Investors take notice of this value-add multifamily investment opportunity!
149 Monument Street in Groton, CT consists of:
(1) studio, (2) 1 bedroom, (1) 2 bedroom, and (1) 1 bedroom cottage in 3,327 square feet of living area. All utilities are separate and tenant paid, with electric water heaters and oil boilers for every unit except the studio which has electric baseboard heat. Recent capital improvements include a new roof and repointed brick chimney in 2016, and extensive tree removal in 2019.
Currently offered at a 9.86% Cap Rate, new owners can add value by updating units. A 10.7% proforma cap rate can easily be achieved by increasing rents to market value.
The main house was built in 1854 and retains its original Greek revival architecture and charm. The property is located on a quieter street in the heart of a high demand rental market and offers convenient access to some of Groton’s major employers, such as the Naval Sub Base, Electric Boat, General Dynamics and Pfizer.