Seven acres of the Dorset Crossing master planned complex is available and already approved for 72 units of multi-family development. The site lies at the end of Casterbridge Crossing off Route 202, where there is a signalized entrance into the complex. A development road already leads to the wooded site across a stream, dominated by very well drained Merrimac and Hinckley sandy loam soils. Pricing for the subject parcel assumes conservatively high 7.5% cap rate for new construction and conservatively high 40% expense ratio, with an ask price of less than $23,000 per unit. The Pointe at Dorset Crossing is an adjacent complex of 168 units built several years ago, and is more than 95% occupied. The Pointe sold recently for $36.5M, with a low implied cap rate of 5.3%. Daily traffic count is about 27,000, and all utilities are available. The site is just 15 minutes from Bradley International Airport, and 25 minutes from downtown Hartford.
Listing Agent: Gregory Walwer Courtesy of: Academic Co-Realty Services The data relating to real estate for sale on this website appears in part through the SMARTMLS Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms, and is provided by SMARTMLS through a licensing agreement. Listing information is from various brokers who participate in the SMARTMLS IDX program and not all listings may be visible on the site. The property information being provided on or through the website is for the personal, non-commercial use of consumers and such information may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on the website may no longer be available because they are for instance, under contract, sold or are no longer being offered for sale. Property information displayed is deemed reliable but is not guaranteed. Copyright 2022 SmartMLS, Inc. Updated: 5th October, 2022 2:12 AM (UTC)
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