Wharton & Parsons Apartments Listing Details & Market Data

Located in central Connecticut, this neighborhood of homes and rentals sits midway between Hartford to the north and New Haven to the south, a 30-minute commute in both directions via highway or the Amtrak rail system. History buffs love the number of National Register of Historical Places in this town, including the former Meriden Curtain Fixture Company factory, a sprawling red brick building converted into the Charles Street Place Apartments. Outdoor spaces also hold historical landmark status, such as the world-renowned 1,800-acre Hubbard Park from the designers of New York's Central Park. Meriden provides 24 municipal parks, one of the top 10 public golf courses in Connecticut, and three dedicated trails for hiking, biking, and running. Residents gather at the award-winning Ted's Restaurant, an area staple for over 50 years and home to the first steamed cheeseburger. Locals enjoy brick-oven pizza at the Little Rendezvous, and the hangout for weekend sports, darts, and pool leagues, Ryder's on Main, welcomes many to this friendly hole-in-the-wall bar.Wharton & Parsons Apartments is a two property, 42-unit value-add multifamily portfolio located in Wallingford, CT. 17 units remain unrenovated allowing for a new owner to capture significant renovation premium. On average, leased rents are $400/month below market rents achieved at comparable properties nearby. A new owner can capture this upside by renovating the remaining units and marking current rents to market. The two properties are located less than a half-mile from each other and both are walking distance to Wallingford's vibrant downtown with shopping, entertainment, dining, breweries, and nightlife. Wharton Arms is a 25-unit all-townhouse garden-style property built in 1965 located at 286 South Elm Street. All units feature two-bedroom, one-and-a-half bath, two-story units with full private basements. All units feature washer-dryer hookups and tenant paid heat, hot water, electric and central air. The property features a park-like setting on 3.87 acres and ample parking. Parsons Apartments is comprised of a 12-unit brick building built in 1964 located at 24 Parsons Street, and an abutting five-unit frame building located at 219 South Orchard Street. All units at 24 Parsons are large two-bedrooms and feature washer-dryer hookups and tenant paid heat, hot water, electric and central air. Both 24 Parsons and 219 South orchard feature off-street parking. 219 South Orchard is a double-wide lot and there may be some potential for future development. Wharton & Parsons Apartments features accretive financing cross-collateralized with The Cove Collection. The financing may be assumable if the property is purchased as a portfolio with The Cove Collection. Wharton & Parsons Apartments is available individually or as a portfolio with The Cove Collection and/or Colchester Estates.