149-160 Wardwell St, Stamford, CT 06902

Property Details for 149-160 Wardwell St

Year built

1905

Lot size

1.15 lot acres

Property type

Apartment buildings

Description

This exceptional 34-unit apartment building presents a compelling value-add opportunity in Stamford, CT's desirable Shippan/Cove neighborhood. Located at 149-160 Frederick Street & 156-164 Wardwell Street (06902), this Class A property boasts 33,990 square feet across nine, two-story buildings on a 1.15-acre lot. Built between 1905 and 1940, the property currently enjoys 100% occupancy with a mix of one- and two-bedroom units. Twelve units remain unrenovated, offering significant potential for rental increases. Currently leased rents are substantially below market rates for comparable properties, providing immediate upside through renovations and market-rate adjustments. Further value can be realized through attic expansions in several buildings and converting the remaining oil-heated buildings to tenant-paid gas or electric HVAC. The property includes 31 off-street parking spaces, comprising 13 garage spaces, 4 carport spaces, and additional open parking. A new central laundry facility is also in place. Its prime location offers easy access to I-95 and the Stamford Train Station, appealing to commuters and those working in downtown Stamford. The property is available for individual purchase or as part of a portfolio, with assumable financing options potentially available. This investment benefits from a strong tenant demand in an upper-working-class submarket, within Connecticut's largest employment market, and close proximity to Stamford's amenities, including the harbor, beaches, and downtown area. Significant capital improvements have been made since October 2018, minimizing deferred maintenance. The asking price is $8,975,000 ($264/sq ft, $263,971/unit), with a pro-forma cap rate of 8.02%.

Location Insight

City

Stamford

County

Fairfield

State

Connecticut

Longitude

-73.5215

Latitude

41.048