New Five-Unit Apartment
For Sale
Under Contract
$2,599,000
281 Greenwich Avenue, Stamford, CT 06902
Multi-Family For Sale, Units are Side-by-Side, Stamford, CT
Property Size5,760 SF
Lot Size0.23 Acres
Price / SF$451.22
Days on Market232
Property Features for 281 Greenwich Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
RMF
Bedrooms
15
Bathrooms
15
Full bathrooms
15
Rooms
Bathroom 5, Bathroom 4, Bathroom 7, Bedroom 2, Bathroom 10, Bedroom 13, Bathroom 11, Bathroom 13, Bedroom 6, Bedroom 11, Bathroom 6, Bedroom 10, Bathroom 1, Bathroom 2, Bathroom 9, Bedroom 15, Bedroom 1, Bedroom 7, Bedroom 14, Bedroom 12, Bedroom 8, Bedroom 4, Bathroom 8, Bedroom 3, Bedroom 5, Bathroom 12, Bathroom 14, Bedroom 9, Bathroom 3, Bathroom 15
Parking
9
Basement
Crawl Space
Lot features
Level Lot
Elementary school
Newfield
High school
Stamford
Directions
West Main Street to Greenwich Ave.
Subdivision
Waterside
Standard status
Active Under Contract
Size
5,760 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
19472
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Amenities
washer/dryer in unit
attic storage
alarm system with camera
Building Details
Year built
2024
Architectural style
Other
Listing Agency:
BHGRE Shore & Country
(203) 504-5005
Listed By:
Silvana Orsaia
(203) 249-1611
Added: Jan 9
Changed: Aug 23
Last Checked: Aug 29 at 11:06AM
MLS# 24148165
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.
Completed in 2024, this five-unit apartment property contains 5,760 square feet on a 0.23-acre parcel. Each residence is arranged with three bedrooms and three bathrooms, along with a washer and dryer, attic storage, central air, and separate utilities. The property also includes an alarm system with camera coverage and 12 parking spaces. A Certificate of Occupancy has been issued for the completed units.
Located at 281 Greenwich Avenue in Stamford, the property offers walkable access to Stamford Train Station and convenient proximity to downtown Stamford and Harbor Point, including shopping, restaurants, and bars. Public water and public sewer serve the property, which is zoned RMF.
Located at 281 Greenwich Avenue in Stamford, the property offers walkable access to Stamford Train Station and convenient proximity to downtown Stamford and Harbor Point, including shopping, restaurants, and bars. Public water and public sewer serve the property, which is zoned RMF.
Key Highlights
- Five‑unit apartment property completed in 2024 with Certificate of Occupancy
- 5,760 SF building on a 0.23‑acre parcel
- Each unit includes 3 bedrooms and 3 bathrooms
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
$99,132
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
3.81%
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%
$1,982,640
$2.0M
Cap Rate 7%
$1,416,171
$1.4M
Cap Rate 9%
$1,101,467
$1.1M
Market Conditions
NOI Build-Up for 5,760 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
$192.2K $33.36/SF
− Vacancy
−$11.9K −$2.07/SF
EGI
$180.2K $31.29/SF
− OpEx
−$81.1K −$14.08/SF
NOI
$99.1K $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 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%
$1,982,640
Cap Rate 7%
$1,416,171
Cap Rate 9%
$1,101,467
Alternative Uses
Best Use
Apartment 5plus
$1.42M
$1.24M – $1.65M
NOI $99,132 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,787 @ 7.0% cap · market cap 5.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,051
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?
Apartment building - Recently built residences feature three-bedroom layouts, private laundry, central air, and shared parking.
Where is this apartment building located?
The property is located at 281 Greenwich Avenue Stamford, CT.
What is the asking price?
The asking price for this property is $2,599,000.
What are key features of this property?
This property features: Five‑unit apartment property completed in 2024 with Certificate of Occupancy; 5,760 SF building on a 0.23‑acre parcel; Each unit includes 3 bedrooms and 3 bathrooms
