backus real estate (203) 230-1077

www.backusre.com

192 Fitch Street, New Haven 8-14 Units

Value-add Opportunity Asking Price: $1,485,000

Building Size: Assessor Living Area: 15,221 sf Assessor Gross: 16,532 sf

Price/ Sq. Ft. $89.83/SF

NOI (projected, 14 units at 2019 HUD FMR) $133,207

Cap Rate (Pro-forma) 9%

Price/ Unit: $106,000/Unit max (14) $185,000/Unit existing (8)

GRM (projected) 6.8

The information herein is offered subject to change, errors, omissions and withdrawal from market. All information should be independently verified prior to purchase. Some figures are basedupon projected income/expense after lower-level build-out - feasibility and assumptions should be independently assessed by any prospective purchaser.

backus real estate (203) 230-1077

www.backusre.com

The information herein is offered subject to change, errors, omissions and withdrawal from market. All information should be independently verified prior to purchase. Some figures are basedupon projected income/expense after lower-level build-out - feasibility and assumptions should be independently assessed by any prospective purchaser.

COMMERCIAL

Property Overview Backus Real Estate is pleased to present 192 Fitch St in New Haven, CT. This 16,500+ SF brick building sits on 0.50 acres. The site is walking distance to Southern CT State University’s main campus and on public transportation lines. There is ample parking for 16+ cars.

Originally built as ‘Merit Hall’, the building is currently operated by a non-profit organization, which utilizes the top two floors for residential tenants (8 spacious 2-bdrm apartments), and the main level for office and administration. The units are in good to excellent condition, with one unit being fully ADA accessible.

The projected highest and best use for the full building would be to build-out additional units in the main level. The New Haven Zoning department indicates that the building could support one unit per 1000 SF of livable area, or a total of 14 units. They report that six additional 1-bdrm units could be added with a public hearing, or three additional units without. The lower level office was once utilized as additional living area, and there are some plumbing hook-ups (both bathroom and kitchen) already in place.

The building is served by electric heat, with tenants paying their own utilities. There is an elevator serving all three floors. Paving and roof have both been replaced in recent years. The building is exceptionally maintained by its current owner.

backus real estate (203) 230-1077

www.backusre.com

The information herein is offered subject to change, errors, omissions and withdrawal from market. All information should be independently verified prior to purchase. Some figures are basedupon projected income/expense after lower-level build-out - feasibility and assumptions should be independently assessed by any prospective purchaser.

COMMERCIAL

Existing Tenant Base

Existing tenants are managed by the non-profit that owns the building. Ownership intends to move out most tenants over the course of the next 6-18 months. They will provide ample notice before moving any tenant and can guarantee rent in the interim. The value-add opportunity at present is to acquire the building with ~8 tenants in place, then work to build-out 6 additional units and lease all at market rates. There may be an additional opportunity to convert to student housing and further increase GRI.

Additional documents available for review upon request include:

• Building architectural plans • Current income/expense • Projected income/expense using HUD 2019

market rent rates • Valuation model spreadsheet that backs-out the

estimated cost to construct additional units and builds in a developer profit, then capitlizes projected income

Location

The Subject Property is located in the Beaver Hills section of New Haven, near the Hamden town line. New Haven is a growing city, home to 6 universities and colleges, including Yale and Southern CT University. The Subject Property offers easy access to shopping, transportation, cultural centers, and outdoor recreation. It is less than 2 miles to downtown New Haven, 2.5 miles to Yale/New Haven Hospitals, and 3.7 miles to Union Station with access to New York City.

Southern Connecticut State University:

Part of the University of Connecticut Community college system, Southern CT University is home to over 10,000 graduate and undergraduate students pursuing degrees in 181+ academic tracks, of which about 2600 live on-campus. The campus is spread over 172 acres and staffed by over 420 full-time faculty.

Directly to the North of the Subject Property, New Haven is completing construction of the $45MM Barack H. Obama University Magnet School. This school will serve SCSU’s school of education as a “laboratory school” for its student-teachers.

backus real estate (203) 230-1077

www.backusre.com

The information herein is offered subject to change, errors, omissions and withdrawal from market. All information should be independently verified prior to purchase. Some figures are basedupon projected income/expense after lower-level build-out - feasibility and assumptions should be independently assessed by any prospective purchaser.

COMMERCIAL