West Street Apartments

Nestled in Hartford County, Bristol is a distinct mix of commercial and rural influences. Packed with rolling green hills and dense forestation, the city blends the elements of an urban landscape with the welcome characteristics of nature. Bristol also houses the central studios of ESPN and America's oldest functioning theme park at Lake Compounce. Bristol lies 18 miles southwest of the center of Downtown Hartford, making this a prime locale for families and renters looking for more space outside the city. Low and mid-rise apartments make up the bulk of the market here, and US Highway 6 and Interstate 84 make it easy to explore the surrounding Connecticut landscape.Northeast Private Client Group is pleased to exclusively present the opportunity to acquire West Street Apartments, a 7-unit multifamily property located at 444-454 West Street in Bristol, Connecticut. This value-add investment is priced at $825,000, offering immediate income with upside potential through rent growth and operational enhancements. Built in 1913 and comprising 6,940 square feet across two buildings, the property features a mix of spacious units with a classic New England architectural aesthetic. The offering presents an in-place cap rate of 9.58% with a pro forma cap rate of 11.77%, underpinned by average current rents of $1,384, which remain below the market average of $1,471, signaling a clear path to increased cash flow through modest rent adjustments. Situated on 0.3 acres in a desirable residential corridor of Bristol, the property benefits from strong tenant demand, proximity to major employers, and convenient access to nearby retail, schools, and public transportation. All units are individually metered for electricity, and tenants are responsible for electricity, cooking, and portions of heat and hot water, minimizing ownership expenses. West Street Apartments offers investors a stable, well-maintained asset with both income security and value appreciation potential in the growing Central Connecticut market.