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    Renovated Apartments with Expansion Potential Title is generated by Realmo AI

    1030 Federal Rd, Brookfield, CT 06804

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    Brookfield apartments with approved expansion for 15 units.

    Type:Multifamily
    Property size:
    15,804 SF
    Price / SF:
    $553/SF
    Added:
    Jul 4, 2024
    Days on Market:
    705
    Last Refresh:
    May 13 at 12:56 am

    Property Features for 1030 Federal Rd

    General Information

    Standard status
    Active
    Size
    15,804 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    1968

    We can help!

    Listing Contact
    Joe Dimyan
    Joe Dimyan

    Listing agent Joe Dimyan License #CT 0811098

    Listing office Tower Realty Corporation

    Listing date Jul 4, 2024

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Tower Realty Corporation

    HighLights

    • Completely renovated in 2024, featuring new flooring, fresh paint, granite countertops, stainless steel appliances, and updated lighting.
    • Approved development of 15 additional one‑bedroom apartments, providing a significant opportunity to increase rental income and property value.
    • Plans for a pool, pool house, and fitness area, enhancing resident amenities.
    • Ample on‑site parking for residents, with a recently paved and striped parking lot.
    • Ideally located along Federal Road (Route 7) near the Four Corners area of Brookfield, offering convenient access to retail, restaurants, and daily amenities.
    • Mix of 17 one‑bedroom and 3 two‑bedroom apartments with spacious layouts.

    Overview

    The Newbury Apartments, located at 1030 Federal Road in Brookfield, Connecticut, comprise two buildings totaling approximately 15,804 square feet. The property features 20 residential units, consisting of 17 one-bedroom and 3 two-bedroom apartments, all of which were completely renovated in 2024. The apartments have spacious layouts with new flooring, fresh paint, granite countertops, stainless steel appliances, and updated lighting. Ample on-site parking is available for residents in the recently paved and striped parking lot. A significant value-add component is the approved development of 15 additional one-bedroom apartments, along with plans for a pool, pool house, and fitness area. This expansion provides a substantial opportunity to increase rental income and overall property value. The property is ideally located along Federal Road (Route 7), near the Four Corners area of Brookfield and the New Milford line. The location is surrounded by a wide range of retail, restaurants, and daily amenities, including a recently developed food emporium and retail corridor, providing convenient access to major shopping destinations and regional roadways. The property is intended for residential income purposes.
    Property Profile Location Intelligence

    Current Use by Public Records

    TLC Apartment Building Newbury Inn Hotel Hotel & Motel

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Nail Salon Hotel & Motel Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brookfield
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.4184118
    Latitude
    41.4961244

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    FAQs

    What type of property is this?
    Apartment building - Brookfield apartments with approved expansion for 15 units.
    Where is this apartment building located?
    The property is located at 1030 Federal Rd Brookfield, CT.
    What is the asking price?
    The asking price for this property is $8,750,000.
    What are key features of this property?
    This property features: Completely renovated in 2024, featuring new flooring, fresh paint, granite countertops, stainless steel appliances, and updated lighting.; Approved development of 15 additional one‑bedroom apartments, providing a significant opportunity to increase rental income and property value.; Plans for a pool, pool house, and fitness area, enhancing resident amenities.
    (203) 775-5000 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Joe Dimyan
    Joe Dimyan
    Real Estate License ID: CT 0811098
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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