Anyone know anything about Bristol?

Question

Hey folks - i'm considering a multifamily property in Bristol, Connecticut , but I know nothing of the area. Someone mentioned it was a "Dying Town" - so I should stay away. Can anyone confirm or deny that? Anyone investing there? I know it's close to Hartford but that's about it. Thoughts?

Stephanie Romano · Answer

Hey Brandon, I'm actually brokering a multi-family deal in Bristol right now. The area still rents well if that is your concern. It is definitely a town that needs good property management in place to make sure you are getting the best tenants in to begin with.Happy to talk more in DM if you have additional questions! Good luck in Bristol!Stephanie

James McCard · Answer

@Brandon Turner Bristol is not a bad area at all - depending on the neighborhood. I grew up one town over and still visit the area frequently as my parents live about 5 minutes from the town line. If you are going to make a trip out I would be happy to give you the lay of the land from my perspective and can even offer some Greer's Chicken - some of the hands down best chicken I have ever eaten. My 2 cent tour could include some good neighborhoods and ones to avoid. I remember growing up Davis Drive was a big no no - I think it was mostly a high school locker room type talk as I have driven through and it is not that bad. PM, call or text me I'm around.

William Collins · Answer

@Brandon Turner I own a brewery and several properties in the town. The area is good, but as always some streets are to be avoided. The one thing is out here make sure you look at property taxes. My wife is from the Pacific Northwest (and we have driven through your town), and I know your tax values are not in line with the Northeast.

Alex Dem · Answer

@Brandon Turner of all the places you chose Bristol :). I live in a town next door, New Britain. Here is the link with town profile for 2017 for Bristol with info on unemployment and poverty rate, ethnic breakdown, criminal data, budget proficit / deficit, etc. https://s3-us-west-2.amazonaws.com/cerc-pdfs/2017/...However neighborhoods differ drastically. P.S. It is not exactly rurrraal area though xD@Stephanie Romano a 15plex we are talking about with studio/1bed unit mix?

Rick Santasiere · Answer

@Brandon Turner, if you don't have boots on the ground yet, @Filipe Pereira is a great resource. As both Filipe and Mike stated, there are some areas you should not purchase in. Bristol is located in an area that has access to a lot of jobs in this part of the state. Some could argue that CT is not exactly exploding with job growth (this is correct), but there are some major players here for sure.. ESPN is a big one right in town (one of our tenants works there), and as already discussed, it borders some nice Class A top notch towns with great amenities. I love Bristol for cash flow, and have for quite some time.

Michael Doherty · Answer

@Filipe Pereira thank you for the shout out. @Brandon Turner Bristol is just like any other town, there are good and bad areas. One street would be okay to invest in but the other not so much, so you definitely want to have boots on the ground like others have mentioned. If you are looking in Central Ct I would also consider New Britain and Middletown. It's my thought that both these towns will appreciate faster than Bristol but still provide a similar return from a cash flow standpoint. 1. New Britain just approved the largest Fuel Cell Plant in the Country. It is currently being developed and poised to bring thousands of jobs. You can read more about it here. 2. Middletown is nice little city that I have seen emerge since buying property. Small local Micro Breweries, luxury apartment buildings, restaurants and shops are a few to name that I have have surface in recent years. You can still buy Multi-Family buildings with similar returns as Bristol and New Britain. All these cities have their fair share of war zones so feel free to reach out for street by street specifics.

Filipe Pereira · Answer

Hi Nicole, I manage property in Bristol and have represented buyers out that way as well. The following information is based on my experience only. Above all else always do your own due diligence. That being said, here's what I've seen as the less desirable areas:-Between Jerome ave and Stafford ave (north of route 6) -South east Bristol between Lake ave and Birch St south of Pine St -N. Main St / School St / Rt 72. interchange @Michael Noto is also highly educated in this area of CT so hopefully he can chime in. I think @Michael Doherty is pretty familiar with it as well.

Nicole Daskalakis · Answer

So, which neighborhoods are the ones to be cautious about?

Ryan Plesz · Answer

Hi Brandon,I'm not sure about Bristol, but I recently started a forum on if I should invest in a State with a budget crisis. I would love to hear your thoughts on investing in a state with budget issues as it looks like you are interested in CT? I know everyone says if you buy right, manage right and diversify it will increase your chances should more employers & residents leave CT and they raise taxes and not fix the long term issues. More info on the budget problem. https://ctmirror.org/2017/09/21/gop-dems-both-lack-solution-to-cts-cycle-of-budget-deficits/ThanksRyan Plesz

Michael Noto · Answer

@Brandon Turner Most areas in Bristol are good for investing. There are a couple areas to stay away from. Shoot me a PM with where the property is you are considering and I will let you know exactly what you can expect in terms of tenant class, rents, etc..Bristol has properties that range from solid B class neighborhoods to low C class neighborhoods.