Chozick Realty sells two multi-unit properties for $2.68 million

 

 

Bristol, CT Chozick Realty, Inc. has negotiated the sale of two properties totaling 22 units for $2.68 million.

Chozick Realty sold Bristol Landing, a six-unit multi-family property located at 714 Middle St., across from ESPN’s worldwide headquarters. The property sold for $900,000 bringing in a record setting $150,000/unit.

Bristol Landing consists of 2 one-bedroom units and 4 two-bedroom units, offering an ideal unit mix for the local rental market.

The property underwent significant renovations in 2022, including updates to units with modern kitchens, granite countertops, new appliances, upgraded bathrooms, and new flooring. Additional improvements include a new high-efficiency gas boiler and hot water system, new vinyl replacement windows, complete building insulation, updated electric subpanels, and a fully replaced parking lot. 

Chozick Realty represented the seller as well as procuring the buyer to complete the sale.

Chozick Realty brokered the sale of 571 Center St., Manchester. This 16-unit brick apartment building sold for $1.78 million, reflecting a price of $111,250 per unit.

Owned by the same family for three generations, 571 Center St. represents one of the town’s well-maintained multi-family assets that offers strong tenant demand and historically high occupancy, with the property operating at or near 100% occupancy for many years. The three-story brick building features 16 rental apartments, including nine one-bedroom units, six two-bedroom units, and one studio apartment.

The property also includes on-site amenities, such as a 14-car garage, a four-bay barn with loft, extensive basement storage, a building-owned laundry facility, and the owner’s office and storage.

Chozick Realty procured the buyer in this transaction.

Thea Bonamico of Chozick Realty said, “Bristol Landing is a prime example of a well-maintained, thoughtfully improved asset in a location that continues to outperform. With an attractive 7.13% cap rate and an estimated 13.49% first-year total return, Bristol Landing drew substantial interest from investors seeking a strong-performing, low-maintenance asset in a growing market.” 

“This sale reflects the continued demand for well-located, well-maintained multi-family properties in Central Connecticut,” said Tom Boyle of Chozick Realty. “571 Center Street combines historic architectural appeal with strong rental fundamentals and meaningful value-add potential, making it an attractive investment opportunity for the buyer.”