308 & 312 Greenwich Avenue, Stamford CT

308 & 312 Greenwich Avenue | Stamford | CT | 06902 Back to Properties


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Overview

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Property Details

  • Price: $ 5,000,000
  • Cap Rate: 6.80%
  • Units: 12
  • Price/Unit: $ 416,667
  • Rentable SF: 13,860 SF
  • Price/Square Foot: $ 361
  • Site Size: 0.30 AC
  • Parking: Off-Street
  • Year Built: 1910
  • Exterior: Vinyl

Property Description

The apartments located at 308 & 312 Greenwich Avenue, Stamford CT are comprised of 12 oversized units (6-four bedrooms and 6-three bedrooms) in two 3 story, vinyl sided walk-ups totaling 13,860 SF and built in 1910.  Situated on a 0.30 acre site there are 12 off-street parking spaces for the tenants that are currently lined as tandem spots to allow for 24 cars to be parked.  The tenants pay for heat and hot water through individual electric systems.

There is no current charge for parking allowing investors a potential immediate additional income stream.  Rents across the portfolio have room to grow to market upon lease renewals.  Additionally there is space already built out, but not currently utilized for a laundry room to accommodate both buildings with exterior access into the basement of 308 Greenwich Avenue.

The properties are 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 3 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

308 & 312 Greenwich Avenue, Stamford CT

Investment Highlights

Price $ 5,000,000.00
Units 12
Year Built 1910
Rentable SF 13860
Parking Off-Street
Heat Electric - Tenants Pay
Hot Water Electric - Tenants Pay
Roof Flat - Rubber
Exterior Vinyl
Site Size 0.30 Acres

Metrics

Price / Unit $ 416,666.67
Price / SF $ 360.75
Gross Rent Multiplier 10.98

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 482,400.00 $ 455,400.00
Less: Vacancy $ 14,472.00 $ 13,662.00
Based On: 3 % est. 3 % est.
Net Rent Income $ 467,928.00 $ 441,738.00
Plus: Other Income $ 2,000.00 $ 2,000.00
Total Operating Income $ 469,928.00 $ 443,738.00

 

Expense
Potential
Current
Real Estate Taxes $ 38,706.04 $ 38,706.04
Insurance $ 15,000.00 $ 15,000.00
Electric (Common) $ 997.78 $ 997.78
Water $ 4,184.45 $ 4,184.45
Sewer $ 5,660.46 $ 5,660.46
Management Fees (Actual) $ 13,764.71 $ 13,764.71
Pest Control $ 7,657.20 $ 7,657.20
Maintenance/Repairs $ 18,797.12 $ 17,749.52
Based On: 4% est. 4% est.
Total Expenses $ 104,767.76 $ 103,720.16
Net Operating Income $ 365,160.24 $ 340,017.84
Cap Rate 7.30 % est. 6.80 % 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
308 - 1L4/1$3,100$3,4001 Year Lease7/31/24
308 - 1R4/1$3,100$3,4001 Year Lease1/31/25
308 - 2L4/1$3,250$3,4001 Year Lease4/30/25
308 - 2R4/1$3,100$3,4001 Year Lease8/31/24
308 - 3L4/1$3,250$3,4001 Year Lease1/31/25
308 - 3R4/1$3,250$3,4001 Year Lease1/31/25
312 - 1L3/1$3,200$3,3001 Year Lease6/30/24
312 - 1R3/1$3,200$3,3001 Year Lease6/30/24
312 - 2L3/1$3,100$3,3001 Year Lease7/31/24
312 - 2R3/1$3,100$3,3001 Year Lease8/31/24
312 - 3L3/1$3,200$3,3001 Year Lease8/31/24
312 - 3R3/1$3,100$3,3001 Year Lease8/31/24

Totals

$ 37,950.00

$ 40,200.00

* 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.