Sold for $175K in 2020, mixed-use Hartford building fetches $1.2M following renovations
A Hartford building with five apartments above two storefronts recently sold for $1.2 million, more than 10 times the price the property fetched in 2020.
The 1948-vintage, brick building at 886-888 Maple Ave., and nearby lot at 199 Gilman St. -- currently used as parking -- sold in 2020 for $175,000 to a limited liability company controlled by Ilir Gjomarkaj and his wife, Elona Kola.
At the time, the building – configured as office space over retail – was long-vacant and had a leaking roof, Gjomarkaj recalled Tuesday morning. It had good bones but needed a lot of work.
Gjomarkaj, 44, said he applied for a land-use change from the city, allowing him to build five modern apartments with upscale finishes into the roughly 7,300-square-foot building. He also completely renovated the commercial spaces.
It was not easy or cheap.
Gjomarkaj, a contractor, said material prices skyrocketed and labor was in short supply as he began his project. He said he spent about $540,000 on renovations and performed “countless” hours of work himself.
“That was the worst time for construction,” Gjomarkaj said. “It made it very hard to complete it with ease.”
Today, the commercial spaces are occupied by a television studio, pizza restaurant and radio station, he said. Even so, selling it wasn’t a breeze either.
The property was on the market for about six months and sold following a steep price reduction, Gjomarkaj said.
NOA CT PROPERTIES LLC bought the Maple Avenue property and the companion Gilman Street lot in a deed recorded Dec. 6. The buying LLC lists a Hawthorne, New York business address. Its principal, Orges Gjinaj, lives at the Maple Avenue building, according to a state business filing.
Gjomarkaj said he had hoped to reinvest in a similar value-add opportunity but the market is very tight. Most properties seem overpriced, especially given current high interest rates, he said. He plans to wait for a shift in the market.
“I like to wait and see what’s going on,” Gjomarkaj said.
Gjomarkaj is also a licensed real estate salesperson with Berkshire Hathaway HomeServices New England Properties, which handled the Maple Avenue listing. Molly Bradbury and Lisa Cozzi of the Lisa Cozzi Team of Berkshire Hathaway HomeServices New England Properties were among the listing agents.
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