114 Ludlow Street, Stamford CT

114 Ludlow Street | Stamford | CT | 06902 Back to Properties


Available
×

Login

Overview

property galery image property galery image property galery image property galery image property galery image

Property Details

  • Price: $ 2,450,000
  • Cap Rate: 6.84%
  • Units: 6
  • Price/Unit: $ 408,333
  • Rentable SF: 5,370 SF
  • Price/Square Foot: $ 456
  • Site Size: 0.26 AC
  • Parking: Off-Street
  • Year Built: 1910
  • Exterior: Vinyl

Property Description

The apartments located at 114 Ludlow Street, Stamford CT are comprised of 6 units (4-two bedrooms and 2-three bedrooms) in one 3 story, vinyl sided walk-up totaling 5,370 SF and built in 1910.  Situated on a 0.26 acre site there are 6 off-street parking spaces for the tenants.  The tenants pay for heat and hot water through individual electric systems.  In addition to the 6-unit apartment building on the site, the rear of the property consists of a fenced in 5,000 SF area that is rented to a landscape company for storage for $3,200/month that is accounted for in “Other Income”.  The tenant has a 3 year lease ending September 2026.  Annual rent increases for the rear lot with the rent moving to $3,500/month.

There is no current charge for parking allowing investors a potential immediate additional income stream.  Rents have room to grow to market upon lease renewals.

The property is walking distance to the Stamford Train Station with access to Grand Central Station in Midtown Manhattan in under 1 hour.  The apartments are 100% free market.

×

Share this property with your friends

Please type comma separated emails if you want to share these properties with multiple people.
×

Download File

×

Download File

×

Download Offering Memorandum

×

3D Tour


Share this property

Request Information


 

Financial Summary

114 Ludlow Street, Stamford CT

Investment Highlights

Price $ 2,450,000.00
Units 6
Year Built 1910
Rentable SF 5370
Parking Off-Street
Heat Electric - Tenant Pays
Hot Water Electric - Tenant Pays
Roof Flat - Rubber
Exterior Vinyl
Site Size 0.26 Acres

Metrics

Price / Unit $ 408,333.33
Price / SF $ 456.24
Gross Rent Multiplier 13.70

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 196,800.00 $ 178,800.00
Less: Vacancy $ 5,904.00 $ 5,364.00
Based On: 3 % est. 3 % est.
Net Rent Income $ 190,896.00 $ 173,436.00
Plus: Other Income $ 46,600.00 $ 39,400.00
Total Operating Income $ 237,496.00 $ 212,836.00

 

Expense
Potential
Current
Real Estate Taxes $ 17,909.30 $ 17,909.30
Insurance $ 7,500.00 $ 7,500.00
Electric (Common) $ 751.85 $ 751.85
Water $ 1,778.12 $ 1,778.12
Sewer $ 2,004.08 $ 2,004.08
Management Fees (Actual) $ 6,882.35 $ 6,882.35
Maintenance/Repairs $ 9,499.84 $ 8,513.44
Based On: 4% est. 4% est.
Total Expenses $ 46,325.54 $ 45,339.14
Net Operating Income $ 191,170.46 $ 167,496.86
Cap Rate 7.80 % est. 6.84 % est.

All information furnished regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions, prior to sale or lease, or withdrawal without notice. National Multifamily Corp. makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property.

 

Rent Roll

Unit
BR/BA
Current Monthly Rent
Potential Monthly Rent
Status
Lease Expires
1L2/1$2,350$2,6001 Year Lease7/31/24
1R3/1$2,800$3,0001 Year Lease9/30/24
2L2/1$2,350$2,6001 Year Lease7/31/24
2R2/1$2,100$2,6001 Year Lease6/30/24
3L2/1$2,500$2,6001 Year Lease6/30/24
3R3/1$2,800$3,0001 Year Lease7/31/24

Totals

$ 14,900.00

$ 16,400.00

* 0 = Studio under BR

All information furnished regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions, prior to sale or lease, or withdrawal without notice. National Multifamily Corp. makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property.