Greenwich, CT - For Sale 3 COMMERCIAL BUILDINGS 5,950 SF with 3,000 SF Available For Lease or Owner User 779 - 783 NORTH STREET Greenwich, CT • Bucolic Back Country Setting • Adjacent to 300 Acre Babcock Nature Preserve • Excellent Visibility, Easy to Find • Convenient Deployment to Greenwich, Stamford, Banksville and Westchester Markets • Generous 26 Car Onsite Parking • Portfolio or Condominium Ownership Building: A total of 5,950 SF in three 2 and 3 story frame buildings. Land: 24,111 SF with 160 feet of frontage on North Street in the RA-4 (4 acre residential) zone. Utilities include electric well water and septic system. Onsite parking for 26 cars. Sale: $1,490,000 ( 7.9% Cap Rate) Space User - 3,000 SF - $152k down, then $23.14 / SF - ALL IN! Please call: Michael Tedesco (203) 531-5939 www.TedescoRealty.com E-mail: [email protected]P.O. Box 31066 Greenwich, CT 06831 The information, contained herein, was assembled from various sources of varying degrees of reliability. Any information that is critical to your buying or leasing decision should be independently verified.
Transcript
Greenwich, CT - For Sale3 COMMERCIAL BUILDINGS
5,950 SF with 3,000 SF Available For Lease or Owner User
779 - 783 NORTH STREETGreenwich, CT
• Bucolic Back Country Setting• Adjacent to 300 Acre Babcock Nature Preserve• Excellent Visibility, Easy to Find• Convenient Deployment to Greenwich, Stamford,
Banksville and Westchester Markets• Generous 26 Car Onsite Parking• Portfolio or Condominium Ownership
Building: A total of 5,950 SF in three 2 and 3 storyframe buildings.
Land: 24,111 SF with 160 feet of frontage on NorthStreet in the RA-4 (4 acre residential) zone.Utilities include electric well water and septicsystem. Onsite parking for 26 cars.
Sale: $1,490,000 ( 7.9% Cap Rate)Space User - 3,000 SF - $152k down, then
The information, contained herein, was assembled from various sources of varying degrees of reliability. Anyinformation that is critical to your buying or leasing decision should be independently verified.
779 - 783 North StreetGreenwich, CT
Page 2LOCATION & SURVEY
This property enjoys a pristine setting in a very affluent section area of Greenwich. To the north there is the exclusive 10 acre homesites of Conyers Farms. To the west, and practically surrounding the subject is the 300 acre Babcock Nature Preserve. A short andpleasant drive will take one to shops, restaurants and amenities either south to downtown Greenwich, north to Banksville. And onthe Merritt Parkway east over to the Stamford Ridges or west to the Westchester markets.
779 - 783 North StreetGreenwich, CT
Page 3SURVEY
Topographically, the property gently slopes down from the road, thus enabling lower level grade access.
Lower Level2nd Floor
1st Floor
779 - 783 North StreetGreenwich, CT
Page 4779 North Street
A 2 story commercial cottage with finished, lower level, on-grade patio.
Building Area: 3,000 Square FeetFloors: 2 plus finished lower
levelYear Built: 1940s?
Exterior: ClapboardRoof: Semi-flat tar and paper.HVAC: Oil heat. Window A/C.
Floor Plans
779 - 783 North StreetGreenwich, CT
Page 5781 North Street
A 2 story commercial cottage with finished, lower level, on-grade sliding doors.
Building Area: 2,050 Square FeetFloors: 2 plus finished lower
levelYear Built: 1962
Exterior: ClapboardRoof: Asphalt ShinglesHVAC: Electric hot air. Window A/C.
Floor Plans
Lower Level 1st Floor
779 - 783 North StreetGreenwich, CT
Page 6783 North Street
A 2 story commercial cottage with finished, walk-out lower level
Building Area: 900 Square FeetFloors: 1 plus finished lower levelYear Built: 1962Renovated: 2016
Exterior: ClapboardRoof: Asphalt ShinglesHVAC: Baseboard electric heat. Window
A/C.
Floor Plans
FINANCIAL MODEL Prep Date: 8/29/20 Estimated Market Rental Rates (1)779 - 783 North Street 8:33 AM Units Mkt Growth 2019 2020 2021 2022Greenwich, CT By: MJT Commercial 1.50% $25.00 $25.38 $25.76 $26.14
Total Expenses $30,067 $30,951 $31,862 $32,801Rate/SF $5.05 $5.20 $5.36 $5.51
Net Operating Income $118,142 $121,272 $124,490 $127,799Rate/SF $19.86 $20.38 $20.92 $21.48
FOR FURTHER INFORMATIONPLEASE CALL
Michael J. Tedesco(203) 531-5939
No warranty or representation is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice and to any special listing conditions
imposed by our principals. Buyers and Lessees should conduct their own validation of the facts hereof.
(C) 2020 M.J.TEDESCO
1) This section is intended to reflect current and future rental rates.2) Existing Tenants and their respective rents. 4) Expenses as scheduled by owner.
779 - 783 North StreetGreenwich, CT
Page 7
FINANCIALS - INVESTOR SCENARIO
FINANCIAL MODEL Prep Date: 8/29/20 Estimated Market Rental Rates (1)779 - 783 North Street 8:33 AM Units Mkt Growth 2019 2020 2021 2022Greenwich, CT By: MJT Commercial 1.50% $25.00 $25.38 $25.76 $26.14
Total Expenses $27,067 $27,861 $28,680 $29,522Rate/SF $4.55 $4.68 $4.82 $4.96
Net Operating Income $46,142 $47,112 $48,106 $49,122Rate/SF $7.75 $7.92 $8.08 $8.26
1) This section is intended to reflect current and future rental rates.2) Existing Tenants and their respective rents. 4) Expenses as scheduled by owner.
FOR FURTHER INFORMATIONPLEASE CALL
Michael J. Tedesco(203) 531-5939
No warranty or representation is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice and to any special listing conditions
imposed by our principals. Buyers and Lessees should conduct their own validation of the facts hereof.
