121 Lockwood Ave 6 Unit Apartment Building $2,095,000 ($349,167/Unit) 6.05% Cap Rate Stamford, CT 06902

National Multifamily is pleased to present 121 Lockwood Avenue, a 6-unit multifamily property located in the Cove neighborhood of Stamford, CT. The property is approximately 1.4 miles from the Stamford Train Station, a major regional transit hub served by Metro-North, Amtrak, and extensive bus service.
The building contains 5,410 rentable square feet across 2.5 stories and was built in 1953. It is situated on an oversized 0.34-acre lot with 10 off-street parking spaces located in the rear. The property has a sizeable back yard in the rear as well for use by the tenants. The building is comprised of six residential units (1-three bedroom, 2-two bedrooms, 3-one bedrooms), two of which are currently rented to Section 8, providing steady rental income. Tenants pay for heat and hot water through individual gas boilers and hot water heaters located in the basement.
The property offers multiple value-add strategies to generate additional income that include renovating the existing apartments, creating additional income by charging for parking, exploring the rental of the large walkout basement for storage, and discussing with a land-use attorney the potential to build in the rear of the lot.