Multifamily
5-9 Woodland
5 Woodland Ave, Stamford, CT 06902
Listing Price: $3,300,000
Investment Overview
Marcus & Millichap is pleased to present 5-9 Woodland Avenue in the Harbor Point neighborhood of Stamford, Connecticut. 5-9 Woodland Ave is a tremendous value-add, transit-oriented, 12-unit apartment opportunity in Lower Fairfield County along Connecticut’s “Gold Coast.” Within a 5-minute walk of Stamford’s train station, the subject is in the middle of the Harbor Point redevelopment just south of Interstate 95 adjacent to the Long Island Sound. 5-9 Woodland Avenue will afford a new owner the opportunity to significantly increase revenue in one of the Northeast’s strongest, fastest growing, and most highly sought-after markets.
Value-Add: Through rehabilitation of apartments and common areas, a new owner may significantly increase rents by more than $1,000/month per unit above in-place averages. A review of the competitive subset illustrates that well-appointed three-bedroom apartments in similar vintage buildings rent for $3,000 to $3,450/month, providing a new owner of 5-9 Woodland Ave the opportunity to drive rental revenue by greater than 40%, which could result in adding $108,000 or more to the Gross Potential Rents (GPR).
Originally constructed in 1900 and upgraded in 2016, 5-9 Woodland consists of 12 three-bedroom / one-bath apartments (approximately 950 square feet each) in two three-story buildings. Tenants are responsible for individual electricity and individual gas providing hot water baseboard heat. Twelve off-street parking spaces are provided in the lot behind the property. There is also coin-operated common laundry in the basement of each building.
The Stamford submarket has seen strong rent growth and remains the popular choice for well-educated and high-earning young professionals. The area boasts a stable historical vacancy rate of around 4%, even with substantial multifamily deliveries in the past decade. Furthermore, the Stamford CBD has experienced remarkable population growth, surging 115% from 2010 to 2024 and 25% from 2020 to 2024. This growth has been largely driven by millennials, with their population within the City of Stamford nearly doubling since 2010.
Stamford is regarded as one of the most desirable suburban markets north of New York City, known for its vibrant entertainment scene, global corporate headquarters across various industries, easy access to transit and recreation, and a growing, affluent, and highly educated population.
5-9 Woodland
Investment Highlights
- Significant Value-add Opportunity - Renovated market rents are more than $1,000/unit per month above in-place averages, which can increase Gross Potential Revenue by nearly 40% ($108,000) or more
- Transit Oriented Development: One-quarter of a mile from Stamford Transportation Center, Stamford's Metro-North train station with Amtrak/Acela service – the busiest train station in Connecticut
- Amidst the Second Largest Redevelopment in the County - Harbor Point, located on Stamford's waterfront of the Long Island Sound, includes more than 4,000 units, over 6 million SF of commercial space
- Highly Walkable – Walk Score of 86 and Bike Score of 90 "Biker's Paradise" - Transit, restaurants, and indoor/outdoor recreation are easily accessible on foot or bike
- Surrounded by Affluent Lifestyle Renters, High-Rent Communities, and Well-Educated Residents with High Paying Employment - The Harbor Point Neighborhood is home to luxurious amenity lifestyle apartment buildings such as NV, Opus, Beacon, Allure, and more, all with rents that exceed $3.50 to $4.50/SF.
- Proximity to Major Employment Drivers - Stamford is home to a diverse employment base, including Fortune 500 companies and other major employers such as Charter Communications, Deloitte, NBC Sports, Pitney Bowes, Vineyard Vines, Kayak, Indeed, Synchrony Financial, Gartner, Stamford Health, UBS, Point 72 Asset Management, and more.
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Listing Price: $3,300,000
Investment Highlights
- Significant Value-add Opportunity - Renovated market rents are more than $1,000/unit per month above in-place averages, which can increase Gross Potential Revenue by nearly 40% ($108,000) or more
- Transit Oriented Development: One-quarter of a mile from Stamford Transportation Center, Stamford's Metro-North train station with Amtrak/Acela service – the busiest train station in Connecticut
- Amidst the Second Largest Redevelopment in the County - Harbor Point, located on Stamford's waterfront of the Long Island Sound, includes more than 4,000 units, over 6 million SF of commercial space
- Highly Walkable – Walk Score of 86 and Bike Score of 90 "Biker's Paradise" - Transit, restaurants, and indoor/outdoor recreation are easily accessible on foot or bike
- Surrounded by Affluent Lifestyle Renters, High-Rent Communities, and Well-Educated Residents with High Paying Employment - The Harbor Point Neighborhood is home to luxurious amenity lifestyle apartment buildings such as NV, Opus, Beacon, Allure, and more, all with rents that exceed $3.50 to $4.50/SF.
- Proximity to Major Employment Drivers - Stamford is home to a diverse employment base, including Fortune 500 companies and other major employers such as Charter Communications, Deloitte, NBC Sports, Pitney Bowes, Vineyard Vines, Kayak, Indeed, Synchrony Financial, Gartner, Stamford Health, UBS, Point 72 Asset Management, and more.
Investment Overview
Marcus & Millichap is pleased to present 5-9 Woodland Avenue in the Harbor Point neighborhood of Stamford, Connecticut. 5-9 Woodland Ave is a tremendous value-add, transit-oriented, 12-unit apartment opportunity in Lower Fairfield County along Connecticut’s “Gold Coast.” Within a 5-minute walk of Stamford’s train station, the subject is in the middle of the Harbor Point redevelopment just south of Interstate 95 adjacent to the Long Island Sound. 5-9 Woodland Avenue will afford a new owner the opportunity to significantly increase revenue in one of the Northeast’s strongest, fastest growing, and most highly sought-after markets. Value-Add: Through rehabilitation of apartments and common areas, a new owner may significantly increase rents by more than $1,000/month per unit above in-place averages. A review of the competitive subset illustrates that well-appointed three-bedroom apartments in similar vintage buildings rent for $3,000 to $3,450/month, providing a new owner of 5-9 Woodland Ave the opportunity to drive rental revenue by greater than 40%, which could result in adding $108,000 or more to the Gross Potential Rents (GPR). Originally constructed in 1900 and upgraded in 2016, 5-9 Woodland consists of 12 three-bedroom / one-bath apartments (approximately 950 square feet each) in two three-story buildings. Tenants are responsible for individual electricity and individual gas providing hot water baseboard heat. Twelve off-street parking spaces are provided in the lot behind the property. There is also coin-operated common laundry in the basement of each building. The Stamford submarket has seen strong rent growth and remains the popular choice for well-educated and high-earning young professionals. The area boasts a stable historical vacancy rate of around 4%, even with substantial multifamily deliveries in the past decade. Furthermore, the Stamford CBD has experienced remarkable population growth, surging 115% from 2010 to 2024 and 25% from 2020 to 2024. This growth has been largely driven by millennials, with their population within the City of Stamford nearly doubling since 2010. Stamford is regarded as one of the most desirable suburban markets north of New York City, known for its vibrant entertainment scene, global corporate headquarters across various industries, easy access to transit and recreation, and a growing, affluent, and highly educated population.
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