23 Hayward Avenue Colchester, CT 06415
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!
- Property TypeMulti-Family
- NeighborhoodN/A
- CountyNew London
- Taxes$12,456
- HOA/Condo/Coop Fees$0
- Days on Site401 Days
- MLS StatusActive
- MLS ID Number170545645
- Home Size Source N/A
- Year Built1780
- Lot Size0.29 Acres
- Full Baths9
- Partial BathsN/A
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General Features
- Style Units on different Floors
- Construction Vinyl Siding
- Parking NoneOn Street ParkingOff Street ParkingDriveway
- Parking Spaces 10
- Sewer Public Sewer
- Basement FullUnfinished
- Acreage 0.29
- Water Public
- Property Sub Type Multi Family
- Garage Spaces 0
- Foundation Concrete PerimeterStone
- Zoning R-30
Interior Features
- Cooling Window Unit
- Heating ElectricBaseboard
- Laundry Features Coin Op LaundryMain Level Off Rear Entrance
Exterior Features
- Roof Asphalt
- Spa No
- Waterfront Property No
- Waterfront Features Not Applicable
- Exterior PorchGuttersLighting
- Lot Lightly WoodedLevel Lot
- Patio And Porch Porch
Community Features
- Community Features ParkPublic TransportationWalk to Bus Lines