Chozick Realty Sells 21-Unit Prospect Apartments In West Hartford For $1.9 Million

Prospect Apartments is a 21-unit multifamily property located at 44-46 Prospect Avenue in Hartford, CT. The property was sold for $1,900,000, equating to a price per unit of $90,476. It features a stable occupancy rate and presents value-add potential for new investors, with an in-place cap rate of 7.73% and potential to increase to 9.07% after renovations and rent increases.

Summary of transation details:

• Property Type: MultiFamily
• Transaction Amount: $1,900,000
• Units: 21
• Price Per Unit: $90,476
• Broker: Rick Chozick - Chozick Realty

Rick Chozick represented the seller in this transaction, enabling the sale of a well-maintained multifamily asset in a market characterized by strong investor interest. The successful negotiation reflects the appeal of properties with stable occupancy and potential for value enhancement in the region.