Park Street Portfolio 2 Retail Properties Offered at $5,050,000 in Hartford, CT

Marcus & Millichap is pleased to present the opportunity to acquire the Park Street portfolio located in Hartford, Connecticut just steps from the border of West Hartford. Consisting of 1993, 2020, and 2053 Park Street, this mixed-use portfolio is comprised of 31 apartments and +/- 12,000 square feet of commercial/restaurant space with immediate walkability.
A portfolio sale is preferred but offers on the individual properties will be considered.
All three properties are within a 500-foot radius and sit on the border of West Hartford—one of the hottest rental markets in the Northeast—with immediate walkability (89 Walk Score) to numerous shops and restaurants. The Park Street Portfolio offers a new owner the opportunity to establish or expand a strong presence in the thriving and rapidly evolving Parkville neighborhood.
25 of the 31 residential units in the portfolio are housed in 2020 Park Street, with many units receiving upgrades including vinyl plank flooring, updated kitchens with stainless appliances, and renovated bathrooms with new vanities and tub surrounds. Additionally, the +/- 12,000 square feet of commercial space is fully occupied with a wide range of tenants, including multiple restaurants, a local supermarket, and office spaces.
A review of the submarket strongly suggests in-place average rents on the apartments are +/-7-9% below market with further rent increases possible by continuing unit and common area enhancements. Increasing in-place average rents on the apartments could harvest an additional +/-$40,000 in revenue annually.