Duplex with Permitted
For Sale
$999,000
604 Fairfield Ave, Stamford, CT 06902
Two residential units include three-bedroom layouts, dining rooms, living rooms, and renovation plans for basement and attic areas.
Property Size2,378 SF
Price / SF$420.10
Days on Market9
Property Features for 604 Fairfield Ave
General Information
Standard status
Active
Size
2,378 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
BHGRE Shore & Country
(914) 752-8788
Listed By:
Mei Ling Cheung (914) 752-8788 (203) 504-5005 · License #RES.0800750
Source:
Centralconnecticuthomefinder
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 29 at 10:30AM
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 two-family duplex, built in 1920, contains approximately 2,378 SF of currently recorded living area. Each unit is presently arranged with 3 bedrooms, a living room, and a dining room. The property also includes a basement with an approximately 1,181 SF footprint and a third-floor attic area.
Renovation plans and a building permit support improvements to both additional areas. The permitted basement scope includes 1 bedroom, 1 full bath, and a wet bar as an extension of the first-floor unit. The permit also provides for connecting the attic to the second floor for storage. The property is located at 604 Fairfield Ave in Stamford, within an established residential neighborhood with access to shopping, restaurants, transportation, downtown Stamford, and major commuting routes. Buyer to perform due diligence regarding plans, permits, approvals, and allowable square footage.
Renovation plans and a building permit support improvements to both additional areas. The permitted basement scope includes 1 bedroom, 1 full bath, and a wet bar as an extension of the first-floor unit. The permit also provides for connecting the attic to the second floor for storage. The property is located at 604 Fairfield Ave in Stamford, within an established residential neighborhood with access to shopping, restaurants, transportation, downtown Stamford, and major commuting routes. Buyer to perform due diligence regarding plans, permits, approvals, and allowable square footage.
Key Highlights
- Approximately 2,378 SF of currently recorded living area
- Two units, each presently laid out with 3 bedrooms, a living room, and a dining room
- Basement footprint of approximately 1,181 SF
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
$45,758
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
4.58%
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%
$915,160
$915.2K
Cap Rate 7%
$653,686
$653.7K
Cap Rate 9%
$508,422
$508.4K
Market Conditions
NOI Build-Up for 2,378 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
$69.9K $29.40/SF
− Vacancy
−$4.5K −$1.91/SF
EGI
$65.4K $27.49/SF
− OpEx
−$19.6K −$8.25/SF
NOI
$45.8K $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%
$915,160
Cap Rate 7%
$653,686
Cap Rate 9%
$508,422
Alternative Uses
Best Use
Multifamily LT 5
$653.7K
$572.0K – $762.6K
NOI $45,758 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$584.7K
$511.6K – $682.1K
NOI $40,926 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$859.8K
$752.4K – $1.00M
NOI $60,188 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
767
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 - Two residential units include three-bedroom layouts, dining rooms, living rooms, and renovation plans for basement and attic areas.
Where is this duplex located?
The property is located at 604 Fairfield Ave Stamford, CT.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Approximately 2,378 SF of currently recorded living area; Two units, each presently laid out with 3 bedrooms, a living room, and a dining room; Basement footprint of approximately 1,181 SF
