13 South St, Norwalk, CT 06854

Description

Rare opportunity to acquire an 8-unit investment property. This income property has substantial operational flexibility, exceptional long-term upside and strong rental history. Situated on a favorably zoned parcel, the property consists of two separate buildings totaling eight units. The rear building, constructed in 2006, features 4 units comprised of 2 residential units and 2 commercial units. Approved permits are already in place to convert the commercial end units into residential apartments, allowing an investor to capitalize on the stronger residential rental market or keep the commercial spaces if desired. The building is equipped with natural gas, central air, and offers valuable attic and basement storage rarely found in comparable rental properties. The front building is a classic four-family home dating back to the 1930s and includes two main level apartments, comprised of a two-bedroom and 1-bedroom unit, and additional attic and basement apartments. Long-term tenants currently occupy the main level on month-to-month leases at well below market rents, presenting a significant value-add opportunity through future rent adjustments. Recent improvements include a new roof, newer hot water heaters, low-maintenance vinyl siding, and ample off-street parking. What truly sets this property apart is its zoning allowing 4 story building height and density up to 11 units. This property sits close to route 1 and I-95 making this a rare real estate asset in the Norwalk area.