Investor · Mckinney, TX · Member since 2020 · 25 posts · 15 votes
Considering investing in small multifamily properties in Hartford, CT. Would be a new investor in the market so would like to get some general feedback on particular areas of Hartford that are more desirable vs others. Am looking at a 6 unit, which is between the Barry Square and South End areas, any thoughts on that area? Also, would be looking to connect with and talk to some local property management firms that serve the Hartford area.
My company manages a number of units in Hartford. Those 6 units can be money makers if you buy it right. I wouldn't pay more than 60K a door unless it is turn key. The taxes are high and at that size you don't have a super. Tenant screening in Hartford is very important. You need to have a strategy and can't think you will be getting nurses or people who work in the office buildings down town. PM me if you have a question on a specific property.
In my opinion Hartford is a tough place to do business. That area in particular is a tough neighborhood, near Trinity College & Colt Park. Before COVID, there was some talks about a development near Park Street & Main Street but I’m pretty sure this has been tabled for now.
Investors do it, but It’s very dependent on the street. I would recommend getting a PM that’s bilingual in Spanish for sure.
Feel free to PM me the complex you’re talking about if you want.
My company manages a number of units in Hartford. Those 6 units can be money makers if you buy it right. I wouldn't pay more than 60K a door unless it is turn key. The taxes are high and at that size you don't have a super. Tenant screening in Hartford is very important. You need to have a strategy and can't think you will be getting nurses or people who work in the office buildings down town. PM me if you have a question on a specific property.
I make good money in Hartford with great cash flow. For my 6 unit buildings, as long as 4 of 6 units pays rent, I am cash positive, anything extra is bonus. I brought mine a few years ago, so price was lower. I focus on condo-nized buildings, which have much lower property tax vs any other 6 units, at least 6k-8k less tax per year - which is significant. There type of buildings are rare, but is available at times.
Hi @Francisco Ruiz, I'm not sure if you're still looking in this area, but if you are, feel free to reach out. I am a licensed realtor and the owner of CT Property Management. We cover all of Hartford county with some exceptions (due to crime, mostly). We have a 5 unit property for sale in East Hartford $370K price, $4800/ mo in gross income.
Considering investing in small multifamily properties in Hartford, CT. Would be a new investor in the market so would like to get some general feedback on particular areas of Hartford that are more desirable vs others. Am looking at a 6 unit, which is between the Barry Square and South End areas, any thoughts on that area? Also, would be looking to connect with and talk to some local property management firms that serve the Hartford area.
Thanks!
Hi, Francisco.
I'm looking into the Hartford area right now as well. Any updates on your situation?
I’m from Brooklyn the market here isn’t the best I’m thinking of looking into Hartford Ct area looking for some multi family deals we can do fast closing all cash if necessary
Hi Edward! Would you be able to elaborate on “condo-nized” buildings for me please? Do you mean buying buildings that offer condos or just buying condos individually? Thank you
I am debating buying a 25 unit building in Hartford around the law school/Harriet Beecher Stowe house. I know the downsides of purchasing in CT are the extremely high taxes and the population growth has been -3.5%. The building is currently priced at a 6 cap, 80k a unit. Does anyone know what these type of buildings typically trade at and what are the downsides/upsides of that area?
@Jason Piccolo take this with a grain of salt because i don't invest in commercial real estate or in Hartford. But I can promise you that if I were to invest in Hartford, it would absolutely have to be higher than a 6 cap.
It depends what street in that area, but generally speaking it's an OK area.
@Ryan Allison Thanks for letting me know. I spoke with another broker in the area and he basically said the same thing. I might be moving my search to small multifamily’s in West Hartford. I hear they are much easier to deal with from a management perspective.