Available Space

175 Park Road & 1-17 Oakwood Avenue

This portfolio represents an excellent opportunity to enter West Hartford’s Park Road market with a stable, well-maintained asset.  The asking prce is $1,399,000, which imputes to a cap rate is 8.4% after allowance for actual expenses and a 5% management fee.  The portfolio consists of three buildings that are 100% occupied.  The first building is a single story plus basement retail building with the addresses 175 Park Road and 1-15 Oakwood Avenue.  Approximately 86% of the building is occupied by tenants who have been there for over 10 years.  This building has a new rubber roof that was installed two years ago.  The second building is located at 17 Oakwood Avenue.  This building has one new tenant, a barber and stylist, who should open in May or June 2024.  The other tenants in the building have all been there as tenants for over 20 years.  The last building is a workshop and garage building.  The workshop on the second floor is heated and cooled.  There are two garage doors, but the building size is equivalent to four bays.

The building is owned and operated by members of the Liljedahl Brothers, a construction company that opened its doors in 1933.  They handle all maintenance and repairs.  The condition of the buildings comprising the portfolio is excellent.  Liljedahl occupies the workshop/garage building and two of the office spaces.  They will continue as tenants for a minimum of 12 months and potentially as long as 24 months.  All the other tenants in the building are on new three-year leases.