Two-Building Triplex
For Sale
$2,500,000
20 Hanover St, Stamford, CT 06902
Six residential units span traditional and townhouse-style layouts with private decks, finished basements, and central air in select units.
Property Size7,025 SF
Price / SF$355.87
Days on Market42
Property Features for 20 Hanover St
General Information
Standard status
Active
Size
7,025 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
cosmetic renovations
Site & Location
Highway Access
Yes
Public Transit
Yes
Building Details
Year Built
2003
Listing Agency:
Keller Williams Prestige Prop.
(917) 207-4306
Listed By:
Aaron Ramkalawan
Source:
Bryanmorristeam
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 30 at 8:26PM
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 Keller Williams Prestige Prop.
Investment Insights
Based on property information with market context.
The property comprises two multifamily buildings with a combined 7,025 square feet of living area. The first building contains three two-bedroom, one-bath units totaling approximately 2,525 living square feet. The second building, completed in 2003, includes three two-bedroom, one-and-a-half-bath townhouse-style units totaling approximately 4,500 living square feet. These residences feature central air, finished basements, private decks, and townhouse-oriented floor plans.
Located at 20 Hanover St. in Stamford, the property offers access to Metro-North and I-95, with Stamford beaches and waterfront amenities within walking distance. The six-unit configuration combines two distinct multifamily formats at one address, supporting a varied residential layout across the portfolio.
Located at 20 Hanover St. in Stamford, the property offers access to Metro-North and I-95, with Stamford beaches and waterfront amenities within walking distance. The six-unit configuration combines two distinct multifamily formats at one address, supporting a varied residential layout across the portfolio.
Key Highlights
- Two‑building multifamily property totaling 7,025 square feet
- 20 Hanover St. in Stamford, CT 06902
- Building A: approximately 2,525 living sqft with (3) 2BR/1BA units
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
$135,177
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
5.41%
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%
$2,703,540
$2.7M
Cap Rate 7%
$1,931,100
$1.9M
Cap Rate 9%
$1,501,967
$1.5M
Market Conditions
NOI Build-Up for 7,025 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
$206.5K $29.40/SF
− Vacancy
−$13.4K −$1.91/SF
EGI
$193.1K $27.49/SF
− OpEx
−$57.9K −$8.25/SF
NOI
$135.2K $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%
$2,703,540
Cap Rate 7%
$1,931,100
Cap Rate 9%
$1,501,967
Alternative Uses
Best Use
Multifamily LT 5
$1.93M
$1.69M – $2.25M
NOI $135,177 @ 7.0% cap · market cap 5.41%
Second Best
Apartment 5plus
$1.73M
$1.51M – $2.02M
NOI $120,903 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$2.54M
$2.22M – $2.96M
NOI $177,804 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,760
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?
Triplex - Six residential units span traditional and townhouse-style layouts with private decks, finished basements, and central air in select units.
Where is this triplex located?
The property is located at 20 Hanover St Stamford, CT.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Two‑building multifamily property totaling 7,025 square feet; 20 Hanover St. in Stamford, CT 06902; Building A: approximately 2,525 living sqft with (3) 2BR/1BA units
