Norton Pointe Apartments

New Haven County is situated in the southern part of Connecticut, it has a population of around 862,150 people, making it the third-most populous county in Connecticut. Boasting excellent educational institutions, top-rated public schools, and high-quality healthcare facilities make it an attractive place to live and work. The county's economy is diverse and includes several industries, with healthcare, education, technology, and finance being the largest. Yale University and Yale New Haven Health are the county's largest employers, with the University of New Haven, Sikorsky Aircraft Corporation, and the United Illuminating Company also being significant employers. Home to several renowned universities and colleges, including Yale University, Quinnipiac University, and the University of New Haven. These institutions bring in thousands of students and faculty each year and contribute significantly to the local economy. Yale New Haven Hospital the largest hospital in the county, employing thousands of healthcare professionals and providing high-quality medical care to the local community. Other notable healthcare facilities include Bridgeport Hospital and St. Vincent's Medical Center. New Haven County also has a growing technology industry, with several tech startups and established companies in the area. The region is home to the Connecticut Technology Council, a trade association that represents the state's technology sector. Several notable technology companies call the county home, including Alexion Pharmaceuticals, a biopharmaceutical company, and Higher One, a fintech company.Northeast Private Client Group is pleased to exclusively present for sale Norton Pointe Apartments, a 41-Unit Multifamily Property located at 66 Norton Street in the Edgewood neighborhood of New Haven, CT. Norton Pointe Apartments is comprised of twelve (12) one-bedroom apartments, nine (9) two-bedroom apartments, and twenty (20) three-bedroom apartments. Renter amenities include in-unit laundry, dishwasher in-unit, elevator, mail room, and luxury finishes. The property underwent a full gut-rehab including mechanicals, electric, plumbing, and unit finishes in 2021. On the exterior, the rear decking and fire escape were completely rebuilt, the driveway was paved, and the roof was replaced. Norton Pointe Apartments is within walking distance of Yale New Haven Hospital St Raphael Campus which is currently adding an $838 million neuroscience center, including two new patient facilities totaling 505,000 square feet. Additionally, The Yale Bowl, Westville Music Bowl, The Yale Bookstore and the heart of Yale Campus, and New Haven's burgeoning downtown including myriad dining, entertainment, and cultural attractions are all minutes away. The property is 2.5 miles from the New Haven Metro North train station and 2 miles from the Route 95 & 91 connector, adding to its appeal for tenants who commute. Norton Pointe Apartments presents a new owner with a turn-key, light value-add opportunity in New Haven, one of Connecticut's most dynamic markets. A new owner will have the opportunity to focus on bringing the in-place rents to market without near-term cap-ex risk. In-place average rents are currently 5% below achieved rents within the property. An analysis of direct rental competitors indicates a further premium to market rents over what has been achieved throughout the building.