June 14, 2019 – Tom Conner of Horvath & Tremblay has successfully completed the sale of six (6) multi-family units in Stamford, Connecticut. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $920,000, which translates to a 7.26% Cap Rate.
The multi-family investment property, located at 23-27 Alden Street in Stamford, Connecticut is comprised of six (6) multi-family units. The two-story brick apartment building consists of 4,218 square feet of on a 0.15 acre parcel. The property, which is separately metered for gas heat, hot water, and electric has a shared backyard and a detached garage. The property has a desirable unit mix featuring four (4) one-bedroom, one-bathroom units, and two (2) two-bedroom, one-bathroom units. The property is in a desirable, densely populated residential neighborhood that is immediately adjacent to the Stamford Hospital and the amenities of downtown Stamford. The location further benefits from its walkability to the Stamford Transportation Center, which offers local train service along Metro North’s New Haven line (direct service to Manhattan’s Grand Central Station), as well as Amtrak, which provides service from Washington D.C. to Boston. The transportation center also is the depot for the municipal bus line as well as national carriers Greyhound and Peter Pan. The property further benefits from its convenient access to Interstate 95. The property also benefits from strong demographics with more than 129,000 people with an average household income in excess of $125,000 living within a 3-mile radius.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.