This offering presents the opportunity to acquire a well-located, stabilized 20-unit multifamily portfolio in Bristol, Connecticut, with immediate in-place cash flow and upside through light value-add improvements. The portfolio consists of two properties: 5-7 Upson Street and 451 Divinity Street, totaling 20 units across three buildings.
The combined portfolio is being offered at a 7.0% cap rate on current income, with a pro forma cap rate of 8.4%, supported by achievable rent increases and operational efficiency. Current average rents of $1,170 are below market, with a pro forma rent of $1,353, representing a 15.6% rental upside.
5-7 Upson Street | 10 Units
A well-maintained asset on 0.25 acres, comprising two buildings with 6,826 RSF:
5 Upson Street: A 2-story brick building with (8) 1-bedroom units. Heating and hot water are electric and tenant-paid.
7 Upson Street: A 3-story wood-frame building featuring (1) 2-bedroom and (1) 3-bedroom unit, both using gas heat and hot water.
Key Features:
- All separate and tenant-paid utilities
- Common area laundry
- Ample off-street parking
- Two egresses per building
- New roof installed in 2021
- Full fire alarm coverage
451 Divinity Street | 10 Units
This 2-story brick apartment building, built in 1965, sits on a 0.55-acre interior lot and includes (10) 1-bedroom units. Each unit is individually metered, with tenant-paid utilities, a private driveway, and dedicated off-street parking.
Portfolio Highlights
20-unit portfolio with diversified unit mix (1BR, 2BR, 3BR)
- Current cap rate: 7.0% | Pro forma cap rate: 8.4%
- 15.6% rent growth potential: $1,170 avg. rent ? $1,353 pro forma
- Efficient, tenant-paid utility structures
- Proven upside through light renovations and lease turnovers
- Central location with access to regional employers and amenities
Location Overview: Bristol, Connecticut
Strategically positioned in the heart of Central Connecticut, Bristol is an evolving city with a strong economic foundation, dynamic workforce, and growing demand for quality housing. Located just 20 miles southwest of Hartford and within a 2-hour drive of both New York City and Boston, Bristol offers strategic access to major employment hubs while maintaining a high quality of life and affordability. With a population of approximately 60,000, the city combines suburban appeal with urban convenience, making it increasingly attractive for renters seeking access to regional job markets without the high living costs of major metro areas.
Economic Growth & Development
Bristol’s economy is transitioning from its historic manufacturing roots to a diversified base that includes advanced manufacturing, healthcare, financial services, and media. The city is home to ESPN's global headquarters, one of the region’s largest employers, anchoring a robust job market and supporting demand for professional and workforce housing. In recent years, Bristol has undergone significant revitalization, driven by both public and private investment. The Downtown Bristol Renaissance initiative has injected new life into the city core, with mixed-use developments, new retail and dining, public spaces, and infrastructure improvements. The Centre Square redevelopment project continues to attract businesses and residential development, enhancing Bristol’s live-work-play environment. Additionally, the city benefits from proximity to the University of Connecticut Health Center, the Bristol Hospital network, and a growing base of regional employers across nearby towns.
Multifamily Investment Potential
Bristol’s residential market is well-positioned for multifamily investment due to its steady population growth, rising rents, and constrained housing supply. The city maintains high occupancy rates and healthy rent growth, driven by demand from young professionals, families, and downsizing retirees. Compared to neighboring markets, Bristol offers attractive entry pricing with strong value-add and long-term appreciation potential. The local government is pro-development, offering incentives and streamlined processes for housing projects that meet community needs. Moreover, the city's ongoing infrastructure improvements and investment in amenities continue to increase the overall appeal for renters and investors alike.
