155-157 Beacon St, Hartford’s West End

155-157 Beacon St, Hartford's West End

155-157 Beacon Street is a West End brick multi-family looking for its next owner.

The floor plans of the first and second floors are similar, currently set up as 2 bedroom apartments with large living rooms, formal dining rooms, and a kitchen with pantry and laundry hook-ups. The bedrooms are both oversized, with a full bathroom between them, and the front-to-back center hall separating them from the living space. The units have hardwood floors throughout.

The top level is a four room apartment with one bedroom. It has full entrances at both the front and the rear, and private storage area at the top of the front stairs.

The building has four electrical meters, three gas services, three boilers, and three hot water heaters, so the tenants pay their own utilities. Most of the windows have been replaced. There is off-street parking at the rear of the lot.

This is a perfect property for an owner-occupant who wants to take over the available top level apartment, or an investor looking for positive cash flow. Rents for the first and second floor units are both $1,200, with the top floor previously renting for an additional $850.

Don’t miss a rare opportunity to own an income property in the West End!

155-157 Beacon Street is offered at $350,000. If you’d like to see this home, please have your agent arrange a showing or call Amy at 860-655-2125 to schedule a visit. More details are available.

105 Girard Avenue, Hartford’s West End

105 Girard Ave - Hartford's West End

105 Girard has everything you would expect in a classic West End Victorian.

Set up from the street, a deep front porch is the perfect gathering place. Step through the entry vestibule into an open foyer, featuring a pretty turned staircase. High ceilings, hardwood floors, and French doors throughout frame the space.

The main level provides a formal living room with wood burning fireplace and a formal dining room with bay window. An office space is just off the dining room, separated by French doors. A den, located off the foyer, is an ideal informal TV room or play space.

The updated kitchen has ample storage and work areas. There are granite counters, an eat-in breakfast bar, and a useful pantry. The first floor is completed with a powder room and mudroom.

Upstairs, retire to a fantastic master bedroom suite featuring a generously sized bedroom, separate dressing room with plenty of closet space, and an attached master bathroom. The second floor has two additional large bedrooms which share a Jack & Jill bathroom.

The third floor offers another beautiful, huge space which can be used as a bedroom or family room. Two more bedrooms and a full bathroom complete the third floor.

Outside, the backyard is a peaceful retreat. There is a bluestone patio, formal flower beds, and greenspace.

The home has replacement windows, a newer roof, and a newer gas hot water heater.

Steps from UConn Law and Elizabeth Park, this is an ideal home for those who appreciate character and space.

105 Girard Avenue is offered at $350,000. If you’d like to see this home, please have your agent arrange a showing or call Amy at 860-655-2125 to schedule a visit. More details are available.

81 Fern Street, Hartford’s West End

81 Fern Street, Hartford

Don’t miss 81 Fern, a stylish Victorian that has been updated to impress!

The home receives high marks for character, with an oversized front porch, double entry, natural woodwork, fireplaces, and turned stairs. The foyer, living room, and dining room are all open to each other, providing a comfortable environment to relax and a wonderful space to entertain.

However, it’s the thoughtful updates that will make you fall in love.

The kitchen features stone counters and stainless appliances as it wraps through the butler’s pantry to the dining room. Thoughtful features include a wine fridge, ample cabinetry, and a high-end gas range. The master bedroom has a fireplace, private balcony, walk-in closet, and an en-suite bath with double sinks and a luxury shower with rain head. A suite like this is rarely available in Victorian homes.

You’ll love coming home to this charming space with large rooms and a great feel.

Also included is a sunroom that overlooks the level back yard. There are two additional bedrooms, an office, and a hall bath on the second level. The top level is currently set up as an au pair suite with two large rooms, a full bath, and a kitchenette.

The home’s convenient location in the West End is close to parks, schools, coffee shops, and restaurants. Downtown Hartford and West Hartford Center are a short ride, with reliable public transportation available.

Come visit today … this is the property that you will want to call home!

81 Fern Street is offered at $385,000. If you’d like to see this home, please have your agent arrange a showing or call Amy at 860-655-2125 to schedule a visit. More details and a photo tour are available.

Is Money Less Green in Hartford?

I’m perplexed. It appears that money available to be earned in Hartford is less valuable than money that can be earned in West Hartford. Even though that goes against the basic idea that a dollar is a dollar.

We have a 2-unit building for sale in Hartford that is quite close to the West Hartford town line. For those interested in the specifics, it’s at 307 New Park Avenue, which is across the street from the movie theater and just south of I84.

307-309 New Park Ave, Hartford

That location is not closely linked to any Hartford neighborhood. In fact, the closest residential enclave to the homes on this triangle of land is in West Hartford.

What confuses me is that investor buyers aggressively pursue properties in West Hartford, but they don’t seem interested in a building a block away that is similar in layout and vintage, and has better economics.

Only four 2-unit buildings sold south of the highway in West Hartford over the past year. The table below compares those buildings to our listing.

2019-01-29 Comparing Two-Unit Deals

Rental income is not available for all the properties on the list. However, the actual rent our listing generates is in line with two properties that sold in the $260,000s. We’re only asking $209,900 … and our property taxes are much lower. Our listing has the most favorable ratio of income to expenses, by a long shot.

Why the big difference in value?

It could be that the buildings have different attractiveness to owner-occupants, but most West Hartford buildings are purchased as investments. So the buyer is unlikely to live in any of these properties.

The tenants pay their own utilities in our listing, so that’s not a hidden expense to the investor owner that is holding back our price.

The condition of the property is fine, so it’s not like we’re marketing a place in poor shape. Tenants generally ensure that the rent they pay reflects the condition anyway, and we know the rents.

Investments in the Hartford multi-family market have even shown better appreciation over the past few years. Median prices increased 32% compared to 4%.

2019-01-29 Two-Unit Deals in West Hartford versus Hartford

It is interesting to note that our $209,900 asking is a lower price than any West Hartford 2-unit building sold for since 2016.

I must be missing something in this analysis…
A.) The building is barely outside of West Hartford.
B.) Actual tenants pay strong monthly rents and utilities.
C.) Market appreciation has been strong in Hartford.

There is money to be made by operating 307 New Park Avenue as an investment property. More money than buying a similar vintage 2-unit building a block away in West Hartford.

Is money less green in Hartford?

Note: All data is from the CTMLS, and deemed reliable but not guaranteed. It represents multi-unit properties marketed as 2-unit buildings. One West Hartford property that was a commercial use simultaneously marketed as a 2-unit was removed from the data set.

A Well Maintained Building

39 Woodland - 5200 - 1920

The well maintained building at 39 Woodland Street in Hartford is identified by the Structures and Styles book as the Melancthon W. Jacobus, Sr. House. Its Tudor Revival architecture is in excellent condition 110 years after construction!

Kudos to the State for the recent maintenance to keep the 29,571 square foot structure looking good. The building is currently the central office for the Connecticut Technical Education and Career Center.