57, 63 & 65 Stillwater Avenue Stamford / Ct
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CONFIDENTIAL OFFERING MEMORANDUM INVESTMENT OPPORTUNITY 57, 63 & 65 STILLWATER AVENUE STAMFORD / CT 57, 63 & 65 STILLWATER AVENUE CONTENTS STAMFORD / CT INVESTMENT SUMMARY 3 PROPERTY OVERVIEW 4 PROPERTY SITE PLAN 5 ZONING INFORMATION 6 LOCATION OVERVIEW 9 CONTENT 2 INVESTMENT 57, 63 & 65 STILLWATER AVENUE SUMMARY STAMFORD / CT SUMMARY RHYS has been retained as the exclusive broker to sell three contiguous properties located at 57, 63 & 65 Stillwater Avenue in Stamford, CT. The properties are a combined 20,001 +/- square feet of retail, storage and residential on .58 +/- acres. The property is well positioned for a multitude of uses including, residential redevelopment, owner/user, or a value-add investment vehicle. The 6 residential units are 100% occupied with rents substantially below market. The commercial buildings are roughly 30% occupied by a single tenant. Located within walking distance to the new 750,000 sf + Stamford Hospital, the heart of downtown Stamford, University of Connecticut’s Stamford campus and the Mill River Park, the property is attractive to a variety of tenants. INVESTMENT HIGHLIGHTS The property is located in the Village Commercial (V-C) zone, which allows for an FAR of 1.5, | Walking distance to a vast number of amenities including Stamford’s bustling downtown, a maximum building coverage of 50% and a minimum average unit size of 500 square feet. the recently expanded Stamford Hospital, Mill River Park, and UCONN Stamford’s Please see zoning information on page 6 for further details. expanding campus. THE CITY | Unique opportunity to capture appreciation through the gentrification of the area Stamford, Connecticut is a 24/7 live, work, play city with over 20,000 apartment/ surrounding Stamford Hospital and Mill River Park condo units, over 100 restaurants, two on Broadway theaters and the newly formed Mill River Park. The city has experienced unparalleled growth in the last decade, which | Capitalizing on a strong and growing demand for workforce rental housing. is continuing with over 3,000 more residential units either under construction or in the | Cash flowing asset providing an investor with income through the approval process. planning stages. THE OPPORTUNITY The property represents a unique opportunity for a purchaser to acquire a cash-flowing redevelopment site, an income producing property at a competitive price per square FOR MORE INFORMATION, PLEASE CONTACT: foot, or an opportunity to reposition the existing commercial space and increase in-place rents. Alex Haendler Greg Romano Director Senior Vice President ASKING PRICE 203.653.1744 203.653.1757 The Property is being offered for sale at $2,200,000. [email protected] [email protected] INVESTMENT SUMMARY 3 57, 63 & 65 STILLWATER AVENUE BUILDING OVERVIEW STAMFORD / CT 57 STILLWATER AVENUE 63 STILLWATER AVENUE 65 STILLWATER AVENUE TOTAL TYPE: 6-UNIT MULTIFAMILY OFFICE/WAREHOUSE RETAIL Lot Size: 0.578 Acres Lot Size: .09 Acres Lot Size: .28 Acres Lot Size: .21 Acres Building Size: 20,001 Building Size: 3,612 sf Building Size: 13,344± sf Building Size: 3,045 sf Annual Rent: $105,144 Annual Rent: $43,500 Annual Rent: $61,644 Annual Rent: $0 Annual Expenses: $78,000 Expenses: $20,000 Expenses: $33,000 Expenses: $25,000 NOI: $27,000 MTM – no leases Lease with church expires April 2018 with a 3 year renewal option (approx. 6,000 sf) TENANT OVERVIEW 4 57, 63 & 65 STILLWATER AVENUE PROPERTY SITE PLAN STAMFORD / CT SITE PLAN 5 57, 63 & 65 STILLWATER AVENUE ZONING INFORMATION STAMFORD / CT 11. V-C VILLAGE COMMERCIAL DISTRICT (208-40) 11.1 PURPOSE. The Village Commercial District (VC District) is adopted pursuant to Section 8-2 and b. In addition to paragraph (a) above, the following uses may be allowed in the Stillwater 8-2j of the Connecticut General Statutes, as amended, and is intended to implement the Avenue neighborhood by special exception only: policies, goals and urban design principles articulated in the Master Plan of the City of Apartment Building for the Elderly; Café including Entertainment & Liquors; Clinic, Stamford, calling for preservation and development of a sustainable, transit oriented and Community Health Center; Colleges & Universities; Garages, Community; Hotel, Inn; pedestrian friendly “Main Street” character for the neighborhood centers of Stillwater, Nursing Home; Surgery Center/Out Patient; Food Catering; Gymnasium or Physical Culture Glenbrook and Springdale, including the development of new structures and uses with Establishment; Laboratories, research; and Restaurant including Entertainment & Liquors. appropriate architectural designs and the conservation and enhancement of the character of existing buildings, sites, streetscapes and pedestrian environments. These regulations “Pawn Shop, Second-Hand Store, Auction Store” shall not be allowed. (210-30) serve to encourage development that reflects and/or retains valuable elements of the City’s 11.3 DEVELOPMENT STANDARDS. cultural, social, economic, political and architectural history and the promotion of a vibrant commercial environment providing a broad array of amenities, services, and resources 4 - 13 essential to the neighborhood and community shopping needs of the City of Stamford, with The following standards shall apply to the development of property within the VC District: design controls to insure a compatible relationship to adjacent residential neighborhoods, and assurance that infrastructure impacts will be mitigated. This is accomplished by the Required step-back above 3rd story or at 35’, whichever is less establishment of design and use standards that apply to new and existing architectural Fig. 11.1: Required step-back facades, sites and buildings, and review procedures which serve to preserve, restore and a. Minimum Lot Size: enhance these resources, improve property values, promote and support a vibrant business b. Minimum Frontage: and residential environment, and enhance the architectural character and amenity of these c. Minimum Yards: areas as the retailing, business, civic and cultural centers of the City’s neighborhoods. (210- 30) not less than twelve (12) feet from the established curb line; Rear – 20 feet; Side – None required, but if provided must be at least four (4) feet (215-09) 11.2 AUTHORIZED USES. d. Maximum Building Height: 4 stories and 45 feet, subject to an additional twelve (12) foot a. In the VC District, a lot or building may be altered, arranged, designed, erected or used for step-back of the building facade, facing the street, above the third story or at a height of 35 any use permitted within the C-N Neighborhood Commercial District, including C-N special feet, whichever is less. For all applications filed after July 1, 2015, the twelve (12) foot step- exception uses, but specifically excluding Dwelling – Single Family; Dwelling – Two Family; back is measured from the plane of the building facade below. (see figure 11.1) (210-30; Boarding House, Rooming House; Auto Service Station; Laundry, Cleaning & Dyeing Agency; 215-09) Pawn Shop, Second-Hand Store, Auction Store; and Restaurant, Drive-In. In addition, “Community Center”, “Theatre” and “Ice Skating Rink, Indoor” shall be permitted uses, and e. Stillwater Avenue Neighborhood Large Lot Development: On lots with an area of one (1) "Café, excluding entertainment" shall be a use permitted by special exception provided that acre or greater, located north of Stillwater Avenue, east of Stillwater Place and west of Spruce the provisions of Section 14 of these Regulations shall not apply to any “Café excluding Street, where the Zoning Board, in its sole discretion, deems appropriate, the following entertainment” or “Restaurant excluding entertainment” within the VC District. Special standards may be allowed: exception uses shall be subject to determination and approval by the Zoning Board. (210-30) Continued... (216-04) SPECIFICATIONS 6 57, 63 & 65 STILLWATER AVENUE ZONING INFORMATION STAMFORD / CT 11.3 DEVELOPMENT STANDARDS. CONTINUED Parking structures below grade or fully enclosed behind active uses or with roof or upper k. Parking, Loading and Vehicle Access: The amount, location and dimensions of parking and deck not more than twenty-five feet above average grade and suitably enclosed and/or loading and dimensions of driveways shall comply with the standards of Section 12 of these landscaped and screened from pedestrian views to the satisfaction of the Board, may be Regulations, as modified by the following special standards applicable to development within excluded from the calculations of building coverage and floor area. (210-30) the VC District. f. Minimum Building Height: Fourteen (14) feet to the top of the front wall (1) Parking for residential dwelling units shall be provided at the following minimum rates: one (1.0) space for every studio unit, one and one-quarter (1.25) spaces for every one- g. Maximum Building Coverage: 50% Parking structures with roof or upper deck not more bedroom unit, one and one-half (1.5) spaces for every two-bedroom unit, and one and two- than five (5) feet above average finished grade, measured at the perimeter of the parking thirds (1 2/3) spaces for every three-bedroom unit. structure, suitably enclosed and/or landscaped to the satisfaction of the Board, may be excluded from the calculation of building coverage. (2) Parking for retail and/or personal service establishments shall be provided at the minimum rate of three (3.0) spaces for each one thousand (1,000) square feet of gross floor area, h. Floor Area Ratio: Building floor area