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121 Lockwood Ave 6 Unit Apartment Building $2,832,700 CAD ($472,117 CAD/Unit) 6.50% Cap Rate Stamford, CT 06902
Investment Highlights
- 6 Units (1-three bedroom, 2-two bedrooms, 3-one bedrooms)
- Rare 0.34-acre parcel featuring 10 parking spaces and a large tenant backyard
- Just 1.4 miles from Stamford Station with sub-55-minute rail service to NYC
- Immediate upside via parking fees and converting the walkout basement to storage
Executive Summary
National Multifamily is pleased to present 121 Lockwood Avenue, a 6-unit multifamily property located in the Cove neighborhood of Stamford, CT. The property is approximately 1.4 miles from the Stamford Train Station, a major regional transit hub served by Metro-North, Amtrak, and extensive bus service.
The building contains 5,410 rentable square feet across 2.5 stories and was built in 1953. It is situated on an oversized 0.34-acre lot with 10 off-street parking spaces located in the rear. The property has a sizeable back yard in the rear as well for use by the tenants. The building is comprised of six residential units (1-three bedroom, 2-two bedrooms, 3-one bedrooms), two of which are currently rented to Section 8, providing steady rental income. Tenants pay for heat and hot water through individual gas boilers and hot water heaters located in the basement.
The property offers multiple value-add strategies to generate additional income that include renovating the existing apartments, creating additional income by charging for parking, exploring the rental of the large walkout basement for storage, and discussing with a land-use attorney the potential to build in the rear of the lot.
The building contains 5,410 rentable square feet across 2.5 stories and was built in 1953. It is situated on an oversized 0.34-acre lot with 10 off-street parking spaces located in the rear. The property has a sizeable back yard in the rear as well for use by the tenants. The building is comprised of six residential units (1-three bedroom, 2-two bedrooms, 3-one bedrooms), two of which are currently rented to Section 8, providing steady rental income. Tenants pay for heat and hot water through individual gas boilers and hot water heaters located in the basement.
The property offers multiple value-add strategies to generate additional income that include renovating the existing apartments, creating additional income by charging for parking, exploring the rental of the large walkout basement for storage, and discussing with a land-use attorney the potential to build in the rear of the lot.
Financial Summary (Actual - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$243,076
|
$44.93
|
| Other Income |
$4,260
|
$0.79
|
| Vacancy Loss |
$4,862
|
$0.90
|
| Effective Gross Income |
$242,473
|
$44.82
|
| Taxes |
$28,064
|
$5.19
|
| Operating Expenses |
$30,217
|
$5.59
|
| Total Expenses |
$58,281
|
$10.77
|
| Net Operating Income |
$184,192
|
$34.05
|
Financial Summary (Actual - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $243,076 |
| Annual Per SF | $44.93 |
| Other Income (CAD) | |
|---|---|
| Annual | $4,260 |
| Annual Per SF | $0.79 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $4,862 |
| Annual Per SF | $0.90 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $242,473 |
| Annual Per SF | $44.82 |
| Taxes (CAD) | |
|---|---|
| Annual | $28,064 |
| Annual Per SF | $5.19 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $30,217 |
| Annual Per SF | $5.59 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $58,281 |
| Annual Per SF | $10.77 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $184,192 |
| Annual Per SF | $34.05 |
Property Facts
| Price | $2,832,700 CAD | Building Class | C |
| Price Per Unit | $472,117 CAD | Lot Size | 0.34 AC |
| Sale Type | Investment | Building Size | 5,410 SF |
| Cap Rate | 6.50% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1953 |
| Property Subtype | Apartment | Parking Ratio | 1.85/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R5 - Residential | ||
| Price | $2,832,700 CAD |
| Price Per Unit | $472,117 CAD |
| Sale Type | Investment |
| Cap Rate | 6.50% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 5,410 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1953 |
| Parking Ratio | 1.85/1,000 SF |
| Zoning | R5 - Residential |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | - |
| 2+1 | 2 | - | - |
| 3+1 | 1 | - | - |
1 1
Moderately walkable
70/100
Exceptionally drivable
90/100
Good public transit
60/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | STAM-000000-000000-008413 | Total Assessment | $1,173,278 CAD (2025) |
| Land Assessment | $566,710 CAD (2025) | Annual Taxes | $28,064 CAD ($5.19 CAD/SF) |
| Improvements Assessment | $606,567 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
STAM-000000-000000-008413
Land Assessment
$566,710 CAD (2025)
Improvements Assessment
$606,567 CAD (2025)
Total Assessment
$1,173,278 CAD (2025)
Annual Taxes
$28,064 CAD ($5.19 CAD/SF)
Tax Year
2026
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121 Lockwood Ave
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