2 Park Street, Norwalk CT

2 Park Street | Norwalk | CT | 06851 Back to Properties


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Overview

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Property Details

  • Price: $ 1,850,000
  • Cap Rate: 6.30%
  • Units: 5
  • Price/Unit: $ 370,000
  • Rentable SF: 4,136 SF
  • Price/Square Foot: $ 447
  • Site Size: 0.22 AC
  • Parking: Off-Street
  • Year Built: 1900
  • Exterior: Clapboard

Property Description

National Multifamily is pleased to present 2 Park Street, a fully renovated, high-end, 5-unit multifamily property located in the desirable Norwalk Green Historic District in Norwalk, CT.  The property brings the best of both worlds for an investor and tenants with its historic charm on the outside and class A apartment renovations on the inside.

In mint condition, the turn-key property is comprised of 5 units (4 oversized one bedrooms and 1 oversized loft studio) totaling 4,136 rentable square feet in one-three story building.  The property was built in 1900 and fully renovated in 2017.

Each apartment was meticulously and classically designed with top of the line finishes during the full renovation of the property in 2017.  Units are oversized by all metrics with the one bedrooms ranging from 647 to 777 square feet and the loft studio at 742 square feet.  All units have in-unit washer dryers and central air conditioning. Apartments are heated through individual gas-forced hot air systems and each unit has its own hot water heater in the basement.

The property overlooks the Norwalk Green that is the heart of the Norwalk Green Historic District.  In the summer the park hosts a concert series, over the holidays there is tree lighting and caroling, and a seasonal Farmer’s Market hosted by one of the two churches.  Additionally, the property is walking distance to the recently revitalized Wall Street District.

The building is set on a .22-acre site and has an off-street parking lot with 10 designated parking spaces.  Fully landscaped with flagstone walkways and shrubbery, the irrigated property includes an outdoor patio area and built-in gas grill.

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Financial Summary

2 Park Street, Norwalk CT

Investment Highlights

Price $ 1,850,000.00
Units 5
Year Built 1900
Rentable SF 4136
Parking Off-Street
Heat Gas - Tenant Paid
Hot Water Gas - Tenant Paid
Roof Pitched Asphalt Shingle
Exterior Clapboard
Site Size 0.22 Acres

Metrics

Price / Unit $ 370,000.00
Price / SF $ 447.29
Gross Rent Multiplier 12.73

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 169,200.00 $ 145,296.00
Less: Vacancy $ 3,384.00 $ 2,905.92
Based On: 2 % est. 2 % est.
Net Rent Income $ 165,816.00 $ 142,390.08
Plus: Other Income $ 10,200.00 $ 3,000.00
Total Operating Income $ 176,016.00 $ 145,390.08

 

Expense
Potential
Current
Real Estate Taxes $ 25,734.24 $ 4,288.23
Insurance $ 7,186.00 $ 7,186.00
Electric (Common) $ 550.75 $ 550.75
Water $ 1,106.93 $ 1,106.93
Sewer $ 1,276.00 $ 1,276.00
Trash Collection $ 2,427.87 $ 2,427.87
Management Fees $ 7,040.64 $ 5,815.60
Based On: 4% est. 4% est.
Snow Removal/Landscape $ 3,116.06 $ 3,116.06
Maintenance/Repairs (Actual) $ 2,500.00 $ 2,500.00
Common Area Cleaning $ 600.00 $ 600.00
Total Expenses $ 51,538.49 $ 28,867.44
Net Operating Income $ 124,477.51 $ 116,522.64
Cap Rate 6.73 % est. 6.30 % 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
1A1/1$2,470$2,8001 Year Lease06/14/2025
1B1/1$2,200$2,9001 Year Lease06/30/2025
2A1/1$2,338$2,8002 Year Lease02/28/2026
2B1/1$2,650$2,9001 Year Lease07/14/2025
3A0/1$2,450$2,7001 Year Lease05/31/2025

Totals

$ 12,108.00

$ 14,100.00

* 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.