East Avenue Multi-Family • Investment Opportunity • 4 Units • 3,652 ± Sf Multifamily Team
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HORVATH& TREMBLAY NORWALK, CONNECTICUT 265 EAST AVENUE MULTI-FAMILY • INVESTMENT OPPORTUNITY • 4 UNITS • 3,652 ± SF MULTIFAMILY TEAM THOMAS CONNOR ADAM MANCINONE Senior Associate Senior Vice President Direct: (203) 486-9039 Direct: (203) 486-9037 Mobile: (203) 243-8785 Mobile: (203) 982-7337 [email protected] [email protected] BLAKE BARBARISI DENNIS KELLEHER Senior Vice President Senior Vice President Direct: (203) 486-9038 Direct: (781) 776-4002 Mobile: (203) 982-0240 Mobile: (978) 702-7032 265 [email protected] [email protected] JOHN PENTORE JASON KULIK EASTEAST AVENUEAVENUE Vice President Associate Tel: (781) 776-4004 Direct: (781) 776-4016 Mobile: (617) 945-6915 Mobile: (781) 264-5877 NORWALK | CONNECTICUT [email protected] [email protected] STEPHEN GIROLAMO MICHAEL ALVAREZ Associate Associate Direct: (781) 776-4014 Tel: (781) 776-4007 Mobile: (978) 406-1789 Mobile: (978) 702-7171 [email protected] [email protected] CONNOR BRIMLEY KEVIN DARLING Associate Senior Financial Analyst Direct: (781) 776-4018 Direct: (781) 776-4015 Mobile: (978) 815-0351 Mobile: (617) 875-8565 [email protected] [email protected] LEIGH BARCAMONTE JOSHUA VELEZ HORVATH TREMBLAY Marketing Director Financial Analyst & Direct: (781) 776-4008 Direct: (781) 776-4009 600 Market Street – Suite 686 [email protected] [email protected] Lynnfield, MA 01940 Main: 781-776-4000 Fax: 781-823-0245 www.htapartments.com EXECUTIVE SUMMARY HORVATH& TREMBLAY OFFERING Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the multi-family investment property located 265 East Avenue in Norwalk, Connecticut (the “Property”). The Property contains (4), 2-bedroom units in 3,652 rentable square feet on a 0.23-acre lot. The Property offers 8 off-street parking spaces, in-unit laundry and two, income producing storage units in the basement. The Property is currently 100% leased. 265 East Ave is located in an attractive, tree-lined, residential neighborhood around Mill Pond in the East Norwalk neighborhood. The Property benefits from its proximity to the East Norwalk Train Station, just 0.2 miles away on East Ave. The East Norwalk train station is on the Metro-North Railroad’s New Haven line that provides service to New York’s Grand Central Station in just over an hour. The location also offers easy access to the interchange at Exit 16 on I-95, located 0.5 miles from the Property, as well as walkable access to area shopping and restaurants. Nearby outdoor recreation is located at Mill Pond Park, Shady Beach and the 35-acre Veterans Memorial Park that includes a marina and boat launch site, a playground, bicycle and jogging paths, basketball courts, soccer, hockey, and football fields, baseball diamonds, visitor docks with full power available, a boating center and marina. The park also includes a walking esplanade overlooking scenic Norwalk Harbor. Norwalk is a city of 88,000 residents located in southwestern Connecticut, in Fairfield County, on the shore of Long Island Sound. Norwalk is included statistically within New York Metropolitan Statistical Area, the most populous in the United States with over 20 million residents, as well as the Bridgeport-Stamford-Norwalk Metropolitan Statistical Area with approximately 1 million residents. The City of Norwalk is bounded by New Canaan and Wilton to the north, Westport to the east, Long Island Sound to the south and Darien to the west. Norwalk has seen significant new development in recent years which will be highlighted by the completion of the 700,000 square foot “SoNo Collection” development located just a mile from the Property across the Norwalk River. The SoNo Collection will include streetscape, landscape and pedestrians enhancements in concert with the City’s revitalization efforts to stitch together the neighborhoods of Downtown Norwalk, South Norwalk (“SoNo”), East Norwalk and The Waterfront. Expected to open in the fourth quarter of 2018, The SoNo Collection will be an unparalleled shopping destination that will also serve as a community gathering place and provide additional visibility and revenue to the City of Norwalk. Centrally located at I-95 and Route 7, the development will both fill a retail void and connect the Norwalk neighborhoods together into a vibrant, pedestrian and bike friendly district designed to complement existing businesses and create a larger, better connected community. Horvath & Tremblay has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than Horvath & Tremblay and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only 265 EAST AVENUE and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. 3 EXECUTIVE SUMMARY HORVATH& TREMBLAY INVESTMENT HIGHLIGHTS THE PROPERTY ■ A 4-unit, multifamily investment property featuring in-unit laundry, off-street parking and income producing storage units in the basement. THE LOCATION ■ 265 East Street is very well-located in the attractive, densely populated, residential neighborhood of East Norwalk on Mill Pond. The location benefits from its convenient access to I-95 for and easy walking distance to the East Norwalk Train Station with service to New York’s Grand Central Station. ■ East Norwalk Train Station: 0.3 miles ■ Interstate 95: 0.5 miles ■ Shady Beach: 1.5 miles ■ Stamford, CT: 8.0 miles ■ New York City: 35 miles PUBLIC TRANSPORTATION ACCESS: ■ Train: The East Norwalk Train Station is located approximately 0.2 miles from the Property and provides Commuter Train service to New York’s Grand Central Station on the Metro-North railway. ■ Bus: Local bus service, provided by the Norwalk Transit and known as “Wheels”, is available 0.2 miles from the property. ■ Route 8 provides north-south service between Downtown Norwalk and Shady Beach Park. ■ Route 11 provides east-west service between Downtown Norwalk and Norwalk Community College. Horvath & Tremblay has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than Horvath & Tremblay and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only 265 EAST AVENUE and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. 4 PROPERTY SPECIFICATIONS HORVATH& TREMBLAY 265EAST AVENUE 4 residential units PRICING INFORMATION PRICE $725,000 CAP RATE 6.61% PRICE PER UNIT $181,250/ UNIT PRICE PER FOOT (GLA) $198 / PSF PROPERTY DETAILS PROPERTY ADDRESS 265 East Avenue Norwalk, CT 06855 NUMBER OF UNITS 4 VALUE ADD OPPORTUNITY | DESIRABLE LOCATION YEAR BUILT SEPARATE UTILITIES | WALKING DISTANCE TO TRAIN STATION 1890 LAND AREA 0.23 Acres GROSS LIVING AREA 3,652 ± SF TOTAL GROSS AREA 5,943 ± SF PARKING 8 - Off-Street BUILDING CONSTRUCTION EXTERIOR Vinyl ROOF Asphalt BUILDING UTILITIES RESPONSIBILITY HEATING Forced Hot Water- Gas Tenant Responsible HOT WATER Gas Tenant Responsible ELECTRIC Separately Metered Tenant Responsible WATER City of Norwalk Landlord Responsible SEWER City of Norwalk Landlord Responsible Horvath & Tremblay has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than Horvath & Tremblay and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only 265 EAST AVENUE and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. 5 PROPERTY PHOTOGRAPHS HORVATH& TREMBLAY Horvath & Tremblay has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than Horvath & Tremblay and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only 265 EAST AVENUE and used for illustrative purposes and may be based on assumptions or