11 & 8-30 Summer Street
Multifamily | 28 Units | $107,143/unit
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the Summer Street Portfolio, a three property multi-family investment portfolio in Bristol, Connecticut (the “Properties” or “Portfolio”). The Portfolio includes two (2) multi-family properties and a dedicated parking lot and contains twenty-eight (28) residential units comprised of three (3), 3-Bedroom/1-Bathroom units, six (6), 2-Bedroom/1-Bathroom units, seventeen (17), 1-Bedroom/1-Bathroom units, and two (2) Studio units with 20,496 square feet of living area in 28,745 square feet of gross area on a combined 0.78 acres of land.
The Summer Street Portfolio is well-located just off Main Street in the Federal Hill neighborhood, adjacent to Downtown Bristol and the area’s primary commercial and commuter corridors. The Properties are within walking distance of numerous retail, dining, and entertainment amenities, and offer convenient access to Route 72, public transportation, local schools, and major employers in Bristol and the surrounding region. Additionally, the location provides easy connectivity to New Britain, Hartford, and Waterbury. The Portfolio represents the rare opportunity to acquire a well-located multi-family investment in a supply-constrained rental market that offers income growth, strong investment returns, and upside in rents at select properties.
Investment highlights
THE ASSETS
8-30 Summer Street is comprised of four adjacent multi-family buildings and contains twenty-two (22) residential units comprised of three (3), 3-Bedroom/1-Bathroom units, four (4), 2-Bedroom/1-Bathroom units, thirteen (13), 1-Bedroom/1-Bathroom units, and two (2) Studio units with 17,452 square feet of living area in 24,278 square feet of gross area on a combined 0.47-acres of land. The Property is separately metered for electricity and gas fired heat and hot water which the tenants pay directly. The landlord is responsible for common area electric and domestic water and sewer. The Property offers off street parking.
11 Summer Street is a two-story building constructed in 2013 and contains six (6) residential units comprised of two (2), 2-Bedroom/1-Bathroom units, and four (4), 1-Bedroom/1-Bathroom units with 3,044 square feet of living area in 4,467 square feet of gross area on a 0.15-acre lot. The Property is separately metered for electricity and electric heat and hot water which the tenants pay directly. The landlord is responsible for common area electric and domestic water and sewer. The Property offers off street parking.
21 Summer Street is a dedicated parking lot on a 0.08-acre parcel.
CONVENIENT LOCATION
The Portfolio is well-located in the Federal Hill neighborhood of Bristol directly off of Main Street. The location offer convenient access to Middle Street, North Street/Farmington Avenue (US Route 6), and CT Routes 72 and 229, and several bus routes (102, 502, 541, and 542) have stops within walking distance. The Properties also offer quick access to Interstate 84 via Middle Street or CT Route 72.
The Portfolio is directly adjacent to Downtown Bristol and is ½ a mile from Bristol Hospital, 4-miles from ESPN headquarters and production studios and 4.5-miles from Tunxis Community College.
The Portfolio is situated 0.6-miles from North Street/Farmington Avenue (US Route 6) the area’s primary commercial corridor. Farmington Avenue is home to countless national retailers and restaurants that drive traffic to the area. The Property also offers convenient access to Middle Street, which is home to ESPN and the majority of Bristol’s office and industrial parks.
ESPN CAMPUS
The Portfolio is less than 4-miles from ESPN’s Headquarters in Bristol, Connecticut. The ESPN Plaza is home to one of the world’s largest and most technologically advanced TV production facilities. Digital Center-1 and Digital Center-2 total more than 400,000 square feet. They serve as the home for SportsCenter, NFL programming and more. Overall, ESPN Plaza is home to 19 buildings on 120 acres and 1.3 million square feet of office/production space.
VALUE-ADD POTENTIAL
The multi-family buildings have below-market rents, offering the opportunity to raise rents to market rates and increase the income of the Portfolio.
STABILIZED ASSET WITH RENT GROWTH
The Bristol Portfolio offers the opportunity to acquire a critical mass of residential units in an urban-infill location. The Portfolio is ideal for a potential buyer looking for well maintained and managed properties that offer income growth and strong investment returns.
STRONG RENTAL DEMOGRAPHICS & DEMAND
More than 58,700 people live within 3-miles of the Portfolio with an average household income of $111,574. An impressive 104,200+ people live within 5-miles of the Portfolio with an average household income of $120,369.
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