3 North St - Bingham Place Immeuble residentiel

Bingham Place Apartments at 3 North Street and O'Connell School Apartments at 122 Park Street offer an exceptional opportunity to acquire two historically rehabilitated residential communities in the heart of Downtown Bristol, Connecticut. Just one mile apart, these architecturally distinct properties comprise 98 one-bedroom apartments while maintaining consistent 100% occupancy, indicating their strong tenant appeal and superior quality. Located in Bristol's revitalized center city, both properties benefit from walkable access to retail, services, parks, museums, and sports venues, along with easy connectivity to public transit and major highways.

Renovated in 2019, the buildings blend timeless charm with high-performance features, such as state-of-the-art geothermal and solar systems, keyless unit entry, and ample off-street parking. Many apartment units retain original schoolhouse elements, including tall windows for abundant natural light, hardwood flooring, and even vintage chalkboards. Of the total units, 80% are leased at market rates, and 20% are reserved as affordable housing for households earning 80% of the area median income (AMI) or less.

The surrounding tenant base comprises young professionals, resulting in a low annual turnover of just 15%. Units are quickly reoccupied, often at increased rental rates. A robust population of over 393,700 residents lives within a 10-mile radius, representing an average household income nearing $97,000. The properties are ideally positioned in a growing submarket where rents average $1,470 monthly and increase by 3.0% year-over-year.

For investors seeking stable, income-generating assets in a walkable, amenity-rich environment just 20 miles from Hartford, Bingham Place and O'Connell School Apartments offer an exceptional investment opportunity in one of Central Connecticut's most dynamic downtown districts.