Colchester Estates

For Sale

12 Balaban Rd, Colchester, CT 06415

This Colchester property for sale is located at 12 Balaban Rd. Contact the listing broker for details on the current sale price for Colchester Estates. Colchester Estates is situated on a lot that is 1,151,726 acre in size.

Contacts

broker

Brad Balletto

Northeast Private Client Group

Property Details

  • Property Type Multi-Family
  • Property Size 81,644 SF
  • Units 92
  • Lot Size 1,151,726 Acre
  • Additional Rent Contact for pricing
  • Date Updated Jul 22, 2024
Less than 30 minutes southeast of Hartford is the active community of New London County. The county is home to several towns and neighborhoods, Colchester being among the most prominent. This Southeastern Connecticut community is laden with outdoor recreation, family-friendly activities, and historic landmarks. The county is dotted with pristine lakes and ribboned with scenic brooks. Nearby Salmon River State Forest provides ample hunting and fishing spots. A nearby fishing favorite is Amston Lake, where renters can cast a line, paddleboard, sunbathe, and more. The area is sprinkled with plenty of attractions for renters of all ages. Enjoy the sports fields, splash pad, and playground at Colchester RecPlex, or scan the busy community calendar for an exciting event with your neighbors. Adults may choose to relax and unwind over a tasting at Priam Vineyards. History buffs in the area will want to visit the local history museum downtown. No matter your interests, the Northwest New London/Colchester community has something for everyone. Renters searching for housing options here can choose from several affordable apartment complexes.Northeast Private Client Group® is pleased to present the exclusive opportunity to purchase The Colchester Estates in Colchester, Connecticut. This property consists of ninety-two (92) two-bedroom/onebathroom units. These ninety-two (92) units span 81,227 square feet. The offering is located on one (1) 26.44 acre parcel. Over the past five years, the property has benefited from a complete redevelopment. Work includes bringing all apartments to a renovated status which include hardwood flooring, shaker cabinetry, stone countertops, new appliances, tiled bathrooms, and more. The exterior improvements include new roofs, hardscaping, landscaping, basketball court and picnic area, playground, dog parks, gated entry, mailboxes, doors, EV charging stations, and asphalt repairs. Systems upgrades include new wells and water treatments systems, septic systems, generators, and an oil sub-metering system to bill tenants for their heating usage. Additional work completed by current and previous ownership includes new water system and wells, new septic system, new hardscaping, new landscaping and picnic areas, new EV charging stations, new mail center, and new gated parking. Strategically located 2-miles away from Rt. 2, in the town of Colchester, the Property benefits from being in easy commuting distance to Hartford and Lower New London County. Colchester's Town Center, only 2.5 miles away, offers a great destination for residents to enjoy restaurants and shops. The Property is offered with the opportunity to assume a Fannie Mae loan with a balance of $11,030,000 (7/17/23) at a 2.91% rate, serviced by Greystone. The loan was originated 10/30/2020 and matures 11/1/2030. The loan is interest-only through November of 2024. It then amortizes on a 30 year schedule and matures November of 2030. Annual debt service during the interest-only period is $320,973 and annual principal and interest payments total $551,631 when the loan begins amortizing.

Want more info on this listing?

Reach out to the broker for more info on lease terms and amenities

Highlights

  • Assumable Financing at 2.91% Interest Only
  • Significant Recent Capital Expenditures
  • Average Household Income $136,000
  • All-townhome Garden Style Property
  • Opportunities to Increase Revenue and Decrease Expenses
  • On-site Leasing Office, Playground, Dog Park, EV Chargers, Picnic Area
  • Available Individually or as a Portfolio with The Cove Collection and/or Wharton & Parsons Apartments

Getting around

  • 2/100

    Walk Score ®

  • 25/100

    Bike Score ®

Powered by Walk Score ®

Location

  • City Colchester, CT
  • Neighborhood Babcock Pond
  • Zip Code 06415
  • Market Bridgeport New Haven

Points of Interest

  • Stop & Shop

    1.43 miles

  • Shell

    1.53 miles

  • Mobil

    1.56 miles

  • Valero

    3.33 miles

  • 7-Eleven

    6.36 miles

  • Henny Penny

    7.28 miles

  • Maxum Fuel

    7.53 miles

  • Connecticut Park and Ride

    0.90 miles

  • Bus Parking

    1.98 miles

  • Student / Visitor Parking

    3.59 miles

  • Walden Preserve parking

    6.72 miles

  • The O'Connell House

    1.60 miles

  • Bishopsgate Inn

    9.18 miles

  • Boardman House Inn

    9.20 miles

  • Blue Iris Farm

    9.30 miles

  • Gelston House

    9.34 miles

  • Meadowbrook Estate

    9.39 miles

  • Stop & Shop

    1.27 miles

  • Noel's

    1.53 miles

  • Westchester Market

    3.21 miles

  • Grist Mill Market

    6.15 miles

  • Colonial Country Store

    7.14 miles

  • Ted's IGA

    7.15 miles

  • Big Y

    7.46 miles

  • Tylerville Country Market

    9.86 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.

Contact Listing Broker

broker

Brad Balletto

Northeast Private Client Group