Filippidis of Horvath & Tremblay completes sale of two multi-family properties for $4.04 million

 

 

Stamford, CT Stavros Filippidis of Horvath & Tremblay has completed the sale of a seven-unit multi-family property. Horvath & Tremblay exclusively represented the seller and sourced the buyer to complete the transaction at a sale price of $2.465 million. The multi-family property is located at 26 Orchard St. The property features newer construction townhouse-style units consisting of five, 3-bedroom/2.5-bathroom units and two, 3-bedroom/2-bathroom units with 10,697 s/f of living area in 12,984 s/f of gross area on a .25-acre parcel. The property also features parking with garages beneath most of the units and surface parking on-site. All five townhouses were newly built in 2015 and 2016 and contain hardwood flooring, stainless steel appliances, washer and dryer in-unit, and high efficiency Navien combination boilers. Additionally, four of the five townhouse units contain a garage. The two-unit at the front of the parcel was completely gutted and renovated in 2017, including new mechanicals and roof.

Horvath & Tremblay’s Filippidis also facilitated the sale of a seperate six-unit multi-family property. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1.575 million. The multi-family property is located at 52 Orchard St. The property is improved by a three-story multi-family building consisting of six, 2-bedroom/1-bathroom units with 5,900 s/f of living area in 9,074 s/f of gross area on a .13-acre parcel. The property is separately metered for electricity and gas-fired heat and hot water which the tenants pay directly. The opportunity exists to update the unrenovated unit interiors and increase the rent roll in an urban-infill, high-demand residential market. Additionally, there is a 1,958 s/f basement where storage units and coin-operated laundry machines can be added for additional income.

Both properties are located on a residential side street made up of single and multi-family homes south of downtown. The properties are near I-95, US Rte.1, and Washington Blvd., which provides access throughout Fairfield County and southern Connecticut. The location offers access to area shopping, with retailers, restaurants and entertainment amenities within walking distance. The properties are walkable to several municipal bus stops and the Stamford Train Station, offering service on the Metro-North Line from New York City, as well as Amtrak lines that provide regional service throughout the Northeast.