Multifamily Property - Opportunity Zone
East Hartford, CT
Northeast Private Client Group is pleased to present the Woodside Apartments, a 44 unit multifamily property located in East Hartford, Connecticut.
The Woodside Apartments are comprised of 42, one bedroom and 2, two bedroom units. Heat and hot water at 45 Olmsted Street (17 – one bedroom units) is supplied through brand new high efficiency gas boilers, which are paid for by the tenants. Heat and hot water at 16 Spring Street (25- one bedroom & 2 – two bedroom units) is supplied through all electric units. Tenants are responsible for their electric expense in both buildings. Since 2014, ownership has done significant improvements including all new windows, installation of brand new high efficiency gas boilers, updating of the laundry room, and the renovation of a majority of the units. The property features ample parking for tenants.
A new investor can add value through finishing the remaining unit renovations and raising rents to market levels. The property is located in a quiet residential neighborhood which alludes to its historically high occupancy level.
East Hartford has a population of about 51,250 with a median household income of $41,424. It is also home to the Pratt & Whitney headquarters and part of the United Technology conglomerate. Pratt & Whitney is also the top employer in East Hartford.
East Hartford, Hartford County, CT