Stamford Multifamily Property For
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121 Lockwood Avenue, Stamford, CT 06902
Six-unit multifamily property in Stamford's Cove neighborhood with value-add potential.
Property Size5,410 SF
Lot Size0.34 Acres
Price / SF$368.76
Days on Market114
Property Features for 121 Lockwood Avenue
General Information
Standard status
Active
Size
5,410 SF
Lot size
0.34 Acres
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$130,995
Building Details
Year Built
1953
Buildings
1
Stories
3
Units
6
Listing Agency:
National Multifamily
Listed By:
Matt Cawley · License #REB.0791595
Source:
Crexi
Added: May 12
Changed: Aug 8
Last Checked: Aug 28 at 10:46PM
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 National Multifamily
Investment Insights
Based on property information with market context.
Located in the Cove neighborhood of Stamford, CT, 121 Lockwood Avenue is a 6-unit multifamily property. Constructed in 1953, the 2.5-story building encompasses 5,410 rentable square feet. The property is situated approximately 1.4 miles from the Stamford Train Station, a regional transit hub with Metro-North, Amtrak, and bus services. The building sits on a 0.34-acre lot and includes 10 off-street parking spaces in the rear, along with a large backyard. The unit mix consists of one three-bedroom unit, two two-bedroom units, and three one-bedroom units. Two units are currently rented to Section 8 tenants, providing consistent rental income. Tenants are responsible for heat and hot water, which is supplied by individual gas boilers and hot water heaters located in the basement. Value-add opportunities include renovating existing apartments, charging for parking, exploring rental of the walkout basement for storage, and consulting with a land-use attorney about potential construction at the rear of the lot. The property is intended for multifamily residential use.
Key Highlights
- Value‑add opportunities through apartment renovations, parking fees, basement storage rental, and potential rear lot development.
- Located just 1.4 miles from Stamford Train Station, a major transit hub.
- Oversized 0.34‑acre lot featuring a sizeable backyard and 10 off‑street parking spaces.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$93,108
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.67%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,862,160
$1.9M
Cap Rate 7%
$1,330,114
$1.3M
Cap Rate 9%
$1,034,533
$1.0M
Market Conditions
NOI Build-Up for 5,410 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$180.5K $33.36/SF
− Vacancy
−$11.2K −$2.07/SF
EGI
$169.3K $31.29/SF
− OpEx
−$76.2K −$14.08/SF
NOI
$93.1K $17.21/SF
Area
Stamford, CT
Vacancy
6.20%
Lease Rate
$33.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,862,160
Cap Rate 7%
$1,330,114
Cap Rate 9%
$1,034,533
Alternative Uses
Best Use
Apartment 5plus
$1.33M
$1.16M – $1.55M
NOI $93,108 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.96M
$1.71M – $2.28M
NOI $136,928 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,548
Businesses Nearby
Explore this area
Business Placement
Demographics for 06902, CT
69,192
Population
30,142
Households
2.3
Avg Household Size
36
Median Age
44%
College-Educated
85%
High-School Grad
10.0 sq mi
ZIP Area
6,919
Density / Sq Mi
$92,527
Median Household Income
$48,285
Median Earnings
$2,139
Median Rent
$515,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit multifamily property in Stamford's Cove neighborhood with value-add potential.
Where is this apartment building located?
The property is located at 121 Lockwood Avenue Stamford, CT.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Value‑add opportunities through apartment renovations, parking fees, basement storage rental, and potential rear lot development.; Located just 1.4 miles from Stamford Train Station, a major transit hub.; Oversized 0.34‑acre lot featuring a sizeable backyard and **10 off‑street parking spaces**.
