Newer five-unit multifamily building in Stamford sells for $1.49M: ‘Demand is high’
Costar
Multifamily property at 76 Hope St. in Stamford.
A five-unit apartment building constructed in Stamford in 1996 has sold for $1.49 million, showing strong demand for newer, smaller multifamily housing, according to a listing broker for the deal.
The property, at 76 Hope St., was purchased by 76 Hope St Stamford LLC, controlled by Julie Sternberg of Westport, from Ryiste Realty Corp., said Aaron Ramkalawan, a Realtor with KW Commercial’s Stamford office.
He said the $1.49 million sales price indicates a low capitalization rate, or potential rate of return, of 5% on the building, which is appraised at $1.61 million, according to property records.
“When it trades at the lower side at 5% cap, it just shows that the multifamily market is strong and demand is high,” he told the Hartford Business Journal, adding it was an all-cash deal. “A lot of these properties don’t come up.”
The building has 6,241 square feet of space and sits on an 0.43-acre parcel, property records show.
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