BETHEL – Horvath & Tremblay has listed the residential properties at 1 and 5 Elizabeth St. for $1.95 million.
The 9,287-square-foot multi-story buildings contain nine total units comprised of six, 1-bedroom/1-bathroom apartments, one, 1-bedroom loft/1-bathroom, one, 3-bedroom/1-bathroom apartment and one, 2-bedroom/1-bathroom unit. The properties are situated upon 0.29-acre parcels and offer ample parking with a surface lot between the two properties.
According to a property memo on the listed properties from Horvath & Tremblay, they have a 6.30% cap rate, net operating income of $122,906, and each unit goes for $216,667.
The current rents for 1 Elizabeth St. range from $1,600 for the studio to $1,900 for a 1-bedroom/1-bathroom. As for 5 Elizabeth St., the rents are $1,740 for a Section 8 unit to $2,250 for 2-bedroom/1-bathroom.
The properties are located near downtown and Greenwood Avenue, Bethel’s primary commercial corridor.
The properties were last appraised by the Town of Bethel for a total of $1.22 million. That includes $766,700 for 1 Elizabeth St. and $452,000 for 5 Elizabeth St.
The listing offers the ability for an investor to acquire well maintained multi-family units in an area with low multi-family inventory and high investor demand, according to Horvath & Tremblay.
