Regions Commercial was the sole broker of the sale of 241 Laurel Street that sold for $1.2 million in January, 2017. This equates to a per unit price of $66,666, further demonstrating the strength and demand of multifamily assets in the Hartford market, and Regions proven expertise consummating deals, matching Sellers with Buyers. 241 Laurel Street is an 18-unit building, built in 1950 with approximately 10,000 SF, and benefits from lower taxes than typical multifamily housing in Hartford due to its condominium status. The property was substantially renovated and has undergone updating since 2008 that has led to very low vacancy during the 8 years of ownership. Building improvements include:
- 2 High Efficiency Boilers
- Lockout Owner Thermostat
- 18 Heating Zones
- Tenant Paid Electric and Cooking Gas
- Brick Exterior
- 16 Camera Security System (16 cameras)
- Hardwired Smoke/Fire System
- Updated Electric to Circuit Breakers in 2015 with 100 amps per unit
- Electrical Coin Operated Laundry (Owned, not Leased)
- Off Street Parking for 14+ Cars
- CRT Energy Efficient Program with Refrigerators replaced w/Energy Star units
- Weatherization Improvements
- Efficient lighting upgrades (CFL lighting or LED + lights on timers)
Regions Commercial is seeking additional properties to satisfy 1031 exchange requirements for numerous buyers in the $1-10 million price range. If you know of someone that has a property that may fit this requirement, please contact us at info@regionscommercial.com or call us at 860.854.6500.