Investor · Boulder, CO · Member since 2016 · 46 posts · 7 votes
I am curious if anyone on here has bought any 10+ unit multifamily property in Connecticut within the last few years. I am interested to know how it is progressing- good or bad. I’m in the NYC area and I’m relatively close to the market. Thanks!!
Specialist · Plainville, CT · Member since 2015 · 478 posts · 389 votes
8y
Hi @Brian Keeler- I live in CT. Let me know if you want to meet up. I don't own in CT, but I would be more than happy to tell you what I know about the market here.
Property Manager · CT · Member since 2014 · 687 posts · 329 votes
8y
@Brian Keeler we have acquired more than 10 units in the last few years in Bridgeport. Not a 10+ unit property, but multiple 4 - 6 unit multi families.
It's been going well so far. We have up months and down months, but overall we are continuing to invest in the area.
I am curious if anyone on here has bought any 10+ unit multifamily property in Connecticut within the last few years. I am interested to know how it is progressing- good or bad. I’m in the NYC area and I’m relatively close to the market. Thanks!!
I have a buyer or two looking in that space, but haven't come across anything that fits the bill. We closed on a 5 unit in East Hartford a couple of months ago. 320 PP, $4600 gross rents with about a $400/ mo rent increase potential.
The numbers still work in a few of the Hartford suburbs. 1.2-1.5% PP to Gross rents is not uncommon on the MLS. If you want a realtor or property manager's perspective, feel free to give me a shout!