Stamford Multifamily Property For
121 Lockwood Avenue Stamford, CT 06902
121 Lockwood Avenue, Stamford, CT, 06902
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For Sale
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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 Market67
Property Features for 121 Lockwood Avenue
General Information
- Standard status
- Active
- Size
- 5,410 SF
- Lot size
- 0.34 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1953
Listing Agency
National Multifamily
Listed by
Matt Cawley · License #REB.0791595
Source
Crexi
Added: May 12 Checked: Jul 13 at 4:57 am
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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.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $180.5k | $33.36 |
| − Vacancy | −$11.2k | −$2.07 |
| EGI | $169.3k | $31.29 |
| − OpEx | −$76.2k | −$14.08 |
| NOI | $93.1k | $17.21 |
5,410 SF · lease $33.36/SF/yr · vacancy 6.20% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
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**.
