425 Franklin Avenue

Hartford, CT 06114

Auction Sale | price listed is starting bid. 417-429 Franklin Avenue is a 45, 554-square-foot multi-tenant medical/professional office/multifamily conversion property in Hartford, CT. The vacant property was most recently occupied by several medical offices (Hartford Physical Medicine, Hartford Eye Wellness, Hartford Orthopedic Surgeons and a school, CREC) with a previous NOI in excess of $400K. The property is divided into three sections; the original section is a three-story brick building with direct frontage along Franklin Avenue, built in 1910. The additional two sections are single-story multi-tenant buildings with separate entrances. The building boasts desirable features such as ADA-accessible doors, bathrooms, a hydraulic elevator, ramps, and storage space. Known as The Greca Plaza, it has an impressive facade, with a modern main entrance featuring solid commercial doors and an upgraded security system with key fob access. The front of the property has an attractive wrought iron gate and ample off-street parking for 87 cars. 417-429 Franklin Avenue includes a naturally brightened mezzanine, a large conference room, wide and well-lit hallways, and a grand auditorium with a 25-foot ceiling. The property has received regular renovations in the last decade, the last being in 2018. Greca Plaza is currently vacant and offers investors and users an enticing opportunity to add value through a strategic lease-up plan or owner/user use., The Greca Plaza has unrivaled exposure on Franklin Avenue to foot traffic and over 8, 500 daily vehicles. It offers excellent connectivity via Interstates 84 and 91, along a bus route, and within 20 minutes of the Bradley International Airport. It is zoned for the Main Street-2 (MS-2) district and includes a broader mix of building types and ground story uses. This zone allows for retail, service, residential, and office use, allowing investors to effectively reimagine the space to meet evolving market demands. Tenants and new owners can enjoy the area amenities and traffic-to-demand drivers such as Family Dollar, Dunkin', Best Western Hotel, golf courses, Trinity College, and local shops and restaurants. The area within 10 miles of the property has grown in the last decade, with over half a million population and an additional 417, 000 daytime employee population traveling to the area daily. Hartford offers an affordable quality of life in addition to its growing economy, with median household incomes of $71, 400 and annual consumer spending of $7.1 billion. This strong workforce continues to attract business in various industries, including insurance, financial services, aerospace, healthcare, and more. Industry leaders from finance to manufacturers, including The Hartford Insurance Company, Lego, Travelers, Cigna, Aetna, and more, have made Hartford their home. The Greca Plaza is 2 miles south of downtown Hartford-the thriving urban community with historic homes and a diverse population. The Greater Hartford Region sits at the very heart of the third-most educated state in the nation. Known as the Insurance Capital of the World, Hartford is home to several of the nation's leading insurance and financial services companies. 417-429 Franklin Avenue boasts a versatile layout, modern amenities, and strategic location. This property stands as a beacon for investors and users alike. The asset offers investors the opportunity for significant value created through a successful lease-up of available space or ideal for a company's headquarters. Property tours are available by appointment only.

Listing courtesy of Michael Guidicelli of Regions Real Estate Advisors



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