Property Description
The mixed-use property located at 151 Spruce Street, Stamford CT is comprised of 9 oversized units (2-three bedrooms, 6-two bedrooms, and 1 retail unit) in one 3 story, brick walk-up totaling 10,768 SF and built in 1946. Situated on a 0.22 acre site there are 11 off-street parking spaces for the tenants. The tenants pay for heat and hot water through individual gas systems. There is no current charge for parking allowing investors a potential immediate additional income stream. Rents have room to grow to market immediately for the four apartments that are currently month-to-month and upon lease renewals for the remaining four apartments.
The retail unit has a 10-year lease that started on May 1, 2021. For the first five years the base rent increases 10% per year and after year 5 the lease will be reset to reflect market rates. The retail currently pays a monthly CAM charge included with their rent of $2,321 per month that can be found in “Other Income”.
The property is directly across from Stamford Hospital and is 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.
