Elm Street Apartments

Investment Overview

Northeast Private Client Group is pleased to exclusively present the opportunity to acquire 6 Elm Street, a 12-unit value-add multifamily investment located in Norwalk, Connecticut — one of Fairfield County’s most active and historically resilient rental markets. The offering comprises three residential buildings totaling 12 apartments across 12,085 rentable square feet on a 0.5-acre lot, now operating as an all-residential property following the recent conversion of two former commercial-zoned units to legal residential apartments. Built in 1967 and extensively improved through a comprehensive capital program, 6 Elm Street has been substantially de-risked for incoming ownership. Completed capital expenditures include five fully renovated apartments; the conversion of two commercial-zoned units to legal residential apartments; a new parking lot, storm drains, siding, flashing, and vinyl windows; new HVAC units, ductwork, and piping along with a dedicated owner’s electric meter in the rear building; a new furnace and commercial hot water heater in the middle building; full brick repointing across the property; new basement sump pumps; and partial gutter replacement. With the major capital systems already addressed, a new owner can focus on lighter cosmetic and curb-appeal improvements — a lower-cost, lower-risk path to driving rents and unlocking the property’s remaining upside. The property is defined by its large, family-oriented floor plans — 10 of the 12 units are two-, three-, or four-bedroom layouts, a configuration that is increasingly scarce in the submarket and commands premium rents and longer tenancies. In-unit washers and dryers are installed in all renovated units plus the two rear-building apartments, and the rear building features central air conditioning. Utility structures vary by building: the six front-building units are individually metered with fully tenant-paid electric heat, hot water, and cooking; the four middle-building units are tenant-paid electric with landlord-provided gas heat and hot water; and the two rear-building units are individually metered and fully tenant-paid. Located in Norwalk, a core Fairfield County rental market with a long track record of high occupancy, the property benefits from strong, consistent tenant demand and the area’s broader economic momentum. Residents enjoy convenient access to Metro-North’s New Haven Line, with direct service to New York City’s Grand Central Station, as well as I-95 and Route 7, connecting them to the region’s major employment centers and lifestyle amenities. 6 Elm Street represents a rare opportunity to acquire a recently improved, large-unit asset in an established Fairfield County market. A new owner stands to benefit from meaningful embedded upside. In-place rents currently sit roughly $54,000 below market, and a disciplined mark-to-market and revenue-management strategy — executed through natural lease turnover with minimal remaining capital expenditure — is projected to grow net operating income from approximately $216,000 to $265,000, a gain of roughly 23%.

Investment Highlights

• Completed Capital Program
• Two Units Added
• Large Floor Plans
• In-Unit Laundry
• Individually Metered Front Building
• Embedded Rent Upside
• Operational Upside
• Desirable Rental Market