Excellent investment, 8.4 cap rate with current under market value rents, 9.5 cap with market value rents. 1700 Farmington Ave was originally a two unit house that had a large addition put on in the 1980s that expanded the property to four legal units. The two newer units are townhouse style with two bedrooms and one and a half baths each. These are high quality high end units with separate water meters, tenants pay their own utilities including their own water in both of those units. The other two apartments are one bedroom one bath and share one owner paid hot water boiler. This property has had a ton of recent improvements, including the gut renovations of both townhouse style units. Some of the other improvements include new roof, new windows, new doors, new siding, general carpentry, new sidewalks, new appliances, new chimney vent inserts, new boilers in the townhouses and new burner on other boiler, basement and chimney repointed, new ductless air conditioning, new gutters and new drainage system, all new updated electric, new outdoor LED lighting, two new sewer lines connected to street. Rents are currently far below market (easily raised by additional $500-$600 per month).
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