Active real-estate-and-business operating-home

65 Elm Street

Price
$925,000.00
Listing Tags
owner-financing
Beds
27
Size
5900 sqft
Type
Two-Family

Overview

A large, newly renovated Victorian standing on the common in Rockville, the historic mill village at the center of Vernon, Connecticut. The house is well appointed, the bedrooms are unusually spacious, and the home is operating today as a recovery residence, so the next owner takes over a working house rather than a renovation. Real estate and business convey together, and owner financing is available to a qualified buyer.

Lease and Income Structure

65 Elm Street is offered for sale as a going concern, with the real estate and the operating recovery housing business conveying together and owner financing available to a qualified buyer.

Rockville and the Common

Rockville grew up in the nineteenth century around the woolen mills on the Hockanum River, thirteen mill sites at the peak, running from the 1820s until the last of the industry closed in 1952. A fire in 1888 took out the wooden downtown. What went up in its place, in brick and stone, is what still frames Central Park today: the Union Congregational Church, the Rockville National Bank, Memorial Hall. The village went on the National Register of Historic Places in 1984 as a district of 51 streets and more than 800 contributing buildings, put up between 1830 and 1934.

Elm Street runs along the park, and its neighbors carry the same period detail, from the Caleb Tefft House of 1848 to the Union Congregational Church of 1890. Vernon sits on I-84 about fifteen miles northeast of Hartford, which puts hospitals, courts, treatment providers and work inside a short drive while the house itself faces a quiet green.

The House

This is a big Victorian, recently renovated throughout, with the room sizes that period gives you and bedrooms that are genuinely spacious rather than nominally so. The two-family configuration leaves an operator options: two separate programs under one roof, or one larger house running across both floors. Parking is ample, which matters more in recovery housing than it sounds like it should.

Operating Today

The home is in service now as a recovery residence, not sitting empty waiting for a buyer with a plan. The renovation is behind it. A buyer inherits a house that is finished and running, and the figures on this page describe it as it operates rather than as it might operate after a year of work.

Who This Fits

An operator who would rather buy a house that already works than convert one, or an investor who wants the building with a recovery housing use and an operator in place. Owner financing is available, with terms that depend on the down payment and on the buyer's experience running this kind of home. Diligence should cover certification status, local zoning and fair housing posture, life safety systems, and the current resident and staffing arrangements.

Property Financials
Bed Data
Private Beds 2
Shared Beds 25
Total Beds 27
Vacancy Rate (estimated) 20%
House Mentors 1.5
Revenue-Producing Beds 20.50
Weekly Rent $180.00
Intake Fee $200.00
Revenue (Annual)
Total Potential Rent Income $252,720.00
Less: Vacancy & Loss $50,544.00
Less: Mentor Rent Credit $14,040.00
Plus: Intake Fee Revenue $8,800.00
Plus: Laundry Service Revenue $4,576.00
Total Revenue $201,512.00
Expenses (Annual)
Operating Expenses $65,192.00
Property Taxes $10,016.00
Property Insurance $3,600.00
Operator Compensation $24,000.00
Total Expenses $102,808.00
Net Income
Net Operating Income $98,704.00
Valuation
Capitalization Rate 10%
Value on Cap Rate $987,040.00