Park Ridge Condos

Hamden is an inner-ring suburb of about 61,000 people that wraps around the northern edge of New Haven. Its southern neighborhoods —Whitneyville and Spring Glen, where Park Road sits — grew up in the first half of the twentieth century as trolley suburbs of New Haven, with commercial life concentrated along the Whitney Avenue corridor and residential streets running toward East Rock Park.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 and 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, and 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.