71 Virgil Street, Stamford CT

71 Virgil Street | Stamford | CT | 06902 Back to Properties


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Overview

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Property Details

  • Price: $ 1,400,000
  • Cap Rate: 6.63%
  • Units: 6
  • Price/Unit: $ 233,333
  • Rentable SF: 7,238 SF
  • Price/Square Foot: $ 193
  • Site Size: 0.18 AC
  • Parking: Off Street
  • Year Built: 1960
  • Exterior: Vinyl Siding

Property Description

National Multifamily is pleased to present 71 Virgil Street, a 6-unit multifamily property located on the West Side of Stamford, Connecticut, approximately one mile from the Stamford Metro-North station.

The property is comprised of six apartment units (three 2-bedroom units, two 3-bedroom units, and one 4-bedroom unit) totaling 7,238 rentable square feet in one two-story building. The property was built in 1960, sits on a 0.21-acre site, and includes 8 off-street parking spaces. All six units are currently leased on a month-to-month basis. Tenants pay for heat and hot water through mixed systems, and the property operates with four electrical meters serving six units.

The property offers classic value-add potential through full renovations of the common areas and apartments to increase the current rent roll, as well as the potential to explore additional income by installing a common laundry facility or charging for parking.

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Financial Summary

71 Virgil Street, Stamford CT

Investment Highlights

Price $ 1,400,000.00
Units 6
Year Built 1960
Parking Off Street
Heat Tenant Paid
Hot Water Tenant Paid
Roof Gable/Hip
Exterior Vinyl Siding
Site Size 0.21 Acres

Metrics

Price / Unit $ 233,333.33
Price / SF $ 193.42
Gross Rent Multiplier 9.33

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 190,800.00 $ 150,000.00
Less: Vacancy $ 9,540.00 $ 7,500.00
Based On: 5 % est. 5 % est.
Net Rent Income $ 181,260.00 $ 142,500.00
Total Operating Income $ 181,260.00 $ 142,500.00

 

Expense
Potential
Current
Real Estate Taxes $ 22,540.00 $ 20,838.00
Insurance $ 8,000.00 $ 8,000.00
Water & Sewer $ 4,600.00 $ 4,600.00
Management Fees $ 9,063.00 $ 7,125.00
Based On: 5% est. 5% est.
Snow Removal $ 1,200.00 $ 1,200.00
Landscaping/Grounds $ 800.00 $ 800.00
Maintenance/Repairs $ 9,063.00 $ 7,125.00
Based On: 5% est. 5% est.
Total Expenses $ 55,266.00 $ 49,688.00
Net Operating Income $ 125,994.00 $ 92,812.00
Cap Rate 9.00 % est. 6.63 % 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
A12/1$1,500$2,400MTM
A23/1$2,100$2,600MTM
A33/1$2,200$2,600MTM
B12/1$1,675$2,400MTM
B22/1$1,675$2,400MTM
B34/1$3,350$3,500MTM

Totals

$ 12,500.00

$ 15,900.00

* 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.