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Value-add Multifamily Opportunity

Formal Tours: Tours are currently being scheduled for October 23rd & 30th

Please contact the CBRE team to schedule your tour

RealINSIGHT Marketplace and CBRE are pleased to present the opportunity to aquire the South Marshall Apartments, a 48-unit, multifamily property strategically located in Hartford’s west end. Currently under a Housing Assistance Payment (HAP) contract and ~85% occupied, the unit mix is split evenly between highly desired two and three bedrooms, in a neighborhood dominated by studio, single and two bedroom units.

South Marshall Apartments is 0.15 miles to Farmington Avenue, the main retail corridor to the Central Business District of Hartford, providing immediate access to public transportation, grocery stores, restaurants and banking options. The Property also benefi ts from immediate access to the new CT Fastrak Bus Station, which is expected to spur additional transit oriented development. South Marshall Apartments offers an investor the opportunity to acquire a value-add multifamily property with minimal turnover costs between tenancies and strong historical occupancy.

Investment Highlights

  • Newly renewed Housing Assistance Payment contract (47 of 48 units)
  • Minimal Turnover Costs
  • Strong Historical Occupancy
  • Recent Capital Investment


Upon Transfer of the Property, HUD Approval will be required to continue the HAP Contract.  Contact listing broker for details.

 

 

Interested buyers should be aware that Seller may have acquired the Property by foreclosure or deed in lieu of foreclosure, and that Seller is selling the Property in "AS IS" CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE, EXCEPT WARRANTY OF TITLE. Prior to and/or after contracting to purchase, as appropriate, buyer will be given a reasonable opportunity to inspect and investigate the Property and all improvements thereon, either independently or through agents of buyer's choosing. Buyer shall not be entitled to, and should not, rely on Seller or its agents as to (i) the quality, nature, adequacy and physical condition of the Property including, but not limited to, the structural elements, foundation, roof, appurtenances, access, landscaping, parking facilities and the electrical, HVAC, plumbing, sewage, and utility systems, facilities and appliances, (ii) the quality, nature adequacy and physical condition of soils and geology and the existence of ground water, (iii) the existence, quality, nature adequacy and physical condition of utilities serving the Property, (iv) the development potential of the Property, its habitability, merchantability, or fitness, suitability or adequacy of the Property for any particular purpose, (v) the zoning or the legal status of the Property, (vi) the Property's or its operations' compliance with applicable codes, laws, regulations, statutes, ordinances, covenants, conditions and restrictions of any governmental, quasi-governmental entity or any other person or entity, (vii) the quality of any labor and materials, (viii) the compliance of the Property with any environmental protection, pollution or land use laws, rules, regulations, orders or requirements including but not limited to those pertaining to the handling, generating, storing or disposing of any hazardous materials, and (ix) except as expressly provided otherwise in an executed contract of sale, the condition of title and the nature, status and extent of any right-of-way, lease, right of redemption,
possession, lien, encumbrance, license, reservation, covenant, condition, restriction and any other matter
affecting the title. Although Seller’s predecessors may have performed work, or contracted for work
performed by third parties in connection with the Property, the agents shall not be responsible to buyer or
any successor on account of any errors or omissions or construction defects of such predecessors and/or
third parties.

Seller reserves the right to withdraw any Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer. Any offer to buy must be: (i) presented in the form of a non-binding letter of intent, (ii) incorporated in a formal written contract of purchase and sale to be prepared by or on behalf of Seller and executed by both parties, and (iii) approved by any applicable federal agencies regulating Seller, Seller and such other parties who may have an interest in the Property. Neither the prospective buyer nor Seller shall be bound until execution of the contract of purchase and sale, which contract shall supersede prior discussions and constitute the sole agreement of the parties. Prospective buyers shall be responsible for their costs and expenses of investigating the Property.

The information provided and to be provided with respect to Property being marketed was obtained from a variety of sources and SELLER HAS NOT MADE ANY INDEPENDENT INVESTIGATION OR VERIFICATION OF THE INFORMATION PRESENTED OR TO BE PRESENTED WITH RESPECT TO THE PROPERTY. SELLER, AND ITS AGENTS MAKE NO REPRESENTATIONS OR WARRANTIES AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION.

South Marshall Apartments

198-222 South Marshall St, Hartford, CT 06016

Sold Subject To
  • Asset Type
  • Real Estate
  • Land Area
  • 0.79 Acres
  • Year Built
  • 1920
  • Number of Floors
  • 3
  • Number of Buildings
  • 4
  • Occupancy
  • 85.42%
  • Occupancy as of
  • Sep 19, 2019
  • Multifamily Type
  • Garden
  • Number of Units
  • 48 Units
  • Property Size
  • 41,400 Sq Ft
  • Platform Fee

    Platform fee for this transaction is 5.00% or a minimum of $25,000.

  • Cooperating Broker Fee Available!

    Cooperating brokers may be eligible for a 1.00% co-op fee if their client is the winning bidder. If you are a broker, click here to login and identify your client.

  • Auctioneer

    1. Michael A. Fine

      c/o Fisher Auction Company Inc.

      License: 0755028