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289 Main Avenue 289 Main Ave 40 Unit Apartment Building $8,600,000 ($215,000/Unit) 6.33% Cap Rate Norwalk, CT 06851
INVESTMENT HIGHLIGHTS
- Value-Add Opportunity
- Outstanding and Growing Submarket
- Immediate Scale
- Ideal Location
- Transit Oriented
- Attractive to Cost Conscious Renters
EXECUTIVE SUMMARY
Northeast Private Client Group is pleased to present the exclusive opportunity to purchase The Flats At 289, located at 289 Main Avenue, Norwalk, Connecticut.
The Flats At 289 is a 40-unit two-story-over-parking walk-up apartment building constructed in 1977. The property is comprised of 38 studio/junior-one-bedroom apartments and two (2) one-bedroom apartments across 20,576 square feet of gross living area. The property features covered parking as well as on-site laundry facilities.
Heat and hot water are provided by individual electric systems paid for by the tenant. Cold water and sewer are centrally metered and are landlord provided.
The Flats At 289 is a 40-unit two-story-over-parking walk-up apartment building constructed in 1977. The property is comprised of 38 studio/junior-one-bedroom apartments and two (2) one-bedroom apartments across 20,576 square feet of gross living area. The property features covered parking as well as on-site laundry facilities.
Heat and hot water are provided by individual electric systems paid for by the tenant. Cold water and sewer are centrally metered and are landlord provided.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $8,600,000 | Building Class | C |
| Price Per Unit | $215,000 | Lot Size | 0.42 AC |
| Sale Type | Investment | Building Size | 20,576 SF |
| Cap Rate | 6.33% | Average Occupancy | 95% |
| No. Units | 40 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1977 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | B2 | ||
| Price | $8,600,000 |
| Price Per Unit | $215,000 |
| Sale Type | Investment |
| Cap Rate | 6.33% |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.42 AC |
| Building Size | 20,576 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1977 |
| Opportunity Zone |
Yes |
| Zoning | B2 |
AMENITIES
UNIT AMENITIES
- Cable Ready
- Microwave
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Smoke Detector
1 1
Walk Score®
Very Walkable (71)
PROPERTY TAXES
| Parcel Number | NORW-000005-000047-000012 | Improvements Assessment | $3,665,710 |
| Land Assessment | $961,540 | Total Assessment | $4,627,250 |
PROPERTY TAXES
Parcel Number
NORW-000005-000047-000012
Land Assessment
$961,540
Improvements Assessment
$3,665,710
Total Assessment
$4,627,250
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289 Main Avenue | 289 Main Ave
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