193 Sound Beach Avenue, Old Greenwich CT

193 Sound Beach Avenue | Old Greenwich | CT | 06870 Back to Properties


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Overview

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Property Details

  • Price: $ 2,150,000
  • Cap Rate: 6.39%
  • Units: 4
  • Price/Unit: $ 537,500
  • Rentable SF: 5,570 SF
  • Price/Square Foot: $ 386
  • Site Size: 0.14 AC
  • Parking: Off Street
  • Year Built: 1915
  • Exterior: Brick

Property Description

National Multifamily is pleased to present 193 Sound Beach Avenue, a 4-unit mixed-use property located in Old Greenwich CT. The property is located in the central shopping area of Old Greenwich and is just one block away from the Metro-North station.

The property is comprised of 4 units (2 retail units on the ground floor with 2 oversized one bedrooms on the second floor) totaling 5,570 rentable square feet in one-two story building. The property was built in 1915, sits on a 0.14-acre site, and has 6 off-street parking spaces. Currently, the landlord pays for the heat through a central gas system. The apartments have in-unit laundry, separate electric hot water heaters, and both have large sundecks that can be accessed via the back of the apartments and from the parking lot in the rear.

The property has high value-add potential with three of the four units currently in a month-to-month rental arrangement. Due to the location, renovations to the property would lead to a drastic increase in rental potential.

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Financial Summary

193 Sound Beach Avenue, Old Greenwich CT

Investment Highlights

Price $ 2,150,000.00
Units 4
Year Built 1915
Parking Off Street
Heat Gas - Landlord Paid
Hot Water Electric - Tenant Paid
Roof Flat - Rubber
Exterior Brick
Site Size 0.14 Acres

Metrics

Price / Unit $ 537,500.00
Price / SF $ 386.00
Gross Rent Multiplier 11.02

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 225,468.00 $ 195,156.00
Less: Vacancy $ 11,273.40 $ 9,757.80
Based On: 5 % est. 5 % est.
Net Rent Income $ 214,194.60 $ 185,398.20
Plus: Other Income $ 21,000.00 $ 10,600.00
Total Operating Income $ 235,194.60 $ 195,998.20

 

Expense
Potential
Current
Real Estate Taxes $ 16,792.20 $ 16,792.20
Insurance $ 14,063.88 $ 14,063.88
Heat $ 5,857.01 $ 5,857.01
Electric (Common) $ 636.89 $ 636.89
Water $ 421.16 $ 421.16
Management Fees $ 11,759.73 $ 9,799.91
Based On: 5% est. 5% est.
Snow Removal $ 1,200.00 $ 1,200.00
Maintenance/Repairs $ 11,759.73 $ 9,799.91
Based On: 5% est. 5% est.
Total Expenses $ 62,490.60 $ 58,570.96
Net Operating Income $ 172,704.00 $ 137,427.24
Cap Rate 8.03 % est. 6.39 % 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
Wine Merchants0/1$6,494$6,689Leased3/31/28
Rummage Room0/1$5,369$6,500MTM
Apt. South1/1$2,200$2,800MTM
Apt. North1/1$2,200$2,800MTM

Totals

$ 16,263.00

$ 18,789.00

* 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.