Multifamily Triplex
For Sale
$2,500,000
20 Hanover Street, Stamford, CT 06902
Multi-Family For Sale, Units on different Floors,Units are Side-by-Side, Stamford, CT
Property Size7,025 SF
Lot Size0.26 Acres
Price / SF$355.87
Days on Market94
Property Features for 20 Hanover Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MG
Bedrooms
12
Bathrooms
9
Full bathrooms
6
Half bathrooms
3
Rooms
Bathroom 7, Bathroom 2, Bedroom 6, Bathroom 5, Bedroom 2, Bathroom 6, Bathroom 3, Basement, Bedroom 4, Bedroom 12, Bedroom 7, Bedroom 3, Bedroom 9, Bedroom 10, Bathroom 8, Bedroom 8, Bedroom 5, Bedroom 1, Bathroom 4, Bathroom 9, Bathroom 1, Bedroom 11
Parking
8
Basement
Partially Finished, Full
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
Shippan Ave. to Hanover St.
Subdivision
Shippan
Standard status
Active
Size
7,025 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
26138
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Cooling system
Central Air, Window Unit(s)
Water source
Public
Building Details
Year built
2003
Architectural style
Other
Listing Agency:
Keller Williams Prestige Prop. · Keller Williams Realty
(203) 327-6700
Listed By:
Aaron Ramkalawan
(917) 207-4306
Added: Jun 2
Changed: Aug 30
Last Checked: Sep 3 at 4:06AM
MLS# 24180538
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily offering includes two buildings at 20 Hanover Street. The first contains three 2BR/1BA units within approximately 2,525 living square feet. Built in 2003, the second building adds three 2BR/1.5BA townhouse-style units totaling approximately 4,500 living square feet. Those residences include central air, finished basements, and private decks.
The property occupies approximately 0.26 acres and is served by public water and public sewer. Heating is provided by hot water systems, with cooling through central air and window units. Its Stamford setting offers proximity to Metro-North, I-95, beaches, and waterfront amenities. The property is zoned MG and includes six multifamily units across the two buildings.
The property occupies approximately 0.26 acres and is served by public water and public sewer. Heating is provided by hot water systems, with cooling through central air and window units. Its Stamford setting offers proximity to Metro-North, I-95, beaches, and waterfront amenities. The property is zoned MG and includes six multifamily units across the two buildings.
Key Highlights
- Six multifamily units across two buildings
- Three 2BR/1BA units totaling approximately 2,525 living sqft
- Three townhouse‑style 2BR/1.5BA units totaling approximately 4,500 living sqft
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 - Two multifamily buildings provide traditional and townhouse-style layouts with private outdoor space and basement areas.
Where is this triplex located?
The property is located at 20 Hanover Street 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: Six multifamily units across two buildings; Three 2BR/1BA units totaling approximately 2,525 living sqft; Three townhouse‑style 2BR/1.5BA units totaling approximately 4,500 living sqft
