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$522,500

For Sale - Active
351 Chestnut St, New Britain, CT 06051
9 Beds
3 Baths
4,944 Square Feet
0.00 Acres Lot
Built in 1900
For Sale - Active
3 Units
Checked: 10 hours ago
Updated: Jun 12, 2025 at 03:08AM

Investment Summary


Monthly Cash Flow
-$2,251
Cap Rate
0.5%
Cash-on-Cash Return
-22.5%
Debt Coverage Ratio
0.09
Internal Rate of Return (5 years)
-17.7%

Property Description


0.00 Acres Lot
Built in 1900
For Sale - Active
3 Units

Welcome to 351 Chestnut Street, a stunning Victorian Era 3-family home brimming with charm and character. This stately property is an ideal opportunity for both investors and owner-occupants enjoying the benefits of rental income. The Queen Anne turret-style porches create distinctive curb appeal. Inside, each 1,700 sq ft unit features 3 spacious bedrooms/1 bathroom, an oversized dining room, kitchen, and a private porch-providing ample space. The 2nd floor unit has been updated, but maintaining its Victorian charm with its original stained woodwork, built-in China cabinets, and more. The 1st-floor unit is currently rented for $1,550/month, the 3rd-floor unit has a long-term tenant paying $1,400/month, providing consistent rental income with room for increases. The 2nd-floor unit is perfect for owner occupancy or a new market-value tenant. Additional features include natural gas heating and cooking, a private driveway, and a detached 1-car garage with owner access only. Conveniently located near CCSU, Route 9, New Britain's popular Eastside restaurant, and public transportation. **No private showings until after 3/15 OH 12pm-2pm

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Location


Property Details


Parking

  • Description: Garage
  • Details: Private, Paved, Driveway
  • Garage Spaces: 1
  • Spaces Total: 5

Bedroom Information

  • # of Bedrooms: 9

Bathroom Information

  • # of Baths (Full): 3
  • # of Baths (Total): 3.0

Interior Features

  • # of Rooms: 18
  • # of Stories: 3
  • Attic: Yes
  • Basement: Yes
  • Basement Description: Full, Walk-Out Access

Exterior Features

  • Exterior Walls Materials: Siding (Alum/Vinyl)
  • Foundation: Stone, Concrete Perimeter
  • Roof Type: Gable
  • Roof Material: Asphalt

Land Information

  • Land Use: Residential Income
  • Land Use Subtype: Triplex

Lot Information

  • Parcel ID: NBRIM:B8CB:46
  • Lot Size: 0 sqft

Property Information

  • Property Type: Triplex
  • Style: Units on different Floors
  • Year Built: 1900

Tax Information

  • Annual Tax: $10,578

Utilities

  • Water & Sewer: Public
  • Cooling: None

Location

  • County: Hartford

Listing Details


Listed by:
Lisa Cozzi
Century 21 AllPoints Realty

Source:
SmartMLS
MLS#: 24080404
SmartMLS

Investment Summary


Monthly Cash Flow
-$2,251
Cap Rate
0.5%
Cash-on-Cash Return
-22.5%
Debt Coverage Ratio
0.09
Internal Rate of Return (5 years)
-17.7%

Purchase Details

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Purchase price:
$522,500
Amount financed:
-$418,000
Down payment:
$104,500
Closing costs:
$15,675
Rehab costs:
$0
Initial cash invested:
$120,175
Square feet:
4,944
Cost per square foot:
$106
Monthly rent per square foot:
$0.32

Financing Details

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Loan amount:
$418,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$2,473
Property tax:
$882
Insurance:
$112
Private mortgage insurance (PMI):
$0
Monthly payment:
$3,467

Operating Income

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% Rent Monthly Yearly
Gross rent:
$1,600 $19,200
Vacancy loss: (6%)
6% -$96 -$1,152
Operating income:
$1,504 $18,048

Operating Expenses


% Rent Monthly Yearly
Property taxes: (55%)
55%-$882-$10,578
Insurance: (7%)
7%-$112-$1,344
Property management: (8%)
8%-$128-$1,536
Repairs & maintenance: (5%)
5%-$80-$960
Capital expenditures: (5%)
5%-$80-$960
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (80%)
80%-$1,282-$15,378

Cash Flow


Monthly Yearly
Net operating income:
$222 $2,664
Mortgage payments:
-$2,473 -$29,676
Cash flow:
$2,251 $27,012