We are pleased to present for purchase this 30-unit 120 bed student housing complex, located at 190 Pine Rock Avenue, Hamden, CT. The +/- 2.24 acre site is improved with 6 buildings, totaling +/- 60,417 square feet. The property is adjacent to Southern Connecticut State University (7,962 total undergraduate enrollment). The apartments are townhouse style comprised of 4 bedrooms, 3 full bathrooms, 2-car garage and 2-car driveway. The units are fully furnished including kitchen appliances, washer and dryer.
The property was developed in 2012, zoned as a student housing deal and has been well-occupied since inception. Projected gross income for 2021-2022 is +/- $1,044,000 and will generate a projected Net Operating Income (NOI) of +/- $645,000 = 7.3% CAP Rate.
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