGHLIGHTS
- Value-Add Opportunity - $800,000+ in Upside
- Outstanding Location
- Exceptional Submarket Fundamentals
- Significant Recent Capital Improvements
- Immediate Access to Multiple Modes of Transportation
EXECUTIVE SUMMARY
Northeast Private Client Group is pleased to exclusively present The Kennedy Building, a 138-unit value-add multifamily community located in Meriden, Connecticut.
The Kennedy Building is a 5 and 6-story, elevatored building consisting of 135 residential units, including a mix of 44 studio apartments, 77 one-bedroom, one-bathroom apartments, 14 two-bedroom one-bathroom apartments, and three commercial suites with 129,073 square feet of gross building area set on 2.41 acres. The property was built in 1921, and since 2019 ownership has invested over $2,000,000 in capital improvements, including unit and common area upgrades, exterior/site repairs, roof, window, and parking lot replacement.
The Kennedy Building provides immediate access to Interstates 691 & 91, Connecticut Routes 15 & 5, and the new Meriden Amtrak Train Station. The property is located directly on the newly redeveloped Meriden Green with walking trails and amphitheater, and is walking distance to downtown Meriden, and many local shopping and dining amenities.
The Kennedy Building presents an ideal opportunity for investors looking to acquire a stable asset with significant upside potential in an outstanding location within a submarket with strong fundamentals. A new owner will have the opportunity to continue unit renovations to capture a proven premium in the market, while marking existing rents to market levels.
The Kennedy Building is a 5 and 6-story, elevatored building consisting of 135 residential units, including a mix of 44 studio apartments, 77 one-bedroom, one-bathroom apartments, 14 two-bedroom one-bathroom apartments, and three commercial suites with 129,073 square feet of gross building area set on 2.41 acres. The property was built in 1921, and since 2019 ownership has invested over $2,000,000 in capital improvements, including unit and common area upgrades, exterior/site repairs, roof, window, and parking lot replacement.
The Kennedy Building provides immediate access to Interstates 691 & 91, Connecticut Routes 15 & 5, and the new Meriden Amtrak Train Station. The property is located directly on the newly redeveloped Meriden Green with walking trails and amphitheater, and is walking distance to downtown Meriden, and many local shopping and dining amenities.
The Kennedy Building presents an ideal opportunity for investors looking to acquire a stable asset with significant upside potential in an outstanding location within a submarket with strong fundamentals. A new owner will have the opportunity to continue unit renovations to capture a proven premium in the market, while marking existing rents to market levels.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $15,950,000 |
| Price Per Unit | $115,580 |
| Sale Type | Investment |
| Cap Rate | 6.11% |
| No. Units | 138 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 2.41 AC |
| Building Size | 129,073 SF |
| No. Stories | 6 |
| Year Built/Renovated | 1921/2013 |
| Parking Ratio | 1.09/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | TOD-P |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Heating
- Kitchen
- Hardwood Floors
- Range
- Tub/Shower
- Walk-In Closets
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Property Manager on Site
- Storage Space
- Elevator
- Maintenance on site
- Public Transportation
- Walk-Up
- Smoke Detector
1 of 1
Walk Score®
Very Walkable (82)
PROPERTY TAXES
| Parcel Number | MERI-000107-000031-000003-000012 | Improvements Assessment | $3,118,780 |
| Land Assessment | $1,417,500 | Total Assessment | $4,536,280 |
