337 Allen St · New Britain, CT 06053

$290,000

4 bd · 2.0 ba · 2,128 sqft · MultiFamily public records · 71 Days on market

Built 1920 6,969 sqft lot $136/sqft · 24% below area Est $382k · 24% under

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +21.8/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +7.0/10.0
• 1% rule +6.2/10.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

337 Allen Street, a two-family with renovations already underway, presents a strong value-add opportunity in a desirable New Britain location. Significant improvements have been completed, with remaining finishing work allowing a new owner to finalize the property to their own specifications. The property is currently configured as a two-unit building and offers a flexible layout that may support continued use as a two-family or potential reconfiguration for additional units, subject to zoning and municipal approvals. Utilities are separately paid by tenants, supporting favorable income potential. The exterior features brick and vinyl siding, a flat roof, off-street parking, and a level lot. Inside, approximately 2,128 square feet of heated living space is complemented by a full unfinished basement and attic access. Public water and sewer, along with natural gas heat, add efficiency and practicality. With much of the renovation work already addressed, the remaining improvements provide an opportunity to build equity without undertaking a full-scale redevelopment. Conveniently located near Central Connecticut State University, major highways, downtown New Britain, hospitals, shopping, and public transportation, the property benefits from consistent rental demand and long-term upside. Whether maintaining as a two-family investment or exploring the potential for additional unit configuration (subject to approvals), this property offers great potential!

Key facts

• Flexible layout
• Flat roof
• Off-street parking

Tags

• STRONG VALUE-ADD OPPORTUNITY
• FLEXIBLE LAYOUT
• SEPARATELY PAID UTILITIES
• BRICK AND VINYL SIDING
• FLAT ROOF
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $450 ($5k/yr) — positive. Per door: $225/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $290k).
• Recommended offer: $273k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 4.4% in New Britain — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 74/100 on livability (#67 in CT, #4,936 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: crime D, employment D, schools F.
• New Britain School District (suburban): math 6% / reading 17% proficiency, ranked #153 of 153 in CT (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.9%/yr); 69 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At $3,260/mo this rent would consume 62% of the median local household income ($63k/yr) (locally 1835% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $31k of equity ($2k loan paydown + $29k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 4.9% rent growth), your $81k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $272,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 8.15%
• Cash-on-cash: 6.65%
• DSCR: 1.30
• GRM: 7.4

CMA / ARV

• ARV (median comp): $382,206
• List price: $290,000
• Delta: -24.12%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
118 Dudley St	0.15mi	4/2.0	2,084 (-2%)	19mo	$400,000	$192	74
45 Milton St	0.08mi	4/2.0	1,888 (-11%)	19mo	$380,000	$201	62
14 Acton St	0.70mi	4/2.0	2,284 (+7%)	1mo	$380,000	$166	54
312 Washington St	0.67mi	4/2.0	1,952 (-8%)	11mo	$275,000	$141	46
508 Eddy Glover Blvd	0.57mi	5/2.0 (+1)	2,224 (+4%)	21mo	$360,000	$162	44
19 Union St	0.72mi	5/2.0 (+1)	1,986 (-7%)	14mo	$375,000	$189	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 4.94% rent growth · sell at horizon

5-year hold

• IRR: 30.0%
• Equity multiple: 3.38×
• Total profit: $193,193
• Equity at exit: $261,255

10-year hold

• IRR: 26.6%
• Equity multiple: 7.91×
• Total profit: $560,885
• Equity at exit: $563,406

Cash invested: $81,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Connecticut: 27 Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Strong tenant statutes; rent commissions in some towns; courts slow especially in cities.

Methodology + full state rankings →

ZIP-level market 06053

• Home prices YoY: 15.4%
• Rents YoY: 4.9%
• Active inventory: 69
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $3,260 high
• Mortgage (P&I): −$1,521
• Tax from tax record: −$484 /mo · $5,809/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$685
• Net cashflow: $450

Break-even live

Break-even rent $2,691

Max offer price $290,000

Occupancy floor 81%

Sensitivity live

Price	-10% $614	-5% $532	+0% $450	+5% $368	+10% $286
Rent	-10% $192	-5% $321	+0% $450	+5% $578	+10% $707
Rate	-1.0pp $596	-0.5pp $523	base $450	+0.5pp $375	+1.0pp $298

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,260
Total (2 units)			$3,260

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $72,500
• Closing costs: $8,700
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24 Acorn St New Britain, CT	3.0	1.0	2444	$2,000	$0.82	24d	1	0.24mi
1366 Stanley St New Britain, CT	4.0	1.0	1944	$2,400	$1.23	44d	1	0.38mi
17 Foxon Pl New Britain, CT	4.0	1.5	1453	$2,400	$1.65	2d	1	0.55mi
45 Union St New Britain, CT	5.0	2.0	2060	$2,800	$1.36	24d	1	0.73mi
119 Carroll St New Britain, CT	3.0	1.0	2652	$1,750	$0.66	44d	1	0.97mi
27 Janet Dr Unit 1st Floor New Britain, CT	3.0	1.0	1581	$2,300	$1.45	24d	1	1.02mi

Listing history 20 events

1. 2026-05-12
   status Under Contract 1476-char remark

   Show marketing remark (1476 chars)

   337 Allen Street, a two-family with renovations already underway, presents a strong value-add opportunity in a desirable New Britain location. Significant improvements have been completed, with remaining finishing work allowing a new owner to finalize the property to their own specifications. The property is currently configured as a two-unit building and offers a flexible layout that may support continued use as a two-family or potential reconfiguration for additional units, subject to zoning and municipal approvals. Utilities are separately paid by tenants, supporting favorable income potential. The exterior features brick and vinyl siding, a flat roof, off-street parking, and a level lot. Inside, approximately 2,128 square feet of heated living space is complemented by a full unfinished basement and attic access. Public water and sewer, along with natural gas heat, add efficiency and practicality. With much of the renovation work already addressed, the remaining improvements provide an opportunity to build equity without undertaking a full-scale redevelopment. Conveniently located near Central Connecticut State University, major highways, downtown New Britain, hospitals, shopping, and public transportation, the property benefits from consistent rental demand and long-term upside. Whether maintaining as a two-family investment or exploring the potential for additional unit configuration (subject to approvals), this property offers great potential!

2. 2026-03-19
   price $290,000 1476-char remark

   Show marketing remark (1476 chars)

   337 Allen Street, a two-family with renovations already underway, presents a strong value-add opportunity in a desirable New Britain location. Significant improvements have been completed, with remaining finishing work allowing a new owner to finalize the property to their own specifications. The property is currently configured as a two-unit building and offers a flexible layout that may support continued use as a two-family or potential reconfiguration for additional units, subject to zoning and municipal approvals. Utilities are separately paid by tenants, supporting favorable income potential. The exterior features brick and vinyl siding, a flat roof, off-street parking, and a level lot. Inside, approximately 2,128 square feet of heated living space is complemented by a full unfinished basement and attic access. Public water and sewer, along with natural gas heat, add efficiency and practicality. With much of the renovation work already addressed, the remaining improvements provide an opportunity to build equity without undertaking a full-scale redevelopment. Conveniently located near Central Connecticut State University, major highways, downtown New Britain, hospitals, shopping, and public transportation, the property benefits from consistent rental demand and long-term upside. Whether maintaining as a two-family investment or exploring the potential for additional unit configuration (subject to approvals), this property offers great potential!

3. 2026-03-02
   listed $299,900 Active 1476-char remark

   Show marketing remark (1476 chars)

   337 Allen Street, a two-family with renovations already underway, presents a strong value-add opportunity in a desirable New Britain location. Significant improvements have been completed, with remaining finishing work allowing a new owner to finalize the property to their own specifications. The property is currently configured as a two-unit building and offers a flexible layout that may support continued use as a two-family or potential reconfiguration for additional units, subject to zoning and municipal approvals. Utilities are separately paid by tenants, supporting favorable income potential. The exterior features brick and vinyl siding, a flat roof, off-street parking, and a level lot. Inside, approximately 2,128 square feet of heated living space is complemented by a full unfinished basement and attic access. Public water and sewer, along with natural gas heat, add efficiency and practicality. With much of the renovation work already addressed, the remaining improvements provide an opportunity to build equity without undertaking a full-scale redevelopment. Conveniently located near Central Connecticut State University, major highways, downtown New Britain, hospitals, shopping, and public transportation, the property benefits from consistent rental demand and long-term upside. Whether maintaining as a two-family investment or exploring the potential for additional unit configuration (subject to approvals), this property offers great potential!

4. 2023-06-29
   status Under Contract 454-char remark

   Show marketing remark (454 chars)

   Come take a look at this cash flowing investment opportunity in New Britain! Recently updated, the property now boasts as 2-3 bed unit with 1.5 bath unit, a 1 bed/1 bath unit and studio/1 bath unit. The 3 bed unit has laundry. Tenant paid utilities, updated units, and a large off street parking lot - what more could you ask for? There is continued value add opportunity with rents. This property is a total win for either an investor or owner occupant!

5. 2023-06-27
   soldstatus $265,000
6. 2023-06-26
   soldstatus $265,000 Closed 454-char remark

   Show marketing remark (454 chars)

   Come take a look at this cash flowing investment opportunity in New Britain! Recently updated, the property now boasts as 2-3 bed unit with 1.5 bath unit, a 1 bed/1 bath unit and studio/1 bath unit. The 3 bed unit has laundry. Tenant paid utilities, updated units, and a large off street parking lot - what more could you ask for? There is continued value add opportunity with rents. This property is a total win for either an investor or owner occupant!

7. 2023-03-19
   historical Under Contract - Continue to Show 454-char remark

   Show marketing remark (454 chars)

   Come take a look at this cash flowing investment opportunity in New Britain! Recently updated, the property now boasts as 2-3 bed unit with 1.5 bath unit, a 1 bed/1 bath unit and studio/1 bath unit. The 3 bed unit has laundry. Tenant paid utilities, updated units, and a large off street parking lot - what more could you ask for? There is continued value add opportunity with rents. This property is a total win for either an investor or owner occupant!

8. 2023-03-11
   status Active 454-char remark

   Show marketing remark (454 chars)

   Come take a look at this cash flowing investment opportunity in New Britain! Recently updated, the property now boasts as 2-3 bed unit with 1.5 bath unit, a 1 bed/1 bath unit and studio/1 bath unit. The 3 bed unit has laundry. Tenant paid utilities, updated units, and a large off street parking lot - what more could you ask for? There is continued value add opportunity with rents. This property is a total win for either an investor or owner occupant!

9. 2023-02-14
   status Under Contract 454-char remark

   Show marketing remark (454 chars)

   Come take a look at this cash flowing investment opportunity in New Britain! Recently updated, the property now boasts as 2-3 bed unit with 1.5 bath unit, a 1 bed/1 bath unit and studio/1 bath unit. The 3 bed unit has laundry. Tenant paid utilities, updated units, and a large off street parking lot - what more could you ask for? There is continued value add opportunity with rents. This property is a total win for either an investor or owner occupant!

10. 2023-02-04
    status Active 454-char remark

    Show marketing remark (454 chars)

    Come take a look at this cash flowing investment opportunity in New Britain! Recently updated, the property now boasts as 2-3 bed unit with 1.5 bath unit, a 1 bed/1 bath unit and studio/1 bath unit. The 3 bed unit has laundry. Tenant paid utilities, updated units, and a large off street parking lot - what more could you ask for? There is continued value add opportunity with rents. This property is a total win for either an investor or owner occupant!

11. 2022-12-10
    status Under Contract 454-char remark

    Show marketing remark (454 chars)

    Come take a look at this cash flowing investment opportunity in New Britain! Recently updated, the property now boasts as 2-3 bed unit with 1.5 bath unit, a 1 bed/1 bath unit and studio/1 bath unit. The 3 bed unit has laundry. Tenant paid utilities, updated units, and a large off street parking lot - what more could you ask for? There is continued value add opportunity with rents. This property is a total win for either an investor or owner occupant!

12. 2022-11-03
    price $310,000 454-char remark

    Show marketing remark (454 chars)

    Come take a look at this cash flowing investment opportunity in New Britain! Recently updated, the property now boasts as 2-3 bed unit with 1.5 bath unit, a 1 bed/1 bath unit and studio/1 bath unit. The 3 bed unit has laundry. Tenant paid utilities, updated units, and a large off street parking lot - what more could you ask for? There is continued value add opportunity with rents. This property is a total win for either an investor or owner occupant!

13. 2022-10-20
    listed $325,000 Active 454-char remark

    Show marketing remark (454 chars)

    Come take a look at this cash flowing investment opportunity in New Britain! Recently updated, the property now boasts as 2-3 bed unit with 1.5 bath unit, a 1 bed/1 bath unit and studio/1 bath unit. The 3 bed unit has laundry. Tenant paid utilities, updated units, and a large off street parking lot - what more could you ask for? There is continued value add opportunity with rents. This property is a total win for either an investor or owner occupant!

14. 2022-02-14
    soldstatus $230,000
15. 2022-01-21
    soldstatus $230,000 Closed
16. 2021-11-12
    historical Under Contract - Continue to Show
17. 2021-10-25
    price $250,000
18. 2021-09-22
    listed $260,000 Active
19. 2021-07-26
    soldstatus $160,000
20. 1987-08-26
    soldstatus $91,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CT · Partial reset (capped growth)

• Current annual tax: $5,809 · $484/mo
• Projected year-2 tax: $6,008 · $501/mo
• Expected delta: +$198/yr (+$17/mo · 3.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,120
• − Mortgage interest: −$16,245
• − Property taxes: −$5,809
• − Insurance: −$1,450
• − Repairs & maintenance: −$3,130
• − Management: −$3,130
• − Depreciation: −$8,436
• Taxable income: $921
• Est. tax owed @ 24.0%: −$221
• After-tax cash flow: $5,175/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: New Britain School District
• NCES district ID: 0902670
• Math proficiency: 6% ▼ -6.00%
• Reading proficiency: 17% ▼ -5.00%
• Median HH income: $40,827
• Composite: 9.95/100
• National rank: #9816
• State rank: #153 of 153 in CT

Livability — New Britain

• Score: 74/100
• State rank: #67
• US rank: #4936

Category grades

Amenities C Commute B Cost of living A Crime D Employment D Housing A Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Britain, CT
• County: Hartford County · 754,208 people
• City population: 66,322
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 36,774
• Household income: $62,645
• Rent vs Own: 48.9% rent · 51.1% own
• Severe rent burden: 1835.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 47% Hispanic / Latino 36% Two or more races 13% Black 10% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 25% Dominican 4%
• Common ancestry: Romanian 19% Lithuanian 3% Russian 1%
• Foreign-born: 22% · Canada, Vietnam, China
• Languages at home: 50% English-only · Spanish 26% Russian/Polish/Slavic 15% French/Haitian/Cajun 3%

Political lean MEDSL · Capitol

• 2024 margin: Strong D (+21.9) · D 60.1% · R 38.2% · Other 1.7%
• All cycles: 2024: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 65.76%
• Current HPI: 491.4724
• Rent YoY: ▲ 4.94%
• Metro: Hartford-East Hartford-Middletown, CT
• State GDP YoY: ▲ 1.06%
• F500 in state: 38

Industry mix (Fortune 500 HQ in CT)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$38B
▸Insurance	3	$71B
▸Financial Services	2	$25B
▸Transportation / Logistics	2	$18B
▸Healthcare	1	$247B
▸Telecommunications	1	$55B

Price history

+218.7% since first listed

20 events — show timeline

• 2026-05-12 Pending — Smart MLS
• 2026-03-19 Price Changed $290,000 Smart MLS
• 2026-03-02 Listed $299,900 Smart MLS
• 2023-06-29 Pending — Smart MLS
• 2023-06-27 Sold (Public Records) $265,000 Public Records
• 2023-06-26 Sold (MLS) $265,000 Smart MLS
• 2023-03-19 Contingent — Smart MLS
• 2023-03-11 Relisted — Smart MLS
• 2023-02-14 Pending — Smart MLS
• 2023-02-04 Relisted — Smart MLS
• 2022-12-10 Pending — Smart MLS
• 2022-11-03 Price Changed $310,000 Smart MLS
• 2022-10-20 Listed $325,000 Smart MLS
• 2022-02-14 Sold (Public Records) $230,000 Public Records
• 2022-01-21 Sold (MLS) $230,000 Smart MLS
• 2021-11-12 Contingent — Smart MLS
• 2021-10-25 Price Changed $250,000 Smart MLS
• 2021-09-22 Listed $260,000 Smart MLS
• 2021-07-26 Sold (Public Records) $160,000 Public Records
• 1987-08-26 Sold (Public Records) $91,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $5,809 · -1.9% YoY. Source: county tax records.