302 Soundview Avenue, Fairfield CT

302 Soundview Avenue | Fairfield | CT | 06825 Back to Properties


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Overview

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Property Details

  • Price: $ 1,125,000
  • Cap Rate: 6.63%
  • Units: 3
  • Price/Unit: $ 375,000
  • Rentable SF: 4,348 SF
  • Price/Square Foot: $ 259
  • Site Size: 0.16 AC
  • Parking: Off-Street
  • Year Built: 1844
  • Exterior: Stone

Property Description

Coming Soon – National Multifamily is pleased to present 302 Soundview Avenue, a 3-unit multifamily property located in Fairfield, CT.  The property is approximately 1.2 miles from the Fairfield-Black Rock Metro North Station and under 2 miles from Fairfield University.

The building contains 4,348 rentable square feet across two stories and was built in 1844.  It is situated on a 0.16-acre lot with 5 off-street parking spaces.  The property is comprised of one large 2 Bedroom & 1.5 Bath duplex townhouse, a 2 Bedroom & 1 Bath, and a 2 Bedroom & 1.5 Bath.  Two of the units have in-unit washer dryer and the third unit has access to a laundry room in the basement.  All units have central air and tenants pay for their own heat and hot water through individual systems.

Additional income is generated via a tax-reimbursement from a cell tower located in the spire of the property.  The cell tower was previously sold off, but provides a reimbursement of 1/3 of the property taxes.

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Financial Summary

302 Soundview Avenue, Fairfield CT

Investment Highlights

Price $ 1,125,000.00
Units 3
Year Built 1844
Parking Off-Street
Heat Gas - Tenant Paid
Hot Water Gas - Tenant Paid
Roof Pitched - Asphalt Shingle
Exterior Stone
Site Size 0.16

Metrics

Price / Unit $ 375,000.00
Price / SF $ 258.74
Gross Rent Multiplier 10.07

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 118,200.00 $ 111,756.00
Less: Vacancy $ 2,364.00 $ 2,235.12
Based On: 2 % est. 2 % est.
Net Rent Income $ 115,836.00 $ 109,520.88
Plus: Other Income $ 8,629.25 $ 4,878.59
Total Operating Income $ 124,465.25 $ 114,399.47

 

Expense
Potential
Current
Real Estate Taxes $ 20,487.74 $ 14,635.78
Insurance $ 3,750.00 $ 3,750.00
Electric (Common) $ 2,200.00 $ 2,200.00
Water & Sewer $ 3,000.00 $ 3,000.00
Management Fees $ 6,223.26 $ 5,719.97
Based On: 5% est. 5% est.
Snow Removal $ 600.00 $ 600.00
Landscaping/Grounds $ 2,400.00 $ 2,400.00
Maintenance/Repairs $ 6,223.26 $ 5,719.97
Based On: 5% est. 5% est.
Fire Alarm Monitoring $ 1,800.00 $ 1,800.00
Total Expenses $ 46,684.27 $ 39,825.73
Net Operating Income $ 77,780.99 $ 74,573.74
Cap Rate 6.91 % 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
300 - Unit 1 (Duplex)2/1.5$3,450$3,650Vacant
302 - 12/1$3,000$3,100Leased06/30/2026
302 - 22/1.5$2,863$3,100Leased10/31/2026

Totals

$ 9,313.00

$ 9,850.00

* 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.