Rarely available 9 unit multifamily on Colchester town green! Currently offered at a solid 8.0% Cap Rate with tremendous upside! The main building, dating back to 1780 and known as the Joseph Isham House, exudes charm and character that is attractive to prospective tenants. This property offers a lucrative investment opportunity with well-qualified tenants and minimal vacancies, reflecting the high demand for rental properties in the thriving Colchester market. Each unit has been thoroughly renovated by current ownership while preserving some of the historical aesthetics, such as hardwood flooring and the original cupola overlooking the town. Capital improvements over the past decade include: electrical, plumbing, insulation, roof, main sewer line to street, energy efficient double pane windows, vinyl and tile flooring, drywall, fire rated steel doors, wired fire alarm system, separately metered electric panels, landscaping and tree work. The unit mix includes (1) efficiency, (5) 1-beds, (2) 2-beds, and (1) large 2-bed penthouse, each with separate and tenant paid electric water heaters and baseboard heat. Capitalize on high demand as rents continue to soar, with a rent roll that has already seen a remarkable 15% increase from 2022. Don't miss out on this one-of-a-kind opportunity and a chance to outperform most multifamily investments!
Colchester is located in Connecticut. Colchester, Connecticut has a population of 16,015. Colchester is more family-centric than the surrounding county with 35.2% of the households containing married families with children. The county average for households married with children is 28.12%.
The median household income in Colchester, Connecticut is $101,031. The median household income for the surrounding county is $69,411 compared to the national median of $57,652. The median age of people living in Colchester is 40.9 years.
The average high temperature in July is 83.3 degrees, with an average low temperature in January of 18.6 degrees. The average rainfall is approximately 49.4 inches per year, with 28 inches of snow per year.
