265 Greenwich Avenue, Stamford CT

265 Greenwich Avenue | Stamford | CT | 06902 Back to Properties


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Overview

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Property Details

  • Price: $ 2,300,000
  • Cap Rate: 7.99%
  • Units: 6
  • Price/Unit: $ 383,333
  • Rentable SF: 5,760 SF
  • Price/Square Foot: $ 399
  • Site Size: 0.18 AC
  • Parking: Off Street
  • Year Built: 1919
  • Exterior: Brick

Property Description

National Multifamily is pleased to present 265 Greenwich Avenue, a 6-unit multifamily property located in the Waterside neighborhood of Stamford, CT. The property is approximately 0.5 miles from the Stamford Train Station, a major regional transit hub served by Metro-North, Amtrak, and extensive bus service.

The building contains 5,760 rentable square feet across three stories and was built in 1919. It is situated on a 0.18-acre lot with 13 off-street parking spaces located on the rear. The property is comprised of six residential units, three of which are currently rented to Section 8, providing steady rental income. Tenants pay for heat and hot water through individual gas boilers and hot water heaters.

The property offers straightforward value-add potential, including the opportunity to generate additional income by charging for parking and the potential to add coin-op laundry in the basement.

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Financial Summary

265 Greenwich Avenue, Stamford CT

Investment Highlights

Price $ 2,300,000.00
Units 6
Year Built 1919
Parking Off Street
Heat Gas - Tenant Paid
Hot Water Gas - Tenant Paid
Roof Flat
Exterior Brick
Site Size 0.18 Acres

Metrics

Price / Unit $ 383,333.33
Price / SF $ 399.31
Gross Rent Multiplier 9.65

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 259,200.00 $ 238,248.00
Less: Vacancy $ 7,776.00 $ 7,147.44
Based On: 3 % est. 3 % est.
Net Rent Income $ 251,424.00 $ 231,100.56
Plus: Other Income $ 7,800.00 $ 0.00
Total Operating Income $ 259,224.00 $ 231,100.56

 

Expense
Potential
Current
Real Estate Taxes $ 37,030.00 $ 18,394.24
Insurance $ 5,889.00 $ 5,889.00
Electric (Common) $ 790.39 $ 790.39
Water $ 2,323.30 $ 2,323.30
Sewer $ 2,755.62 $ 2,755.62
Management Fees $ 10,368.96 $ 9,244.02
Based On: 4% est. 4% est.
Maintenance/Repairs (Actual) $ 8,000.00 $ 8,000.00
Total Expenses $ 67,157.27 $ 47,396.57
Net Operating Income $ 192,066.73 $ 183,703.99
Cap Rate 8.35 % est. 7.99 % 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
1R3/1$3,400$3,6001 Year Lease10/31/26
1L3/1$3,600$3,600Vacant
2R3/1$3,304$3,6001 Year Lease5/31/26
2L3/1$3,000$3,6001 Year Lease7/31/26
3R3/1$3,550$3,6001 Year Lease8/31/26
3L3/1$3,000$3,6001 Year Lease1/31/26

Totals

$ 19,854.00

$ 21,600.00

* 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.