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404 North Main Street, Manchester, CT 06040 North Main Street Apartments

$599,000 $85,571.00 / unit
404 North Main Street, Manchester, CT 06040

For Sale Details

$599,000
$85,571.00 / unit
  • Property Type Multifamily
  • Status Active
  • Created 01/25/21
  • Updated 01/25/21

About 404 North Main Street, Manchester, CT 06040

Northeast Private Client Group is pleased to present the North Main Street Apartments, a 7-unit multifamily property located in Manchester, Connecticut. The North Main Street Apartments is comprised of seven (7), one bedroom, one bathroom apartments. Tenants are responsible for their own heating which is supplied through electric baseboards. The hot water for the property is supplied through a central natural gas system and is paid for by the landlord. The landlord is also responsible for the gas heat in two of the units. The property features ample parking for all tenants. Currently, the property is 100% occupied with long term tenants and without any delinquency issues. The property has been very well maintained and managed by the current ownership for over 20 years. The North Main Street Apartments is located in a desirable area of Manchester and is only about 2 miles away from restaurants, entertainment, and shopping at the nearby Shoppes at Buckland Hills. A new investor can realize additional added value by increasing the rents to market levels.

Building Details

  • Building Area (SF): 5,200
  • Year Built: 1960
  • Number of Units: 7

Land Details

  • Acreage: 0.50

Financial Characteristics

  • Potential Gross Income: $64,200
  • Net Operating Income: $41,452
  • Cap Rate: 6.9%

The Multifamily property at 404 North Main Street, Manchester, CT 06040 is currently available for sale. Contact Northeast Private Client Group from Northeast Private Client Group for more information.