The Raphael Building

  • Title

    Mixed-Use Property

  • City

    New Britain, CT

  • Price

    $4,595,000

  • Cap Rate

    7.5%

  • Gross Leasable Area

    29,354 SF

  • No. Units

    24

  • Price/SF

    $156.54

  • Price/Unit

    $203,958

  • No. Stories

    3

  • Year Built

    1920

  • Building Size

    .50 AC

Not found amenities.

The Raphael Building presents an investor with the opportunity to purchase a recently gut-renovated 28,000sf mixed-use building in the heart of downtown New Britain. The building boasts twenty four (24) total units; Ten (10) 1-Bedroom, 1 Bath apartments, Six (6) 2-Bedroom, 1 Bath apartments and Eight (8) retail suites.

The building features a private and secured entrance with a brand new intercom system, available off street parking, on site laundry, and a fully up to code fire and sprinkler system. The apartments have updated high-end kitchens, granite counter tops, tile backsplash, breakfast bars, jetted tubs, and ample closet space. A brand new high efficiency gas and central air system was installed in which residential tenants pay for gas heat and electricity.

As New Britain continues to develop as a growing rental market for young professionals, the Raphael Building presents the potential for long-term revenue growth and appreciation through increased rents and the continued downtown economic revitalization. This asset also presents the opportunity for an investor to purchase an effectively new mixed-use property with a desirable tenancy and extremely limited near term maintenance risk at a potential double digit year-1 cash on cash.

The bustling city of New Britain, highly renowned as “Hardware City”, has a diverse population and rich history as it is recognized as the home of invention and manufacturing for over 200 years. Tucked into the many neighborhoods are 1,200 acres of the best park systems in the state, sporting complexes, along with a treasure trove of eclectic cultural attractions and masterful works of art.

The city serves as an excellent location to anyone looking to reap the rewards of their business-centric atmosphere and diverse array of residential zones while lying approximately 10 miles South West of Hartford.

Downtown New Britain continues to experience an economic revival through transformative projects which are reshaping the downtown environment and paving the way for a dynamic, vibrant city with a healthy life of emerging restaurants, retail shops, and arts organizations with low cost parking for more
than 2,000 vehicles. The New Britain Superior Court and the Hospital of Central Connecticut are within a mile of the center, promoting a growing business among law firms, financial, insurance, and medical institutions with office space filling rapidly.

Central Connecticut State University also has proved to be a fantastic partner for business development and support. The main campus with more than 12,000 students, is located less than two miles from downtown, while the university’s Institute of Technology and Business Development is located prominently in the center of downtown, infusing the entire city with the energy of “Blue Devils Fever”.

 

New Britain, Hartford County, CT

The Raphael Building Offering Memo