48-52 Smith Street, Derby CT

48-52 Smith Street | Derby | CT | 06418 Back to Properties


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Overview

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Property Details

  • Price: $ 500,000
  • Cap Rate: 7.09%
  • Units: 4
  • Price/Unit: $ 125,000
  • Rentable SF: 4,010 SF
  • Price/Square Foot: $ 125
  • Site Size: 0.14 AC
  • Parking: None
  • Year Built: 1912
  • Exterior: Vinyl Sided

Property Description

National Multifamily is pleased to present 48-52 Smith Street, a 4-unit multifamily property located in Derby, CT. The units at the property are oversized and are comprised of a three-bedroom duplex, 2-two bedrooms, and 1-one bedroom totaling 4,010 rentable square feet across the two onsite buildings. The larger of the two onsite buildings contains three units, was built in 1912, and tenants pay for their own heat and hot water through individual gas systems.  The smaller of the two onsite buildings contains 1-one bedroom unit, was built in 1950, and the tenant pays for their own heat and hot water through an individual electric system.

Currently, one of the four units are owner-occupied (2F).  The owner has confirmed they will lease back this unit if a buyer is interested at the rate in the rent roll. Of the three remaining units, two (Unit 1R and 2R) are month to month and are 65% below market and the other (Unit 52) is on a one-year lease through August 31st.

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Financial Summary

48-52 Smith Street, Derby CT

Investment Highlights

Price $ 500,000.00
Units 4
Year Built 1912
Parking None
Heat Gas & Electric - Tenant Paid
Hot Water Gas & Electric - Tenant Paid
Roof Pitched
Exterior Vinyl Sided
Site Size 0.14 Acres

Metrics

Price / Unit $ 125,000.00
Price / SF $ 124.69
Gross Rent Multiplier 8.01

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 82,200.00 $ 62,400.00
Less: Vacancy $ 4,110.00 $ 3,120.00
Based On: 5 % est. 5 % est.
Net Rent Income $ 78,090.00 $ 59,280.00
Total Operating Income $ 78,090.00 $ 59,280.00

 

Expense
Potential
Current
Real Estate Taxes $ 14,000.00 $ 7,656.77
Insurance $ 5,000.00 $ 5,000.00
Electric (Common) $ 240.00 $ 240.00
Water $ 2,376.51 $ 2,376.51
Sewer $ 1,416.35 $ 1,416.35
Management Fees $ 3,904.50 $ 2,964.00
Based On: 5% est. 5% est.
Snow Removal/Landscape $ 1,200.00 $ 1,200.00
Maintenance/Repairs $ 3,904.50 $ 2,964.00
Based On: 5% est. 5% est.
Total Expenses $ 32,041.86 $ 23,817.63
Net Operating Income $ 46,048.14 $ 35,462.37
Cap Rate 9.21 % est. 7.09 % 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
48 - 1R2/1$1,000$1,750MTM
48 - 2F3/1$1,800$2,000Owner Occupied
48 - 2R2/1$1,100$1,750MTM
521/1$1,300$1,350Leased8/31/25

Totals

$ 5,200.00

$ 6,850.00

* 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.