142 Ludlow Street, Stamford CT

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


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Overview

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Property Details

  • Price: $ 2,750,000
  • Cap Rate: 6.77%
  • Units: 7
  • Price/Unit: $ 392,857
  • Rentable SF: 6,240 SF
  • Price/Square Foot: $ 441
  • Site Size: 0.35 AC
  • Parking: Off-Street
  • Year Built: 1915
  • Exterior: Vinyl

Property Description

The apartments located at 142 Ludlow Street, Stamford CT are comprised of 7-three bedroom and 1.5 bath townhouse units in one 2 story vinyl sided property totaling 6,240 SF and built in 1915.  Situated on a 0.35 acre site there are 28 off-street parking spaces for the tenants.  The tenants pay for heat and hot water through individual electric systems.  Due to the townhouse nature of the buildings design there is no common electric meter for the owner.  Tenants have direct access in the units to their individual basements for storage.

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. The current rent roll in the setup is as of May 1, 2024.  The property can be combined with another 4 buildings in Stamford to form a 5-building, 34 unit portfolio.  The whole portfolio setup and individual setups of the additional properties with pricing can be found on www.nationalmultifamily.com.

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Financial Summary

142 Ludlow Street, Stamford CT

Investment Highlights

Price $ 2,750,000.00
Units 7
Year Built 1915
Rentable SF 6240
Parking Off-Street
Heat Electric - Tenants Pay
Hot Water Electric - Tenants Pay
Roof Flat - Rubber
Exterior Vinyl
Site Size 0.35 Acres

Metrics

Price / Unit $ 392,857.14
Price / SF $ 440.71
Gross Rent Multiplier 11.01

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 277,200.00 $ 249,720.00
Less: Vacancy $ 8,316.00 $ 7,491.60
Based On: 3 % est. 3 % est.
Net Rent Income $ 268,884.00 $ 242,228.40
Plus: Other Income $ 17,800.00 $ 1,000.00
Total Operating Income $ 286,684.00 $ 243,228.40

 

Expense
Potential
Current
Real Estate Taxes $ 21,950.48 $ 21,950.48
Insurance $ 8,750.00 $ 8,750.00
Water $ 4,078.38 $ 4,078.38
Sewer $ 4,381.26 $ 4,381.26
Management Fees (Actual) $ 8,029.41 $ 8,029.41
Maintenance/Repairs $ 11,467.36 $ 9,729.14
Based On: 4% est. 4% est.
Total Expenses $ 58,656.89 $ 56,918.67
Net Operating Income $ 228,027.11 $ 186,309.73
Cap Rate 8.29 % est. 6.77 % 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
1423/1.5$2,970$3,3001 Year Lease6/30/24
1463/1.5$2,860$3,3001 Year Lease6/30/24
1503/1.5$3,100$3,3001 Year Lease2/28/25
1523/1.5$2,970$3,3001 Year Lease6/30/24
1563/1.5$2,970$3,3001 Year Lease6/30/24
1603/1.5$2,970$3,3001 Year Lease6/30/24
1623/1.5$2,970$3,3001 Year Lease6/30/24

Totals

$ 20,810.00

$ 23,100.00

* 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.