251 Mill Street, Greenwich CT

251 Mill Street | Greenwich | CT | 06830 Back to Properties


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Overview

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Property Details

  • Price: $ 2,500,000
  • Cap Rate: 5.75%
  • Units: 7
  • Price/Unit: $ 357,143
  • Rentable SF: 5,751 SF
  • Price/Square Foot: $ 435
  • Site Size: 0.06 AC
  • Parking: None
  • Year Built: 1920
  • Exterior: Stucco

Property Description

National Multifamily is pleased to present 251 Mill Street, a mixed-use investment opportunity located in the Byram neighborhood of Greenwich, CT. The property consists of seven total units, five residential and two street-level retail spaces, totaling approximately 5,751 square feet on a 0.06-acre parcel.

Built in 1920, the building features five residential units, all configured as 2-bedroom, 1-bathroom apartments, along with two ground-floor retail spaces offering street visibility in a high-foot-traffic area. The property presents a value-add opportunity through interior upgrades and rental repositioning, with the potential to increase income and overall asset value.

Though the property does not offer on-site parking, it benefits from a walkable location just steps from the New York border and close proximity to the Port Chester Metro-North station, local bus routes, shops, restaurants, and everyday conveniences.

Greenwich remains one of Connecticut’s most sought-after markets, and the Byram section continues to see steady demand due to its accessibility, charm, and proximity to both downtown Greenwich and Westchester County. 251 Mill Street offers investors a rare opportunity to acquire a stabilized asset with upside potential in a historically strong rental market.

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Financial Summary

251 Mill Street, Greenwich CT

Investment Highlights

Price $ 2,500,000.00
Units 7
Year Built 1920
Parking None
Heat Gas - Owner Paid
Hot Water Gas - Owner Paid
Roof Flat
Exterior Stucco
Site Size 0.06 Acres

Metrics

Price / Unit $ 357,142.86
Price / SF $ 434.71
Gross Rent Multiplier 11.90

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 223,260.00 $ 210,000.00
Less: Vacancy $ 4,465.20 $ 4,200.00
Based On: 2 % est. 2 % est.
Net Rent Income $ 218,794.80 $ 205,800.00
Total Operating Income $ 218,794.80 $ 205,800.00

 

Expense
Potential
Current
Real Estate Taxes $ 21,000.00 $ 10,100.11
Insurance $ 9,000.00 $ 9,000.00
Heat/Hot Water $ 10,000.00 $ 10,000.00
Electric (Common) $ 600.00 $ 600.00
Water $ 3,000.00 $ 3,000.00
Sewer $ 266.76 $ 266.76
Management Fees $ 10,939.74 $ 10,290.00
Based On: 5% est. 5% est.
Management Fees (Actual) $ 9,975.00 $ 10,604.85
Snow Removal $ 400.00 $ 400.00
Maintenance/Repairs $ 10,939.74 $ 10,290.00
Based On: 5% est. 5% est.
Maintenance/Repairs (Actual) $ 9,975.00 $ 10,604.85
Common Area Cleaning $ 2,400.00 $ 2,400.00
Total Expenses $ 88,496.24 $ 77,556.57
Net Operating Income $ 130,298.56 $ 128,243.43
Cap Rate 5.21 % est. 5.13 % 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
Retail 10/1$1,000$1,0301 Year Lease12/31/25
Retail 20/1$2,500$2,5751 Year Lease12/31/25
12/1$2,800$3,000Vacant
22/1$2,800$3,000Vacant
32/1$2,800$3,000Vacant
42/1$2,800$3,000Vacant
52/1$2,800$3,000Vacant

Totals

$ 17,500.00

$ 18,605.00

* 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.