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Multifamily

River Street Townhomes

67 River St, New Canaan, CT 06840

Listing Price: $4,750,000

Cap Rate
4.72%
Number of Units
10
Price/Unit
$475,000
Price/Gross SF
$319.87
Gross SF
14,850

Investment Overview

The Nolletti Group of Marcus & Millichap is pleased to present the exceptionally rare opportunity to acquire a 10-unit multifamily asset consisting of five standalone duplexes in New Canaan – arguably one of the best suburbs nationwide. The supply constrained and high barriers-to-entry attributes of New Canaan make this value-add offering a generational opportunity. The River Street Duplexes consists of five abutting buildings (constructed 1962) with 10 total townhouse apartments on 1.63 contiguous acres being offered on behalf of the original developing family. All units are two two-bedroom / one-and-one half baths townhouse apartments (approx. 990 sf) with tenant-paid electricity and oil-fired heat/hot water. The property features one of the best locations in the state of Connecticut allowing for suburban lifestyle, immediate access to urban amenities, and proximity to transit via the Merritt Parkway (three minutes away). Residents of the River Street Duplexes benefit from walkability (seven minutes) to New Canaan’s idyllic town center which is home to restaurants, bars/nightlife, cafes, shops, and the Metro-North train station offering transportation to Grand Central Terminal. The town center is a shopping, dining, and cultural destination for patrons living in New Canaan, but also the surrounding towns of Stamford, Darien, and Wilton, Connecticut as well as Pound Ridge and Bedford, New York. Under current ownership, the properties have underwent extensive capital repairs during the past five years including new roofs and windows, new decking, waterproofing of all private basement spaces (not included in approximate square footage), and replacement of siding/shutters. Additionally, nine of the ten units have received high-end kitchen and bathroom renovations featuring stone countertops, stainless appliances, updated cabinets, luxury vinyl plank flooring, new vanities, and tiled tub-surrounds. The property offers a significant value-add opportunity without major construction or rehabilitation which has been recently demonstrated through recent rent increase by the Sellers (lease start: 8/1/2021 for $2,850/month). After review of the competitive subset, Marcus & Millichap believes that the addition of ductless mini-split systems to add air conditioning and renovations to basements creating more livable space will drive rents in excess of 33% above current average. These modest additions improving livability in a nearly impenetrable high barriers-to-entry market will be met with extraordinary revenue growth.

Investment Highlights

  • Exceptional Opportunity to Acquire Multifamily Housing in the High-Barriers-to-Entry Market of New Canaan
  • Significant Value-add Potential with Limited Construction or Rehabilitation Through Reducing the Loss-to-lease - Current Market Rents Achieved by Sellers are 15% Above Current average
  • Significant Recent Capital Expenditures Including New Roofs, Windows, Updated Kitchens and Bathrooms - an Excellent Foundation to Drive Future Revenue
  • Walkable to the New Canaan Metro-North Train Great Dual Commuter Location for Employees Working in the Financial Services, Education, and Healthcare Sectors
  • Affluent Demographics, Highly Educated Population and Highest Home Values in The Country
  • One of the Best Rated Public School Systems in the Country

Exclusively Listed By

  • Wes Klockner

    First Vice President Investments

    (203) 672-3326

    Email Wes

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

    New Haven

  • Eric Pentore

    First Vice President Investments

    (203) 672-3336

    Email Eric

    License(s): CT: RES. 0787525

    New Haven

  • Victor W. Nolletti

    Executive Managing Director Investments

    (203) 672-3321

    Email Victor

    License(s): CT: RES. 0500203

    New Haven

Multifamily

River Street Townhomes

Listing Price: $4,750,000

Cap Rate
4.72%
Number of Units
10
Price/Unit
$475,000
Price/Gross SF
$319.87
Gross SF
14,850

Investment Highlights

  • Exceptional Opportunity to Acquire Multifamily Housing in the High-Barriers-to-Entry Market of New Canaan
  • Significant Value-add Potential with Limited Construction or Rehabilitation Through Reducing the Loss-to-lease - Current Market Rents Achieved by Sellers are 15% Above Current average
  • Significant Recent Capital Expenditures Including New Roofs, Windows, Updated Kitchens and Bathrooms - an Excellent Foundation to Drive Future Revenue
  • Walkable to the New Canaan Metro-North Train Great Dual Commuter Location for Employees Working in the Financial Services, Education, and Healthcare Sectors
  • Affluent Demographics, Highly Educated Population and Highest Home Values in The Country
  • One of the Best Rated Public School Systems in the Country

Investment Overview

The Nolletti Group of Marcus & Millichap is pleased to present the exceptionally rare opportunity to acquire a 10-unit multifamily asset consisting of five standalone duplexes in New Canaan – arguably one of the best suburbs nationwide. The supply constrained and high barriers-to-entry attributes of New Canaan make this value-add offering a generational opportunity. The River Street Duplexes consists of five abutting buildings (constructed 1962) with 10 total townhouse apartments on 1.63 contiguous acres being offered on behalf of the original developing family. All units are two two-bedroom / one-and-one half baths townhouse apartments (approx. 990 sf) with tenant-paid electricity and oil-fired heat/hot water. The property features one of the best locations in the state of Connecticut allowing for suburban lifestyle, immediate access to urban amenities, and proximity to transit via the Merritt Parkway (three minutes away). Residents of the River Street Duplexes benefit from walkability (seven minutes) to New Canaan’s idyllic town center which is home to restaurants, bars/nightlife, cafes, shops, and the Metro-North train station offering transportation to Grand Central Terminal. The town center is a shopping, dining, and cultural destination for patrons living in New Canaan, but also the surrounding towns of Stamford, Darien, and Wilton, Connecticut as well as Pound Ridge and Bedford, New York. Under current ownership, the properties have underwent extensive capital repairs during the past five years including new roofs and windows, new decking, waterproofing of all private basement spaces (not included in approximate square footage), and replacement of siding/shutters. Additionally, nine of the ten units have received high-end kitchen and bathroom renovations featuring stone countertops, stainless appliances, updated cabinets, luxury vinyl plank flooring, new vanities, and tiled tub-surrounds. The property offers a significant value-add opportunity without major construction or rehabilitation which has been recently demonstrated through recent rent increase by the Sellers (lease start: 8/1/2021 for $2,850/month). After review of the competitive subset, Marcus & Millichap believes that the addition of ductless mini-split systems to add air conditioning and renovations to basements creating more livable space will drive rents in excess of 33% above current average. These modest additions improving livability in a nearly impenetrable high barriers-to-entry market will be met with extraordinary revenue growth.

Exclusively Listed By

  • Wes Klockner

    First Vice President Investments

    (203) 672-3326

    Email Wes

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

    New Haven

  • Eric Pentore

    First Vice President Investments

    (203) 672-3336

    Email Eric

    License(s): CT: RES. 0787525

    New Haven

  • Victor W. Nolletti

    Executive Managing Director Investments

    (203) 672-3321

    Email Victor

    License(s): CT: RES. 0500203

    New Haven

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