233 Park Rd 20 Unit Apartment Building Offered at $3,196,770 CAD at a 7.18% Cap Rate Hamden, CT 06517

Northeast Private Client Group, Inc. is pleased to present Park Ridge Condos (the Property), a 20-unit
multifamily portfolio at 233–281 Park Road in Hamden, Connecticut, held across five brick buildings
just off Whitney Avenue near the New Haven line and East Rock neighborhood. The Property
represents a partial share of a condominium association. Each condo share consists of one 4-family
building. The Property consists of 20 out of the total 56 units in the complex.
The portfolio comprises five two-story brick buildings, each holding four two-bedroom apartments
for 20 units in all, built in 1955. Heat is gas forced air (tenant paid). Water and sewer are separately
metered for all units, but are being paid by the landlord. There is ample off-street parking and 12 out
of the 20 units have garages. Every unit has a washer/dryer hookup available in the basement.
The owner is responsible for all interiors and exteriors (roof, windows, etc..) of the condo units. All
utilities are the responsibility of the condo owner or tenant. The condo association is responsible for
landscaping/snow plowing, parking lot/driveway maintenance. The association also pays the taxes on
the land, and the owner pays the taxes on the improvements (the building).
This is a value-add opportunity. Current in-place rents average $1,529, the current high rent is $1,900.
Even with a modest projection of $1,750 per unit, there is significant upside. Current ownership has
owned the Property since 2021. Since then, they have renovated or partially renovated 8 units.
Park Ridge Condos offers a value-add portfolio, with a clear runway to bring below-market rents up
toward what the asset already achieves, in one of Greater New Haven’s most durable rental
submarkets. Please reach out to the deal contacts for more information.