Updated Two-Family
For Sale
$799,900
60 Stephen St, Stamford, CT 06902
Separate utilities, garage parking, and updated living areas support the property’s two-unit configuration.
Property Size2,408 SF
Price / SF$332.18
Days on Market42
Property Features for 60 Stephen St
General Information
Standard status
Active
Size
2,408 SF
Property subtype
Multi-Family
Financials
Gross Income
$74,400
Average Monthly Rent
$3,100
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1925
Listing Agency:
BHGRE Shore & Country
(914) 752-8788
Listed By:
Mei Ling Cheung · License #RES.0800750
Source:
Themialeteam
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 30 at 7:05PM
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 BHGRE Shore & Country
Investment Insights
Based on property information with market context.
This 2,408-square-foot two-family property, built in 1925, includes a first-floor residence with two bedrooms, an office, an eat-in kitchen, and a living room. The upper unit spans the second and third floors and offers three bedrooms, an office, a large bonus room, and an updated eat-in kitchen with quartz countertops and newer appliances. Gas heat and cooking serve the building, with separate utilities for each residence.
Building infrastructure includes updated 200 amp electrical service, three electric meters, two gas meters, and a newer roof approximately two years old. The property also provides a two-car garage and additional off-street parking. Downtown Stamford, the train station, bus service, UConn, shopping, parks, and restaurants are within walking distance. The stated cap rate is 7%+.
Building infrastructure includes updated 200 amp electrical service, three electric meters, two gas meters, and a newer roof approximately two years old. The property also provides a two-car garage and additional off-street parking. Downtown Stamford, the train station, bus service, UConn, shopping, parks, and restaurants are within walking distance. The stated cap rate is 7%+.
Key Highlights
- 2,408‑square‑foot two‑family property built in 1925
- Upper residence spans the second and third floors with 3 bedrooms, office, bonus room, and updated kitchen
- First‑floor unit includes 2 bedrooms, office, eat‑in kitchen, and living room
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
$46,335
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
5.79%
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%
$926,700
$926.7K
Cap Rate 7%
$661,929
$661.9K
Cap Rate 9%
$514,833
$514.8K
Market Conditions
NOI Build-Up for 2,408 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
$70.8K $29.40/SF
− Vacancy
−$4.6K −$1.91/SF
EGI
$66.2K $27.49/SF
− OpEx
−$19.9K −$8.25/SF
NOI
$46.3K $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%
$926,700
Cap Rate 7%
$661,929
Cap Rate 9%
$514,833
Alternative Uses
Best Use
Multifamily LT 5
$661.9K
$579.2K – $772.3K
NOI $46,335 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$592.0K
$518.0K – $690.7K
NOI $41,443 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$870.7K
$761.8K – $1.02M
NOI $60,947 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5,122
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?
Duplex - Separate utilities, garage parking, and updated living areas support the property’s two-unit configuration.
Where is this duplex located?
The property is located at 60 Stephen St Stamford, CT.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 2,408‑square‑foot two‑family property built in 1925; Upper residence spans the second and third floors with 3 bedrooms, office, bonus room, and updated kitchen; First‑floor unit includes 2 bedrooms, office, eat‑in kitchen, and living room
