Stamford Multifamily Property For
For Sale
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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$351.20
Days on Market159
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: Oct 16
Last Checked: Oct 16 at 6:58AM
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
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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 / Yr
$93,108
Cap Rate
4.90%
Suggested Prices Based on Cap Rates
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
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 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 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.96M
$1.71M – $2.28M
NOI $136,928 @ 7.0% cap · market cap 7.21%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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 $1,900,000.
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**.
