151 Fitch Street,

New Haven, CT 06510

Sale Price:

$1,870,000

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price

$1,870,000

square feet

14,440

cap rate

8.9%

occupancy

97%

suites

24

buildings

6

noi

$167,044

built

1900 / 1988

description:

Student Housing / Young Professional Suites
Excellent Cash Flow - Located 1/3 of Mile (5 Min Walk) to SCSU (Southern CT State University).
6 Houses/Townhouses Rented as 24 Private Suites – Mix of Studios, 1 Bed, and 2 Bed Suites all with Private Baths and some Kitchenettes.  Suites have a Central Shared Kitchen and Living Room. All Furnished Living Rooms and Optional Furnished Bedrooms.
All Units Updated with new Kitchens, Baths, Wood/Laminate Flooring, and Freshly Painted. All new Heating Systems in 4 of the 6 Buildings. 
Unit Amenities in 4 of 6 Buildings Include Small Gym, Rec Area with Pool Table, Study/Conference Room, Movie Theater Room, Laundry Room and Storage Space.
Total Livable Area is 14,440 SF with Gross Area Totaling 19,884 SF to Include Basement Amenities.
Tenant Mix Consists of Approximately 47% Students, 28% Young Professionals, 14% Amazon Employees and 11% Local Work Force.
Now that Construction & Renovations have been Completed, there is Strong Potential for 100% Student Housing Occupancy in the Fall of 2020.
Actual CAP Rate of 8.9% with an ROI of 16.8%.
Financial Analysis with Rent Roll will be Released Upon Receipt of Signed Confidentiality Agreement.

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