23 Hayward Avenue, Colchester, CT 06415

$1,535,000
12
BD
9
BA
6,346
SqFt
List Price
$1,535,000
Status
ACTIVE
Days on Market
497
Price Change
▲ $185,000 1717042183
MLS#
170545645
Subtype
Multi-Family For Sale
Style
Units on different Floors
Year Built
1780
Bedrooms
12
Bathrooms
9
Full Baths
9
Living Area
6,346
Lot Size
12,632
Acres
0.29
Neighborhood
N/A

Property Description

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!

Additional Information

Exterior Features
Porch, Gutters, Lighting
Taxes
$12,456
Property Description
Units on different Floors
Heating
Baseboard
Air Conditioning
Window Unit
Exterior Features
Vinyl Siding
Roof
Asphalt Shingle
Elementary School
Per Board Of Ed
Middle School
Per Board Of Ed
High School
Per Board Of Ed
Number Of Units
9

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Tyler Egner from Sky Realty Group

The data relating to real estate for sale on this website appears in part through the SMARTMLS Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms, and is provided by SMARTMLS through a licensing agreement. Listing information is from various brokers who participate in the SMARTMLS IDX program and not all listings may be visible on the site. The property information being provided on or through the website is for the personal, non-commercial use of consumers and such information may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on the website may no longer be available because they are for instance, under contract, sold or are no longer being offered for sale. Property information displayed is deemed reliable but is not guaranteed. Copyright 2024 SmartMLS, Inc.