128 Grasmere Ave Fairfield, CT 06824
- Apartment buildings
- 3,665 SF
- 0.11 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 128 Grasmere Ave
- Year built
- 1919
- Lot size
- 0.11 lot acres
- Property size
- 3,665 SF
- Property type
- Apartment buildings
Description
This exceptional multifamily investment opportunity presents a fee-simple, four-unit apartment building situated on a 0.11-acre lot in Fairfield, Connecticut. The property boasts 2,665 square feet of net rentable space within a 3,665-square-foot building constructed in 1919. Each of the four one-bedroom, one-bathroom units is individually metered for electricity, gas heat, and hot water, with tenants responsible for these utilities. Landlord responsibilities include common area electricity, water, and sewer. All units feature central air conditioning and forced hot air heating. The property also includes a basement with four private storage units. Currently operating at 100% occupancy, the property generates a strong net operating income (NOI) of $86,010, resulting in an attractive 8.19% capitalization rate. The asking price is $1,050,000, or $262,500 per unit, and the property is conveniently located near major roadways, public transportation (including the Fairfield-Black Rock Train Station), and a variety of amenities, including shopping, dining, beaches, and several colleges and universities. Three units currently have tenants participating in rental assistance programs. The property's location in a high-demand, supply-constrained rental market, coupled with its strong financial performance, makes it an ideal investment. The average household income within a 3-mile radius is $158,157.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Fairfield
- County
- Fairfield
- State
- Connecticut
- Longitude
- -73.2395
- Latitude
- 41.1545
