34 Unit Stamford Portfolio

34 Unit Portfolio | Stamford | CT | 06902 Back to Properties

308 & 312 Greenwich Avenue | Stamford | CT | 06902

114 & 142 Ludlow Street | Stamford | CT | 06902

151 Spruce Street | Stamford | CT | 06902


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Overview

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Property Details

  • Units: 34
  • Rentable SF: 36,238 SF
  • Site Size: 1.13 AC
  • Parking: Off-Street

Property Description

The 5-building portfolio consists of 34 oversized units (7-three bedroom & 1.5 bath, 10-three bedroom & 1 bath, 6-four bedroom & 1 bath, 10-two bedroom & 1 bath, and 1 Retail) all located in Stamford CT.  The addresses of the portfolio includes: 151 Spruce Street, (9 Units), 308 & 312 Greenwich Avenue (12 units), 114 Ludlow Street (6 units), and 142 Ludlow Street (7 units).

Across the portfolio, tenants pay for their own heat and hot water through individual systems.  Spruce Street runs on individual gas based systems and the Greenwich Avenue and Ludlow Street properties run on individual electric based systems. Each building has a lined parking lot for the residents use.  There are currently 57 lined parking spots across the portfolio, with room for 69 cars as Greenwich Avenue is lined as tandem spots.  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.  The retail tenant at 151 Spruce St has a 10 year lease with 10% increases to their base rent annually.  On top of the base rent, the retail tenant pays a CAM charge of $2,321/month that is accounted for in “Other Income”.  In addition to the building at 114 Ludlow Street, the rear of the property consists of a fenced in 5,000 SF area that is rented to a landscape company for storage for $3,200/month that is accounted for in “Other Income”.

The properties are located 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.

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Financial Summary

34 Unit Stamford Portfolio

Investment Highlights

Units 34
Rentable SF 36238
Parking Off-Street
Heat Tenants Pay
Hot Water Tenants Pay
Roof Flat - Rubber
Exterior Vinyl & Brick
Site Size 1.13 Acres

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 1,276,033.20 $ 1,181,532.00
Less: Vacancy $ 38,281.00 $ 35,445.96
Based On: 3 % est. 3 % est.
Net Rent Income $ 1,237,752.20 $ 1,146,086.04
Plus: Other Income $ 101,120.00 $ 71,252.00
Total Operating Income $ 1,338,872.20 $ 1,217,338.04

 

Expense
Potential
Current
Real Estate Taxes $ 106,647.10 $ 106,647.10
Insurance $ 42,500.00 $ 42,500.00
Electric (Common) $ 2,663.16 $ 2,663.16
Water $ 14,159.86 $ 14,159.86
Sewer $ 17,098.64 $ 17,098.64
Trash Collection $ 6,414.00 $ 6,414.00
Management Fees (Actual) $ 39,000.00 $ 39,000.00
Pest Control $ 7,657.20 $ 7,657.20
Maintenance/Repairs $ 53,554.89 $ 48,693.52
Based On: 4% est. 4% est.
Total Expenses $ 289,694.85 $ 284,833.48
Net Operating Income $ 1,049,177.36 $ 932,504.56

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
114 - 1L2/1$2,350$2,6001 Year Lease7/31/24
114 - 1R3/1$2,800$3,0001 Year Lease9/30/24
114 - 2L2/1$2,350$2,6001 Year Lease7/31/24
114 - 2R2/1$2,100$2,6001 Year Lease6/30/24
114 - 3L2/1$2,500$2,6001 Year Lease6/30/24
114 - 3R3/1$2,800$3,0001 Year Lease7/31/24
1423/1.5$2,970$3,3001 Year Lease6/30/24
1463/1.5$2,860$3,3001 Year Lease6/30/24
1503/1.5$3,100$3,3001 Year Lease2/28/25
1523/1.5$2,970$3,3001 Year Lease6/30/24
1563/1.5$2,970$3,3001 Year Lease6/30/24
1603/1.5$2,970$3,3001 Year Lease6/30/24
1623/1.5$2,970$3,3001 Year Lease6/30/24
151 - Retail0/1$4,851$5,33610 Year Lease4/30/31
151 - 2A2/1$2,375$2,600MTM
151 - 2B2/1$2,375$2,600MTM
151 - 32/1$2,600$2,6001 Year Lease1/31/25
151 - 42/1$2,600$2,6001 Year Lease1/31/25
151 - 52/1$2,375$2,600MTM
151 - 62/1$2,375$2,600MTM
153 - 1st Floor3/1$2,700$2,9001 Year Lease8/31/24
153 - 2nd Floor3/1$2,550$2,800MTM

Totals

$ 98,461.00

$ 106,336.10

* 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.