18 Fairfield Avenue
- Major Capital Projects Completed
- $86,052 of Untapped Rent Upside
- Built-In Renovation Runway
- Strong Norwalk Rental Market
- Stable, Predictable Operations
- Transit-Oriented SoNo Location
Property Description
Northeast Private Client Group is pleased to exclusively present 18 Fairfield Avenue, an 18-unit multifamily building in Norwalk’s South Norwalk (SoNo) neighborhood, near the South Norwalk Metro-North station and the restaurants of Washington Street. Built in 1967, the three-story brick building has 10,234 liveable square feet on a 0.48-acre lot with 24 surface parking spaces. The unit mix is one (1) studio, sixteen (16) one-bedroom apartments (four (4) standard, eleven (11) large and one (1) extra-large) and one (1) two-bedroom. The current owner has invested significantly in the property’s building systems and common areas, including new heating and hot water systems with a full oil-to-natural-gas conversion, upgraded lobby, entrance and hallways, and a renovated laundry room with new equipment. Exterior improvements include siding repairs and a sealed parking lot. The roof was replaced in August 2017, and the windows were replaced between 2011 and 2014. The current owner has achieved significant rent increases through the common area upgrades and a professional management strategy. He has not renovated any units. A new owner has the opportunity to continue to increase the rent roll through unit level upgrades. There is a renovation rent premium of about $400/unit on average across the 18 units, for an additional $86,052 in gross rents. South Norwalk is one of Fairfield County’s premier walkable rental districts, and renters make up the majority of its households. The neighborhood is served by the South Norwalk Metro-North station, I-95 and Route 7, so residents can reach Grand Central in about an hour and Stamford’s corporate core in minutes. Within walking distance are the SoNo Collection, the Maritime Aquarium, the harbor waterfront, and a dense restaurant and nightlife scene. Norwalk also hosts the headquarters of Booking Holdings, FactSet, EMCOR and Xerox, along with Norwalk Hospital. SoNo continues to draw young professionals and commuters looking for a lower-cost alternative to New York and Stamford.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 18 |
| Year Built: | 1967 |
| Lot Size: | 0.48 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
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