340 Arch St, New Britain, CT 06051

Description

Excellent condition turnkey mixed-use investment opportunity in New Britain offering strong in-place income with significant rental upside. This 13-unit property consists of 10 residential apartments and 3 established commercial storefronts across two buildings. Bldg 1 features six 2-bedroom apartments plus two commercial storefronts currently occupied by a mini market and party store. The residential units are projected at $1,600/month each, bringing the projected total income for Bldg 1 to $12,450/month including the commercial rents. Bldg 2 features four 3-bedroom apartments plus a commercial space occupied by an established restaurant. The residential units are projected at $1,800/month each, bringing the projected total income for Bldg 2 to $9,931.63/month including the restaurant. Current residential rents range from just $1,200 to $1,600/month, creating meaningful opportunity to increase income as rents are brought closer to projected market levels. Residential tenants cover their own utilities, helping keep owner operating expenses controlled. The property currently generates approximately $234,739.56 in annual recurring income, with projected recurring income increasing to $268,879.56 annually ($22,406.63/month). Based on the expenses provided, projected NOI is approximately $190,233.09. At the $2,100,000 ask price, property supports a 7.43 current cap, with projected income scenario increasing estimated cap to approximately 9+.