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17-23 HANCOX ST

 Stonington, CT

$1,975,000

Price:

$1,975,000

Sale Type: 

Investment

Cap Rate:

5.03%

No. Units:

15

Property Type:

Mutifamily

Property Sub-Type:

Apartments

Apartment Style:

Garden

Building Class:

C 

Lot Size:

0.37 AC

Building Size:

9,344 SF.

Average Occupancy:

100%

Parking Ratio:

1.6/1,000 SF

15-unit waterfront apartment building located within the Stonington Borough. Walking distance to local restaurants, shops and activities. Location providing strong demand from large supply of local renters. Private dock on site providing direct water access for current tenants as well as additional revenue. 
Investment property with current full occupancy. Annual net operating income in excess of $99k. Debt service coverage ratios of 1.25 providing opportunities for leveraged as well as cash investors. Inquire with listing agent for comprehensive marketing packet.

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