160 Main St, New Britain, CT 06051

Sky Realty Group is pleased to announce the Rao Building, upscale living in the heart of historic, downtown New Britain. The Rao Building presents an investor with the opportunity to purchase a beautifully restored 16,000SF mixed-use building. The 5 story building boasts fifteen (15) total units; (5) 1-Bedroom, 1 Bath apartments, (7) 2-Bedroom, 1 Bath apartments,(2) 3-Bedroom 2 Bath apartments, and (1) retail space that has liquor store.
The building features new individual HVAC units in 2020, new roof in 2019, tenant off-street parking, on site income producing laundry, an elevator, a fully up to code fire alarm system. The apartments have vaulted ceilings, hardwood flooring, fireplaces, stainless-steel appliances, granite counter tops, cherry wood cabinets, and back splashes. The units also have large bay windows that give spectacular views of New Britain from any floor.
The Rao Building presents the potential for both long and short term revenue growth and appreciation through increased rents as downtown New Britain continues to develop as a growing and vibrant rental market for young professionals. Upside rent potential. Rental increases are achievable, as similar high-end apartments in the immediate vicinity, are renting considerably higher. Proforma rents will bring it to a 6.6% CAP rate.
Downtown New Britain continues to experience an economic revival through transformative projects which are reshaping the downtown environment and paving the way for a dynamic, vibrant city with a healthy life of emerging restaurants, retail shops, and arts organizations with low cost parking for more than 2,000 vehicles. The New Britain Superior Court and the Hospital of Central Connecticut are within a mile of the center, promoting a growing business among law firms, financial, insurance, and medical institutions with office space filling rapidly. Perfectly located just minutes from Route 72 Route 9 and I84 and only 2 miles from the Central Connecticut State University campus.