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Multifamily

3 Old Field Point Road

3 Old Field Point Rd, Greenwich, CT 06830

Listing Price: $1,995,000

Cap Rate
4.94%
Number of Units
4
Occupancy
95.0%
Price/Unit
$498,750

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire 3 Old Field Point Road – a four-unit, recently renovated, transit-oriented asset in Greenwich, Connecticut. The building features oversized apartments in one of the most affluent towns in the Northeast and an immediately recognizable zip code nationwide. The subject property is situated in a prime destination merely blocks (less than one-half mile) from the Greenwich train station and Greenwich Avenue which is home to the region’s premier shopping and dining options. The building’s combination of unique expansive apartments and sought-after locational amenities make it well-positioned to benefit from the continued NYC migration and proximity to major employment options in the supply-constrained Greenwich market. Originally constructed in 1900 and renovated in 2020, the property features one, one-bedroom unit, one, two-bedroom/one-bathroom unit with a separate den, one two-bedroom/two-bathroom townhouse unit, and one, three-bedroom/two-bathroom townhouse unit. The property also includes four garages, one of which has an EV charger. Tenants are responsible for individually metered electricity and gas providing heat and hot water, while the owner pays for municipal water and sewer, as well as trash removal. Exceptionally located adjacent to the Greenwich Central Business District, residents at 3 Old Field Point Road are within walking distance of Greenwich Avenue – widely considered as one of the top retail streets in the US with a wide variety of luxury retailers including Saks Fifth Avenue, Apple, Warby Parker, Tesla, Club Monaco, Richards, Theory, Zara, and many more. The property is also walkable to the Greenwich Metro North Train Station, providing access to New York City in less than an hour and New Haven. Interstate 95 and Route 1 (Post Road) are also within a few minutes of the subject property. Greenwich is the southwesternmost town in Fairfield County. It is the most populous county in Connecticut and one of the wealthiest in the nation. With an average household income of over $209,000, Greenwich is one of the most affluent towns in the region with single-family homes that have sold for upwards of $50 million. Greenwich also benefits from having a top 5 school system with 15 schools and over 9,000 students. 3 Old Field Point Road provides an ideal combination of renovated residences with outstanding walkability, strong schools and demographics, and proximity to transit/employment in the sought-after town of Greenwich.

Investment Highlights

  • Newly Renovated, Unique Apartments Within a Supply-Constrained Market With an average unit size of 1,144 square feet, the property features oversized apartments with two, multi-level apartment units
  • Outstanding Location On The Edge Of Greenwich CBD – Highly walkable to Greenwich Avenue – Offering residents a wide variety of luxury shopping, dining, and entertainment options
  • Value-Add Opportunity – Two apartments would benefit from modest kitchen and/or bath renovations further driving rental revenue
  • Hedge funds and Employment – Lower Fairfield County is home to Bridgewater, Point 72, and Tudor Investment Corporation, as well as having one of the largest concentrations of corporate offices in the nation
  • Transit-Oriented Property – Located within walking distance of the Greenwich Metro North Train Station with rail service via the Metro North Train Line, providing access to Stamford in 10 minutes, and New York City in less than an hour. Immediately accessible to Interstate 95
  • Strong Demographics and Top-Rated School System – With an average household income north of $209,000, Greenwich is one of the wealthiest cities in the state of Connecticut, while also benefitting from a top 5 school system

Exclusively Listed By

  • Wes Klockner

    First Vice President Investments

    (203) 672-3326

    Email Wes

    License(s): NY: 10401263791, CT: RES, 0799478

    New Haven

Multifamily

3 Old Field Point Road

Listing Price: $1,995,000

Cap Rate
4.94%
Number of Units
4
Occupancy
95.0%
Price/Unit
$498,750

Investment Highlights

  • Newly Renovated, Unique Apartments Within a Supply-Constrained Market With an average unit size of 1,144 square feet, the property features oversized apartments with two, multi-level apartment units
  • Outstanding Location On The Edge Of Greenwich CBD – Highly walkable to Greenwich Avenue – Offering residents a wide variety of luxury shopping, dining, and entertainment options
  • Value-Add Opportunity – Two apartments would benefit from modest kitchen and/or bath renovations further driving rental revenue
  • Hedge funds and Employment – Lower Fairfield County is home to Bridgewater, Point 72, and Tudor Investment Corporation, as well as having one of the largest concentrations of corporate offices in the nation
  • Transit-Oriented Property – Located within walking distance of the Greenwich Metro North Train Station with rail service via the Metro North Train Line, providing access to Stamford in 10 minutes, and New York City in less than an hour. Immediately accessible to Interstate 95
  • Strong Demographics and Top-Rated School System – With an average household income north of $209,000, Greenwich is one of the wealthiest cities in the state of Connecticut, while also benefitting from a top 5 school system

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire 3 Old Field Point Road – a four-unit, recently renovated, transit-oriented asset in Greenwich, Connecticut. The building features oversized apartments in one of the most affluent towns in the Northeast and an immediately recognizable zip code nationwide. The subject property is situated in a prime destination merely blocks (less than one-half mile) from the Greenwich train station and Greenwich Avenue which is home to the region’s premier shopping and dining options. The building’s combination of unique expansive apartments and sought-after locational amenities make it well-positioned to benefit from the continued NYC migration and proximity to major employment options in the supply-constrained Greenwich market. Originally constructed in 1900 and renovated in 2020, the property features one, one-bedroom unit, one, two-bedroom/one-bathroom unit with a separate den, one two-bedroom/two-bathroom townhouse unit, and one, three-bedroom/two-bathroom townhouse unit. The property also includes four garages, one of which has an EV charger. Tenants are responsible for individually metered electricity and gas providing heat and hot water, while the owner pays for municipal water and sewer, as well as trash removal. Exceptionally located adjacent to the Greenwich Central Business District, residents at 3 Old Field Point Road are within walking distance of Greenwich Avenue – widely considered as one of the top retail streets in the US with a wide variety of luxury retailers including Saks Fifth Avenue, Apple, Warby Parker, Tesla, Club Monaco, Richards, Theory, Zara, and many more. The property is also walkable to the Greenwich Metro North Train Station, providing access to New York City in less than an hour and New Haven. Interstate 95 and Route 1 (Post Road) are also within a few minutes of the subject property. Greenwich is the southwesternmost town in Fairfield County. It is the most populous county in Connecticut and one of the wealthiest in the nation. With an average household income of over $209,000, Greenwich is one of the most affluent towns in the region with single-family homes that have sold for upwards of $50 million. Greenwich also benefits from having a top 5 school system with 15 schools and over 9,000 students. 3 Old Field Point Road provides an ideal combination of renovated residences with outstanding walkability, strong schools and demographics, and proximity to transit/employment in the sought-after town of Greenwich.

Exclusively Listed By

  • Wes Klockner

    First Vice President Investments

    (203) 672-3326

    Email Wes

    License(s): NY: 10401263791, CT: RES, 0799478

    New Haven

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