$46OK NOI 21 Unit New Apartments

The Andrews (132 Main Street, a/k/a/ 136 Main St) is a 28,475 SF investment property that recently underwent a multimillion dollar restoration, office to residential conversion to 20 luxury one-bedroom apartments with an actual net operating income of $460,000. The Andrews combines historic Beaux Arts architecture with modern luxury, offering boutique-style apartments equipped with smart technology, secure keyless entry, sophisticated finishes, and black/stainless steel appliances. In addition, the building offers common amenities such as an elevator, laundry room, and the convenience of having EV charging stations at the parking lot. Situated in beautiful Downtown New Britain, this property provides a rare long-term market opportunity for investors.    
 
The Andrews benefits from its strategic location in the burgeoning Downtown New Britain area, which is experiencing significant growth and revitalization. Tenants enjoy immediate access to downtown with a healthy selection of emerging restaurants, retail shops, and arts organizations. In addition, The Andrews is within a 15-minute drive to Downtown Hartford and West Hartford. The property is conveniently situated within minutes of Routes 9 and 72 and just two blocks from the CTfastrak station, ensuring excellent connectivity. The local population of 158,832 within a 5-mile radius boasts an annual consumer spending of $1.9 billion, with an additional influx of 103,284 daytime employees. Notably, over 50% of the population within a 3-mile radius are renters, highlighting a robust rental market.    
 
New Britain is undergoing a transformative phase, driven by substantial public and private sector investments. Key projects include the CTfastrak, Central Connecticut’s innovative mass transit system, and the New Britain Energy and Innovation Park at the former Stanley Black & Decker site, which has the potential to create up to 3,000 jobs. Downtown New Britain is also seeing major streetscape upgrades and the redevelopment of the police complex, enhancing the area's appeal. Three new mixed-use projects, The Strand (completion 2025), The Brit (pre-leasing now), and The Highrailer (under construction - pre-leasing 2024), will transform New Britain's urban landscape by adding a total of 321 residential units and over 12,000 square feet of prime restaurant/retail space to the city’s walkable downtown. Residents and visitors alike enjoy immediate access to a vibrant downtown, featuring emerging restaurants, retail shops, and arts organizations, making The Andrews an attractive investment in a thriving community.   
 
Property tours are available by appointment only. Please contact the broker to schedule.