Castle Apartments

  • Title

    Multifamily Property

  • City

    Plainville, CT

  • Price

    $4,415,000

  • Cap Rate

    6.0%

  • Gross Leasable Area

    39,300 SF

  • No. Units

    46

  • Price/SF

    $112.34

  • Price/Unit

    $95,978

  • No. Stories

    2

  • Year Built

    1975

Not found amenities.

The Castle Apartments, located at 100 Norton Park Road in Plainville, is a forty-six (46) unit multifamily property situated on 3.10 acres. The property is split between three buildings and is comprised of two (2) one-bedroom / one-bath, thirty-four (34) two-bedroom / one-bath and ten (10) three-bedroom / one and one-half-bath units. Nine of the units are covered by a Section 8 HAP contract ((1) one-bedroom, (5) two-bedrooms and (3) three-bedroom units), and the rest are all market rate units. Apartments feature carpeted and vinyl tile floors, eat in kitchens, electric stoves with range hoods, porcelain tubs and a sleeve air conditioner. Tenants are responsible for their own electric expense which is metered out for each unit. The owner provides gas-fired baseboard heat and hot water. Each of the buildings has its own dedicated utility room with boilers that supply their respective buildings. There are also income producing laundry rooms for the tenants.

The property has recently had an exterior facelift to maintain its curb appeal. The façade of the building is a mix between vertical cedar siding, brick veneer and vinyl, that was replaced in 2018. The roof has asphalt shingles that were replaced within the last year. Between 2015-2016 the building was improved with new metal, double pain windows in all the units. New exterior doors and concrete entry stoops leading to the common areas have also recently been replaced. Reserved paved parking is located in close proximity of the buildings and spans about 50,000 square feet. The lot was repaved in 2016.

Major area employment drivers proximate to the Castle Apartments are ESPN’s World Headquarters (2.8 miles/9-minute drive), United Technologies (7.5 miles/13-minute drive), Stanley Black & Decker (7.2 miles/15-minute drive), UConn Health (10.0 miles/17-minute drive), Lake Compounds (3.8 miles/9-minute drive) and Tilcon Connecticut (3.1 miles/9-minute drive).

Across the street from the subject complex is the town owned Norton Park. It is located at 72 Norton Trail. It consists of 78 acres of playing fields, swimming pool, pavilion, rest rooms, tennis courts, playgrounds and picnic tables. It is available to town residents; pool passes are available through the town’s recreation department. The park is home to the Plainville Fire Companies Hot Air Balloon Festival which is an annual two-day week end event that occurs in late August.

Plainville is located in Central Connecticut between Hartford and New Haven. The town’s population was estimated to be 17,705 with a median house hold income of about $62,500 per the latest 2017 U.S. Census Bureau statistics. Its local manufacturing base consists of General Electric Company, Tilcon CT, Inc., Gems Sensors, Inc., Connecticut Tool and Manufacturing, Mott Corporation and Wheeler Clinic. The town also recently purchased Robertson Airfield, so the town now has their own airport. The town also has two industrial parks. Additional employment noted in the adjoining towns of Bristol, Farmington, New Britain, Southington and at the capitol city of Hartford, ten miles to the east. I-84 and Routes 10, 72, 177 and 372 serve the town with connections to Hartford, Waterbury and New Haven. The City of Plainville and the surrounding towns including Bristol, New Britain and Newington make up the Market Area.

Castle Apartments