25-27 Imlay Street
30-Unit Multifamily Property | Asylum Hill, Hartford, CT
Marketing description
Northeast Private Client Group is pleased to present the exclusive listing of 25–27 Imlay Street, a 30-unit multifamily asset located on one of the premier residential blocks in Hartford’s Asylum Hill neighborhood. This offering provides investors with immediate scale and operational efficiency in a robust workforce housing market.
The asset features a diverse unit mix of studios, one-bedrooms, and two-bedrooms, catering to deep demand from the local workforce, including employees at nearby major insurance and healthcare hubs. With 30 units under one roof and valuable on-site parking, the property offers inherent management and maintenance economies of scale. Current ownership has invested materially in the asset, completing unit renovations and significant capital improvements during their hold period.
Given its attractive basis, 1960s vintage, and meaningful in-place rent gap, 25–27 Imlay Street presents a compelling value-add opportunity. An incoming operator can build upon recently stabilized operations to capture approximately 35% revenue upside, optimizing rents to market levels while benefiting from limited immediate capital requirements.
Investment highlights
Immediate Scale: A 30-unit asset providing significant cash flow and management efficiency in a single location.
Strategic Location: Positioned on one of Asylum Hill’s most stable residential blocks, directly adjacent to major regional employment centers.
Portfolio Potential: Opportunity to acquire alongside 660 Farmington Avenue (18 units) to create a critical mass of 48 units, driving operational efficiencies across two strong submarkets.
Attractive Unit Mix: Consists of 8 studios, 20 one-bedrooms, and 2 two-bedrooms, well-aligned with demand from urban renters and local professionals.
Proven Value-Add: One-bedroom rents average $1,100 in place, with renovated units achieving approximately $1,500 (~35% upside).
Recent Capital Improvements: Material capital invested in unit renovations limits future requirements to capture remaining upside.
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