128 Grasmere AveFairfield, CT 06824

  • Residential income properties
  • 3,665 SF
For Sale
$1,050,000 View listing

Property Details for 128 Grasmere Ave

Year built
1919
Lot size
0.11 AC
Property size (Sq ft)
3,665 SF
Property type
Residential income properties
Property subtype
Multifamily properties

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.

128 Grasmere Ave, Fairfield, Connecticut

Location Insight

City
Fairfield
County
Fairfield
State
Connecticut
Latitude
41.1545
Longitude
-73.2395

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