For Sale Details

$1,460,000
$162,222.00 / unit
  • Property Type Multifamily / Low-Rise
  • Sale Type Investment
  • Buyer's Broker Comp 1.5
  • Status Active
  • Created 01/02/23
  • Updated 01/19/23

About 23 Hayward Avenue, Colchester, CT 06415

Sky Realty Group is proud to present 23-25 Hayward Ave in Colchester, a very rare and unique 9 unit multifamily property consisting of 2 buildings on one parcel. The main building has 7 units and there is a 2 unit cottage in the rear of the property. Also known as the Joseph Isham House, the main building was originally built in 1765 and has since undergone many renovations, alterations and additions. Aside from its historical significance, this investment opportunity boasts a very stable and well-qualified tenant base, with very low vacancy due to increasing demand for apartment rentals in Colchester. Situated on 1 of 2 historical streets in the town of Colchester, 23-25 Hayward Ave has been renovated unit-by-unit while preserving some of the historical aesthetics, such as hardwood flooring and the original cupola on top of the 3rd floor penthouse apartment. Improvements include new: electrical, plumbing, insulation, roof, sewer line, energy efficient double pane windows, flooring, drywall, fire rated steel doors, wired fire alarm system, and separately metered electric. All apartments feature subpanels, electric baseboard heat, and individual electric water heaters in the basement. The unit mix in the main building is (1) efficiency, (3) 1 beds, (2) 2 beds, and a large 2 bedroom penthouse apartment, approximately 1,800 SF. The cottage contains (2) 1 bedroom units. Prime downtown location next to the Town Green where community events are held regularly. Amenities can be found all around a half mile radius and include: restaurants, retail shopping, grocery stores, and service businesses. Very easy and convenient access to Route 2 and Route 85. Only 25 minutes to Hartford, Norwich and New London.

Building Details

  • Building Area (SF): 6,346
  • Year Built: 1780 - 1930
  • Number of Units: 9
  • Number of Stories: 3
  • Number of Buildings: 2
  • Building Class: C

Land Details

  • Parking Count: 9
  • Acreage: 0.29
  • Sewage System: Public Sewer
  • Water System: Public Water

Financial Characteristics

  • Potential Gross Income: $148,500
  • Effective Gross Income: $141,135
  • Operating Expenses: $38,906
  • Net Operating Income: $102,229
  • Cap Rate: 7%
  • Financials Based On: Actual
  • Financials Year: 2022

Documents for 23 Hayward Avenue, Colchester, CT 06415

Colchester 23-25 Hayward Ave - OM.pdf

The Multifamily / Low-Rise property at 23 Hayward Avenue, Colchester, CT 06415 is currently available for sale. Contact Tyler Egner from Sky Realty Group NE Inc for more information.