Two-Family
For Sale
$989,000
Pending
29 Cowan Ave, Stamford, CT 06906
Residential income property near I-95, the Merritt Parkway, shopping, transportation, and town-center amenities.
Property Size2,850 SF
Days on Market12
Property Features for 29 Cowan Ave
General Information
Standard status
Pending
Size
2,850 SF
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Building Details
Building Size
2,850 SF
Year Built
1965
Listing Agency:
Coldwell Banker Residential Brokerage
(203) 912-7840
Listed By:
Susan Morelli · License #RES.0479120
(203) 912-7840
Source:
Elliman
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 31 at 4:35PM
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 Coldwell Banker Residential Brokerage
Investment Insights
Based on property information with market context.
Located at 29 Cowan Ave in Stamford, Connecticut, this duplex is configured as a two-family residential property. The building was constructed in 1965 and has remained with its original owners. Its location provides access to I-95 and the Merritt Parkway, with shopping, transportation, and town-center services nearby.
The property is also close to Tully Center health facilities. Walk Score is 80, Bike Score is 61, and Transit Score is 52, reflecting walkable access and available bicycle and transit connections in the surrounding area.
The property is also close to Tully Center health facilities. Walk Score is 80, Bike Score is 61, and Transit Score is 52, reflecting walkable access and available bicycle and transit connections in the surrounding area.
Key Highlights
- Two‑family duplex at 29 Cowan Ave, Stamford, CT 06906
- Constructed in 1965 and held by the original owners
- Convenient access to I‑95 and the Merritt Parkway
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
$54,841
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
5.55%
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%
$1,096,820
$1.1M
Cap Rate 7%
$783,443
$783.4K
Cap Rate 9%
$609,344
$609.3K
Market Conditions
NOI Build-Up for 2,850 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
$83.8K $29.40/SF
− Vacancy
−$5.4K −$1.91/SF
EGI
$78.3K $27.49/SF
− OpEx
−$23.5K −$8.25/SF
NOI
$54.8K $19.24/SF
Area
Stamford, CT
Vacancy
6.50%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,096,820
Cap Rate 7%
$783,443
Cap Rate 9%
$609,344
Alternative Uses
Best Use
Multifamily LT 5
$783.4K
$685.5K – $914.0K
NOI $54,841 @ 7.0% cap · market cap 5.55%
Second Best
Apartment 5plus
$700.7K
$613.1K – $817.5K
NOI $49,050 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$1.03M
$901.7K – $1.20M
NOI $72,134 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,679
Businesses Nearby
Explore this area
Business Placement
Demographics for 06906, CT
9,902
Population
3,727
Households
2.7
Avg Household Size
38
Median Age
47%
College-Educated
80%
High-School Grad
1.3 sq mi
ZIP Area
7,617
Density / Sq Mi
$91,710
Median Household Income
$45,518
Median Earnings
$2,207
Median Rent
$576,200
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?
Duplex - Residential income property near I-95, the Merritt Parkway, shopping, transportation, and town-center amenities.
Where is this duplex located?
The property is located at 29 Cowan Ave Stamford, CT.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: Two‑family duplex at 29 Cowan Ave, Stamford, CT 06906; Constructed in 1965 and held by the original owners; Convenient access to I‑95 and the Merritt Parkway
