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 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. 6 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 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. 7 PROJECTED CASH FLOW HORVATH& TREMBLAY

265 EAST AVENUE NORWALK, CT Current Per Unit INCOME Gross Potential Rent $68,940 $17,235

Basement Rental Income $4,200 $1,050 Gross Potential Income $73,140 $18,285 Vacancy Loss (3% of GPR) ($2,194) ($549)

Effective Gross Income $70,946 $17,736

EXPENSES Real Estate Taxes $8,465 $2,116 Insurance - Home/Flood $6,927 $1,732 Water & Sewer $838 $210 Common Electric & Gas $272 $68 Landscaping $3,500 $875 Repairs & Maintenance $2,000 $500 Reserves & Replacements $1,000 $250

Total Expenses $23,002 $5,751

Net Operating Income $47,944 $11,986

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. 8 RENT ROLL HORVATH& TREMBLAY

265 EAST AVENUE NORWALK, CT

Unit Number Unit Type # of Bedrooms # of Bathrooms Current Rent Lease Expiration 265 - #1 Flat 2 Bd 1 BA $1,495 12/31/18 265 - #2 Flat 2 Bd 1 BA $1,400 08/31/17 265 - #3 Flat 2 Bd 1 BA $1,450 4/31/2018 265 - #4 Flat 2 Bd 1 BA $1,400 08/31/17 TOTAL 4 Units 8 Bedrooms 4 Bathrooms $5,745

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. 9 PARCEL MAP HORVATH& TREMBLAY

265 EAST AVENUE

EAST AVENUE

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. 10 AERIAL PHOTOGRAPH HORVATH& TREMBLAY

265 EAST AVENUE

EAST AVENUE

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. 11 LOCATION MAP HORVATH& TREMBLAY

SOUTH NORWALK

EAST AVENUE

EAST NORWALK STATION

VETERANS PARK

0.2 MILES

265 EAST AVENUE

MILL POND

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. 12 REGIONAL MAP HORVATH& TREMBLAY

265 EAST AVENUE NORWALK, CT

BOSTON

PROVIDENCE HARTFORD

NORWALK

NEW YORK

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. 13 LOCATION OVERVIEW HORVATH& TREMBLAY

Norwalk is a U.S city located in southwestern Connecticut, in southern Fairfield County, on the northern shore of Long Island Sound. Norwalk is included statistically within both the New York-Newark, NY-NJ-CT-PA Combined Statistical Area as well as the Bridgeport-Stamford-Norwalk, CT Metropolitan Statistical Area. Norwalk was settled in 1649, and is now the sixth most populous city in Connecticut. According to the 2010 United States Census the city had a population of 85,603; with an estimated population of 88,438 in 2016 The Metro-North Railroad’s New Haven Line runs through and stops in Norwalk. The train goes West and East with Grand Central Terminal and New Haven Union Station being the final stops. The Danbury Branch runs from South Norwalk to Danbury, CT. There are four stations in Norwalk, three of them on the main line which is: Rowayton, South Norwalk and East Norwalk. The fourth station, Merritt 7, is on the Danbury Branch. Metro-North provides commuter service for all four stations. Interstate 95 and the Merritt Parkway lead through Norwalk, and there are several exits within the Norwalk city limits, and are the major thoroughfare through the city. U.S. Route 1 goes through the center of the city, mostly following local streets. The major north-south corridor in Norwalk is U.S. Route 7, which is a expressway throughout most of the route in the city. The expressway section ends at Grist Mill Road in Norwalk from where Route 7 resumes northbound along Main Ave. Other state routes include Route 53, Route 123, and Route 136.

1 MILE 3 MILES 5 MILES POPULATION

2023 Projection 14,751 83,708 125,169 NORWALK, CT 2018 Estimate 14,664 83,151 124,196 2010 Census 14,269 80,620 119,650

HOUSEHOLDS 2023 Projection 6,020 32,162 47,154 2018 Estimate 5,995 31,960 46,802 2010 Census 5,892 31,058 45,182

INCOME Average Household Income $102,144 $110,058 $134,366 Median Household Income $79,229 $82,271 $99,921

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. 14 265 EASTEAST AVENUEAVENUE

NORWALK | CONNECTICUT

HORVATH& TREMBLAY 600 Market Street – Suite 686 Lynnfield, MA 01940 Main: 781-776-4000 Fax: 781-823-0245

www.htapartments.com