53 WASHINGTON ST MERIDEN CT 06451
5-Unit Multifamily | 8.7% Cap Rate | Value-Add Opportunity
Marketing description
We are pleased to present a new multifamily opportunity at 53 Washington Street, Meriden, CT offered at an asking price of $650,000.
The property consists of a 5-unit residential building featuring (3) Two Bedroom / One Bathroom Units and (2) One Bedroom / One Bathroom Units with separate utilities and gas heat. The property is in good overall condition with value-add potential through rent growth. Going-In Cap Rate: 8.48%.
Current Rent Roll:
Unit 1 – 2BR | $1,550/mo
Unit 2 – 2BR | $1,150/mo
Unit 3 – 2BR | $1,550/mo
Unit 4 – 1BR | $1,300/mo
Unit 5 – 1BR | $1,400/mo
The current rent roll presents immediate upside potential with Unit 2 currently below market while the remainder of the property is performing well. Please reach out with any questions or to schedule a tour.
Investment highlights
(3) Two Bedroom / One Bathroom Units
(2) One Bedroom / One Bathroom Units
Separate Utilities
Gas Heat
Good overall condition with value-add potential through rent growth
Going-In Cap Rate: 8.48%
Unit 2 currently below market – immediate upside potential
Listing Contacts
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