The Rao Building

  • Title

    Mixed-Use Property

  • City

    New Britain, CT

  • Price

    $2,175,000

  • Cap Rate

    6.6%

  • Gross Leasable Area

    16,406 SF

  • No. Units

    15

  • Price/SF

    $132.57

  • Price/Unit

    $145,000

  • No. Stories

    5

  • Year Built

    1900

  • Lot Size

    .10AC

Not found amenities.

The Rao Building presents an investor with the opportunity to purchase a recently restored 16,000SF mixed-use building in the heart of downtown New Britain. The building boasts fifteen (15) total units; one studio apartment, four (4) 1-Bedroom, 1 Bath apartments, seven (7) 2-Bedroom, 1 Bath apartments, two (2) 3-Bedroom 2 Bath apartments, and One (1) retail suite.

The building features tenant off-street parking, on site income producing laundry, a new elevator and a fully up to code fire alarm system. The apartments have vaulted ceilings, hardwood flooring, fireplaces, new stainless-steel appliances, granite counter tops, cherry wood cabinets, and back splashes. The units also have large bay windows that give spectacular views of New Britain from any floor.

As New Britain continues to develop as a growing rental market for young professionals, the Rao Building presents the potential for both long and short term revenue growth and appreciation through increased rents and the continued downtown economic revitalization. Rental increases are achievable, as similar luxury apartments in the downtown New Britain area rent for up to $300 a month more per room.

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.

 

New Britain, Hartford County, CT

The Rao Building Offering Memo