Multi-Family Terryville

Multi-Family for Sale
Catylist Listing ID: 30634672
Property Subtypes: Duplex/Fourplex
Number of Units: 6 Units
Building Size (RSF): 3,300 SF
Gross Building Area: 3,850 SF
Gross Land Area: 0.99 - 1 Acres
Sale Price: $449,000
Unit Price: $74,833.33 Per Unit
Property Use Type: Investment
Building Name: Terryville SIX
Usable Size (USF): 5,200 SF
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: Undisclosed
Average Occupancy Rate: 95
Last Updated: 9/22/2020

Overview / Comments

Two leasable buildings make up the lot on 39 School Street. One, is a duplex with a two-bed and a four-bed unit. These units also utilize a two-bay and a one-bay garage, respectively. The second, is a four-plex comprised of a 2-bed in the basement, a studio apartment (with a one-bay garage), a two-bed, and a three-bed (with one bay garage). Simply put, this building has been managed a very professional manner. Tenants have been in place for a lengthy time period making this a very stable investment. Considering a 3% vacancy rate and self-management, this investment is at an 8.6% CAP. Above all, the finished product is a high quality investment property that has been performing very well for many years. Income streams include; monthly rent, garage/bay rental, and coin-op laundry for the tenants.

Attachments & Media

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $9,424 (Annual)
Potential Rental Income $67,260 (Annual)
Gross Operating Income $24,568 (Annual)
Net Operating Income $67,270 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Torrington
County: Litchfield
Taxing Authority: Town of Plymouth
Tax ID/APN: 051-093-006
Zoning: RESIDENTIAL
Percent Occupied: 100%
Property Located Between: Route 72 and Route 6 on School St.
Highway Access: Route 72 to the south, leads to route 84 E/W. Or, Route 6 west leads to Route 8 N/S.
Airports: Bradley, Robertson
Site Description: Located 20mi. west of Hartford, and 34mi South of Bradley International Airport, this lot is approximately 4 miles from shopping in the center of Bristol and less than a mile from the center of Plymouth/Terryville.
Area Description: The lots is situated just steps away from The Pequabuck Golf Course. Terryville is a suburb of Plymouth, CT which boasts a fully restored Water Wheel from the 1800's, small shops lining Main St., and great youth sports programs. The town has a prideful history and is known as the gateway to Litchfield County.
Total Number of Buildings: 2
Property Condition: Good
Year Built: 1950
Year Renovated: 2015
Roof Type: Gable
Construction/Siding: Vinyl Siding
Exterior Description: Just under an acre of land with plenty of space to park vehicles, enjoy outdoor recreation space, and enjoy the tranquility of a small town.
Parking Type: Surface
Parking Description: Bay/garage spaces (6), one per unit- otherwise negotiated.
Total Parking Spaces: 10
Laundry: Shared
Sprinklers: None
Heat Type: Electricity, Natural Gas, Other
Heat Source: Baseboard
Fuel: Gas, Electric
Internet Access: Cable
Interior Description: Well maintained, fresh paint throughout, and clean!
Zoning Description: Residential RA2
Lot Frontage: 206
Lot Depth: 200
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Land Ownership: Owned

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,282 40,400 95,822
Median Age: 39.93 40.05 40.66
Households: 3,183 16,202 38,611

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