How is the Multi-Family & Apartment Investment Market in Groton/New London CT. Area?

[Devon Nugent]

Hello All - I am a single family buy&hold investor in the Northern Virginia / DC Metro area. I am looking at re-locating to Groton CT for work. I have been looking to move onto the multi-family market in my current area without much luck, so this move might benefit my real estate investing.

But, before I go to far down that road I wanted to get a sense of the Groton/New London market from whose how invest there.

Thanks.

[Kevin Scanlon]

@Devon Nugent Welcome to BP! I have a couple of duplexes on the Town of Groton side of Mystic that are working out so far. If you're somewhat handy, you should be able to find affordable "fixer upper" multifamily properties throughout Groton and New London and make the numbers work. 

There is a decent rental market in the City of Groton around the Pfizer campus and Electric Boat. Electric boat also expanded across the river to New London and employs a large number of young engineers and draftsmen who, I'd imagine would make for great tenants.

Avoid the duplexes in the Poquonnock Bridge district of Groton. They look appealing because they are cheap but they were all originally built in the 60's (I think?) as temporary military housing. Never meant to be permanent, quality housing. Over the years a large property management company has slapped lipstick on them (vinyl siding, newer windows, newer roofs) but at the end of the day they are structurally deficient and poorly constructed.

I suggest reaching out to Matt O'Grady here on BP for more info on multi families in New London.

Best of luck!