rooming house portfolio · the property includes a 2-car detached garage. site 2 is zoned as r4....

ROOMING HOUSE PORTFOLIO217-221 Burnside Avenue26 Sisson Street 18 Brewer StreetEast Hartford, CT 06108

2275 Silas Deane HighwayRocky Hill, CT 06067reesecommercial.com

MARKETING BROCHURE

PROPERTY OVERVIEW

Reese Commercial is pleased to offer this unique opportunity to invest in cash producing real estate.

The portfolio consists of three parcels in East Hartford, Connecticut and is currently permitted and utilized as short term stay rooming house units. Portfolio is centrally located near retail centers and accessible to public transportation.

There is a total of 38 rentable single room units, with bathroom and common area sinks throughout each building. The portfolio also includes a separate structure that is currently leased by a retail tenant. Properties have been operated as short term stay rooming house units for several decades.

SITE 1: 217-221 Burnside Avenue

Site 1 includes two buildings with a total of 16 single room units with shared and private bathrooms. Each floor has a common area with a sink. In addition, Site 1 includes a 760 square foot retail building that is currently leased by a successful family run bakery. Site 1 is zoned as B1 and the parcel has an excellent footprint for future development options.

SITE 2: 26 Sisson Street Site 2 consists of one, 1,464 square foot two story building with 7 single room units with shared bathrooms and common area sink on each floor. The property includes a 2-car detached garage. Site 2 is zoned as R4.

SITE 3: 18 Brewer Street Site 3 consists of one 4,040 square foot three story building with 15 single room units with

shared bathrooms and common area sink on each floor. One of the single room units has a private bath. The property includes a 3-car detached garage. Site 3 is zoned as I1 and borders Pratt & Whitney to the south.

All the single room units are furnished with twin bed, table, chair and dresser. All buildings utilize gas heating units and water heaters. Current owner has on-site, live in maintenance at Site 1 and Site 3. This function can be consolidated to a single, on-site live in maintenance staff person for the portfolio. All short stay rooming units are paid weekly by tenants. Owner has the option of continuing tenant residency or terminating rental based on a 10 week or less rental term (per Town ordinance).

The proforma NOI includes funding for payroll, management fee and a generous capital reserve. This portfolio is an excellent opportunity to experience potential income growth, while maintaining expenses.

• 38 single room short-term stay (maximum 10 weeks)

• 3 separate parcels centrally located

• Projected Pro-Forma NOI ~ $112,000

• Live-in, on-site maintenance man at two sites

• 760 square foot commercial building with retail

tenant

• On-site parking with garages

• 40-year cash business with strong historical demand

• Areas in vicinity of convenience retail

• Located close to public transportation

• All rooms furnished for occupancy

• NOI includes maintenance labor, management fees

and capital reserve

PROPERTY HIGHLIGHTS

ROOMING HOUSE PORTFOLIO217-221 Burnside Avenue | 26 Sisson Street | 18 Brewer Street East Hartford, CT

PROPERTY SPECIFICATIONS

3

3

2

8

1ST FLOOR

2ND FLOOR

EXTENSION

TOTALS

Number of Rooms

Shared Baths

1

1

--

2

Private Baths

--

--

2

2

Rental Rate per Room/Wk

$160

$160

$175

Weekly Income

$480

$480

$350

$1,310

NOTE: Common kitchen area sink on each floor

4

4

8

1ST FLOOR

2ND FLOOR

TOTALS

Number of Rooms

Shared Baths

1

1

2

Private Baths

--

--

--


$160

$160

Weekly Income

$640

$640

$1,280

PP POUNDCAKES

760

$850 NNN

COMMERCIAL BAKERY

SQUARE FOOTAGE

MONTHLY RENT

3

4

7

1ST FLOOR

2ND FLOOR

TOTALS

Number of Rooms

Shared Baths

1

1

2

Private Baths

--

--

--


$160

$160

Weekly Income

$480

$640

$1,120

6

6

3

15

1ST FLOOR

2ND FLOOR

3RD FLOOR

TOTALS

Number of Rooms

Shared Baths

2

1

1

4

Private Baths

--

--

1

1


$160

$160

$165

Weekly Income

$960

$960

$495

$2,415

ANNUAL RENT $10,200

217 BURNSIDE AVENUE

219 BURNSIDE AVENUE

221 BURNSIDE AVENUE

26 SISSON STREET

18 BREWER STREET

NOTE: Common kitchen area sink on each floor; currently, one room is given to property super at no charge

NOTE: Common area sink on each floor

NOTE: Common area sink on each floor; currently, one room is given to property super at no charge; one third-floor unit used as office

SITE 2

SITE 3

SITE 1


INCOME & EXPENSE PRO-FORMA

38 ROOMS 1 COMMERCIAL BUILDING

OFFERING PRICE

INCOME

217-221 BURNSIDE AVENUE

26 SISSON STREET

18 BREWER STREET

(LESS NON-REVENUE UNITS)

TOTAL INCOME

$144,880

$58,240

$125,580

($47,775)

$280,925

PER UNIT$8,522

$8,320

$8,372

($1,225)

$7,203

EXPENSES

ELECTRIC

GAS

WATER

TRASH

PAYROLL

LICENSE/PERMITS

INSURANCE

TAXES

SNOW

REPAIRS

MISC

MANAGEMENT FEE

CAPITAL RESERVE

TOTAL EXPENSES

PER UNIT$338

$274

$195

$77

$487

$46

$256

$807

$77

$179

$256

$360

$974

$4,328

NET OPERATING INCOME $2,875

$13,200

$10,700

$7,600

$3,000

$19,000

$1,778

$10,000

$31,463

$3,000

$7,000

$10,000

$14,046

$38,000

$168,787

$112,138

NET OPERATING INCOMETOTAL UNITS

$999,000 $112,000PROJECTED 2019 PROFORMA

ROOMING HOUSE PORTFOLIO · EAST HARTFORD, CT

VACANCY LOSS

VACANCY RATE

($47,775)

15%


LOCATION MAP

STATE OF CONNECTICUT HARTFORD COUNTY

SITE 1

SITE 2

SITE 3


GRANBY

SUFFIELD ENFIELD

EASTGRANBY

WINDSORLOCKS

EASTWINDSOR

WINDSOR

CANTON

SIMSBURY

BLOOMFIELD SOUTHWINDSOR

AVON

MANCHESTER

HARTFORDWEST

HARTFORD EASTHARTFORD

FARMINGTON

GLASTONBURY

MARLBOROUGH

ROCKYHILL

HARTLAND

BURLINGTON

BRISTOLNEW

BRITAINPLAINVILLE

SOUTHINGTON BERLIN

NEWINGTON

WETHERSFIELD

2275 Silas Deane HighwayRocky Hill, CT 06067reesecommercial.com

BOB KLIMAN

Investment Sales860.721.9000 ext. [email protected]

DALE REESE

Managing Broker860.721.9000 ext. [email protected]

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.

© 2019 Reese Commercial Real Estate

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rooming house portfolio · the property includes a 2-car detached garage. site 2 is zoned as r4....

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