11 forest street - loopnet · to the income or expenses for the subject property, the future...

1 1 F O R E S T S T R E E T , S T A M F O R D , C T 0 6 9 0 1$5,100,000 / 16 Units / Resident ia l Only - CVS Not Included

o f f e r i n g m e m o r a n d u m

1 1 F O R E S T S T R E E T

N O N - E N D O R S E M E N T & D I S C L A I M E R N O T I C E

C O N F I D E N T I A L I T Y & D I S C L A I M E RThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus

& Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared

to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained

herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect

to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements,

the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon,

or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained

in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information

contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy

or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service

mark of Marcus & Millichap Real Estate Investment Services, Inc.

© 2019 Marcus & Millichap. All rights reserved.

N O N - E N D O R S E M E N T N O T I C EMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's

logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or

any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to

prospective customers.

A L L P R O P E R T Y S H O W I N G S A R E B Y A P P O I N T M E N T O N L Y .P L E A S E C O N S U L T Y O U R M A R C U S & M I L L I C H A P A G E N T F O R M O R E D E T A I L S .

OFFICES THROUGHOUT THE U.S. AND CANADAwww.marcusmillichap.com

VICTOR NOLLETTI Senior Managing Director

[email protected]

ERIC PENTOREFirst Vice President

[email protected]

License: CT RES.0787525

T H E NOL L ET T I G ROU Po f m a r c u s & m i l l i c h a p

WES KLO CKNERSenior Associate

[email protected]

License: CT RES.0799478 NY10401263791

TABLE OF CONTENTS

M A R K E T C O M PA R A B L E S / / 2 6

04M A R K E T O V E R V I E W / / 3 2

05

E X E C U T I V E S U M M A RY / / 0 8

01P R O P E R T Y S U M M A RY / / 1 8

02F I N A N C I A L A N A LY S I S / / 2 2

03

1 1 F O R E S T S T R E E TSTAMFORD, CT 06901

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap

Executive Summary

i n v e s t m e n t o v e r v i e w

i n v e s t m e n t h i g h l i g h t s

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11 FORESTSTREET

1 1 f o r e s t s t r e e t , s t a m f o r d , c t 0 6 9 0 1

Number of Buildings One

Rentable Square Feet - Residential 15,312

Gross Finished Area - Residential 19,206

Year Built 2008-2010

Ownership Condominium Interest

$5,100,000 16 TotalUnits

THE NOLLETTI GROUP OF MARCUS & MILLICHAP is pleased to exclusively present the rare opportunity to acquire a well-constructed boutique-niche asset in the heart of downtown Stamford. 11 Forest Street was built in 2008, possesses outstanding curb appeal and is comprised of two condominiums – one is residential inclusive of 16 apartment units; the other is commercial which consists of a CVS store located on the ground level. This offering is for the residential condominium component of 11 Forest Street which is comprised of the second and third stories home to 16 oversized (875 to 1,000 SF) one-bedroom units featuring open floor plans, high ceilings, and luxury finishes.

Ideally situated within the Stamford CBD at the corner of Bedford Street, 11 Forest Street is one of the only newer construction residential apartment properties of comparable size in Downtown Stamford. The property is within walking distance of numerous restaurants and shops, and Stamford’s Metro-North/Amtrak train station. Residents of 11 Forest Street enjoy easy commutability to multiple employment centers. The property features an outstanding 94 Walk Score, offering tenants the convenience of an urban lifestyle at a discount to newer construction/amenitized multifamily product.

11 Forest Street is offered free and clear of any existing mortgage financing allowing an investor the opportunity to take advantage of the current favorable interest rate environment.

THE OFFERING // 11 Forest Street

1 1 F O R E S TS T R E E T

1 6 U N I T S

E X E C U T I V E S U M M A R Y 9

INVESTMENT HIGHLIGHT S // 11 Forest Street

Significant Reduction of Future Real Estate Tax BurdenFollowing the expiration of the current term of the CVS lease in 2036, 11 Forest Street Residential will ONLY be responsible for the residential condominium real estate taxes. Assuming the 2019/2020 real estate taxes, this would equate to a reduction in the real estate taxes for 11 Forest Street residential by ±50,000. See additional notes in underwriting assumption on page 23.

Unique Product Offering11 Forest is a truly exceptional niche asset in one of the best locations within the city of Stamford. The property is the only newer construction apartment asset of comparable size within the Stamford CBD.

Boutique/ Niche Living Experience at a Discount to Comparable Newer Construction ProductDowntown Stamford is primarily comprised of large-scale amenitized residential housing (predominantly apartments or condominiums). Comparable one-bedroom units in comparable newer-construction apartment product in Downtown Stamford rent for ±$2.75 to over $3 per foot. Current rents at 11 Forest are ±$2.30 to $2.50 per foot. The subject property capitalizes on tenants looking for a Stamford CBD location that desire the smaller-scale non-institutional lifestyle.

Luxury Unit Finishes » Unit designs feature open concept kitchen and living area with breakfast bar or island, dishwasher, disposal and microwave, finished with granite countertops, stainless appliances, and track nickel lighting.

» Apartments feature expansive windows, nine-foot ceilings or higher, washer and dryer in a full laundry room, hardwood flooring throughout kitchen and living areas, bathrooms with tiled flooring and tiled tub surround. Individual forced-air heating (electric) and cooling.

» 11 Forest Street possesses some of the most spacious one-bedroom apartments and optimal unit layouts in the submarket.

Quality Construction / Excellent Curb AppealSteel and concrete frame; brick and granite exterior create the perfect balance between modern and classic.

Value-Add Potential » The significant delta between current rents at 11 Forest and comparable vintage product within the submarket affords an owner the ability to continually drive rents with increased managerial focus and modest unit/ amenity improvements.

» Stairwell roof access allows for the creation of a rooftop deck and/ or outdoor kitchen providing highly desirable outdoor recreational space overlooking Bedford Street and Downtown Stamford.

» Fitness center can be constructed in the basement or common area.

E X E C U T I V E S U M M A R Y10

11 FOREST STREETSTAMFORD, CT 06901

ROOF TOP DECKStairwell roof access allows for the creation of a rooftop deck providing highly-desired outdoor space overlooking Bedford Street and Downtown Stamford.

SHUTTLE SERVICEAbility to add a Shuttle to Stamford’s Train Station (less than one mile away) – the busiest train station in Connecticut.

FITNESS CENTERFitness center can be constructed in the basement or common space.

POTENTIAL AMENITIES


LO CATION HIGHLIGHT S // 11 Forest Street

STAMFORD TOP 20 EMPLOYERS

EMPLOYER# OF

EMPLOYEES

City of Stamford 3,292

Stamford Health Group 3,200

Stamford Town Center 1,850

Gartner 1,250

Charter Communications 1,000

Deloitte 971

Indeed.com 806

UBS AG 800

NBC Sports Group 775

World Wrestling Entertainment 700

Synchrony Financial 661

RBS Securities/NatWest Markets 630

PwC 574

Nestlé Waters North America 550

Point72 Asset Management 550

Chelsea Piers Connecticut 527

Henkel North America 475

Marriott International, Inc. 455

Purdue Pharma 450

Gen Re (General Reinsurance Corp.) 447

TOTAL 19,963

Outstanding Downtown Stamford LocationSituated in the heart of the Downtown Stamford, the city’s vibrant CBD featuring exceptional dining, nightlife, shopping, and entertainment options. Downtown Stamford offers a dynamic live/work/play destination with over 120,000 daytime jobs, over seven million square feet of office space, 80+ restaurants, over 150 shops, three movie theaters with 17 screens, and one live performance center (The Palace Theater). Major corporations in Stamford include Henkel Corporation, Charter Communications, Gartner Inc., United Rentals, and Synchrony Financial, NBC Sports, Vineyard Vines and Bridgewater, among others.

Walk Score of 94

» “Walkers Paradise” and “Excellent Transit” according to walkscore.com

» Situated less than one mile from the Stamford Transportation Center offering Metro-North train service to New York City (50 minutes), as well as Amtrak train and bus service throughout the state.

Exceptional Economic MomentumSince 2000, Stamford has added over 7,000 residential housing units -- most of those units are apartments in the CBD or Harbor Point. Currently, there are an additional ±1,400 units under construction.

During the past six years, at least 15 employers have relocated to Stamford, or added a significant number of jobs in the city – NBC Sports, Bridgewater, Bank of America, Charter Communications Indeed, and Vineyard Vines, among others. The cities unemployment rate is 3.6%, below the national rate. The average asking apartment rent per square foot has increased by 30% (to $2.53 per square foot) since 2009. The average household income within a 3-mile radius of 11 Forest Street is ±$150,000. A detailed timeline of Stamford Employment Activity can be found on page 35.

Lifestyle Rent Relief Compared to New York CityStamford offers the most convenient urban lifestyle outside of NYC at a significantly lower cost than comparable luxury multifamily housing options in New York City. Average all bedroom rents in the Stamford-Norwalk area are $2,553 per month, 38%, to as much as 50% below comparable rents in prime New York City locations.



A Major Corporate HubStamford is home to four Fortune 500 firms and nine Fortune 1000 companies, including Henkel Corporation, Frontier Communications, and Gartner Inc., among others. Numerous banking, financial services, consulting technology, media and entertainment firms have a significant presence in Stamford, resulting in a highly diversified economy.

Prime Rental Destination in the NYC MetroStamford’s influx of luxury housing, proximity to major employers, and ease-of-access to New York City is extremely attractive to affluent, highly educated, and well-employed individuals – this has made Stamford the prime rental destination in the NYC metro outside of New York City.

Best of Both Worlds LocationIdeally situated at the corner of Bedford Street – the residents of 11 Forest enjoy outstanding walkability yet enjoy a quiet urban lifestyle.

Top: Bedford Street, Bottom Left: Alive @ 5, Bottom Right: Bedford Street Farmer’s Market


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BEDFORD STREET COLUMBUS PARK Target

Avon Theatre Film Center Tiernan’s Pub & Restaurant

Fish Columbus Park Trattoria UCONN - Stamford

Lucky’s Classic Burger & Malt Shop Original Pappas Downtown

Tigin Irish Pub Fin II Mill River Park

Bedford Hall Craft Kitchen & Bar Chutni Biryani & Noodle Bar

Lorca Piezano’s Pie The Palace Theatre

Bradford’s Grill & Tavern

Bedford Thai STAMFORD TOWN CENTER PwC

Remo’s Michael Kors

Fuji Peter Chang Metro-North StamfordTrain Station

Brother Jimmy’s BBQ Macy’s

Hudson Social CT The Capital Grille Deloitte

Brick House Bar & Grill Brooks Brothers

Johnston & Murphy Henkel USA

SUMMER STREET Barnes & Noble

Siena Ristorante Sephora KPMG

Kotobuki Apple

Coromandel Pieology RBS

bartaco Uniqlo

Cask Republic Saks Fifth Avenue OFF 5th UBS

Bow Tie Cinemas Majestic 6 The Cheesecake Factory

Riviera Maya

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POINT S OF INTEREST // 11 Forest Street1 1 F O R E S T

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Property Summary

p r o p e r t y d e s c r i p t i o n

p r o p e r t y p h o t o s

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PROPERT Y DESCRIPTION // 11 Forest Street

Number of Units 16Year Built 2008-2010Number of Buildings OneNumber of Stories ThreeType of Ownership Condominium Interest

CONSTRUCTIONFoundation ConcreteFraming Steel and ConcreteExterior Brick and GraniteParking Surface Asphalt and ConcreteRoof Flat Rubber EPDM

MECHANICALHVAC Electric Forced-Air Heat with Central Air ConditioningWiring CopperFire Protection Sprinkler

UTILITIESUTILITY SERVICE PROVIDERWater Connecticut Water CompanyElectricity EversourceGas Eversource

PARKING

11 Forest Street Resident Parking11 Forest Street Residential Condominium is given

16 parking spaces at the Bedford Street Garage. Additional parking spaces are available to the owner of 11 Forest Street for a $70 monthly fee. Four short-

term surface parking spaces are also available for residents only which are located directly behind 11

Forest Street (for loading and unloading).

Bedford Street Garage / Parking Lot LandThe participating property owners along Bedford and Forest Streets collectively lease their parking lot land to the City of Stamford and then receive

parking passes in order to park in the City of Stamford Bedford Street Garage which is directly behind Bedford and Forest Streets. The lease gives

each property owner the right to park, at no charge, in the allocable number of parking spaces in the

Bedford Street Garage in exchange for the right of the City of Stamford to operate a metered surface

parking lot plus circulation on the leased premises. The parking lot lease with the City of Stamford is a

five year lease, which has been renewed several times and is terminable by either party on 90 days’ notice.

The current lease is dated January 1, 2015 and expires December 31, 2019.

Municipal Surface Parking EasementThe owner of 11 Forest Street provides an easement to the City of Stamford to access the municipal surface parking that is directly behind the subject property.

AFFORDABLITY OVERVIEW11 Forest Street is required to offer two apartments at Below Market Rate (BMR) which are available to Stamford residents earning 50% or less of the Area Median Income (AMI). 50% of Stamford’s 2018 AMI ranges from approximately $50,505 to $72,150 depending on household size. The one-bedroom BMR units for the City of Stamford have a maximum rental limit of $1,353/month. BMR unit rents may increase annually based upon annual changes to the Stamford Metro AMI.

P R O P E R T Y S U M M A R Y18


PROPERT Y PHOTOS // 11 Forest Street

P R O P E R T Y S U M M A R Y 19

living ro om

bedro om

kitchen

full-sized l aundry ro om

FINANCIALANALYSIS

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Unit Distribution Unit Status Unit Status # %

Physically Occupied Units 16 100%

Available Units 0 0%

Total / Percentage 16 100%

Occupied with Lease Units 16 100.00%

Available Units 0 0.00%

Model Units 0 0.00%

Employee Units 0 0.00%

Total / Percentage 16 100.00%

100%

One Bedroom

100%

0%

Occupied Available

100%

One Bedroom

100%

0%

Occupied Available

UNIT MIX SUMMARY // 11 Forest Street

UnitType

No. of Units

AverageRentable SF

Total Rentable SF

Average Market Rent/Unit/Month

Gross Potential Rent

Average In-PlaceRent/Unit/Month

Average Rent/Sq Ft/Month

Gross Scheduled Rents

1 Br/ 1 Ba 14 957 13,398 $2,400 $403,200 $2,205 $2.30 $370,452

1 Br/ 1 Ba - BMR* 2 957 1,914 $1,353 $32,472 $1,200 $1.25 $28,800

Totals / WTD Avg 16 957 15,312 $2,269 $435,672 $2,079 $2.17 $399,252

*See additional details on page 18

R E N T ROL L DAT E D J U N E 2 0 1 9

F I N A N C I A L A N A L Y S I S22


OPER ATING STATEMENT // 11 Forest Street

IncomeYear End 12/31/2018

ActualsMarcus & Millichap

Pro FormaPer

UnitPer SF

Effective Rental IncomeGross Potential Rent $399,252 $448,742 $28,046 $29.31 Loss / Gain-to-Lease 0 0.0% (4,487) 1.0% (280) (0.29)Gross Scheduled Rent 399,252 444,255 27,766 29.01 Physical Vacancy (8,000) 2.0% (17,770) 4.0% (1,111) (1.16)Economic Vacancy

Bad Debt 0 0.0% (1,111) 0.25% (69) (0.07)Concessions 0 0.0% (3,332) 0.75% (208) (0.22)

Total Vacancy (8,000) 2.0% (22,213) 5.0% (1,388) (0.29)Economic Occupancy 98.00% 95.00%Total Effective Rental Income $391,252 $422,042 $26,378 $27.56

Other IncomeParking Income $948 $3,300 $206 $0.22 Pet Fees 2,340 2,340 146 0.15 CVS Insurance Reimbursement 2,870 2,870 179 0.19 CVS CAM Reimbursement 11,102 11,102 694 0.73 CVS Water Reimbursement 1,945 1,945 122 0.13 CVS Sewer Reimbursement 1,231 1,231 77 0.08 Residential Water/Sewer Reimbursements 3,240 9,120 570 0.60

Total Other Income $23,676 $31,908 $1,994 $2.08 Effective Gross Income $414,928 $453,950 $28,372 $29.65

ExpensesControllable Expenses

Security/Fire/Elevator $3,875 $3,875 $242 $0.25 Contract Services (Landscaping and Snow) 5,000 2,500 156 0.16 Cleaning & Maintenance 14,400 10,000 625 0.65 Resident Disposal (Refuse) 1,620 1,600 100 0.10 Management 0 0.00% 13,619 3.0% 851 0.89 Payroll 0 15,000 938 0.98 Total Controllable Expenses $24,895 $46,594 $2,912 $3.04

Non-Controllable ExpensesResidential Real Estate Taxes* $76,740 $79,129 $4,946 $5.17 Partial CVS Real Estate Taxes (Through 2036)* 50,276 51,841 3,240 3.39 Insurance 8,125 8,000 500 0.52 Utilities - Electric 6,336 6,336 396 0.41 Utilities - Water & Sewer 8,991 8,991 562 0.59 Total Non-Controllable Expenses $150,468 $154,296 $9,644 $10.08 Reserves 3,200 200 0.21 Total Expenses $175,363 $204,090 $12,756 $13.12 Net Operating Income $239,565 $249,860 $15,616 $16.53

Underwriting Assumptions » Marcus & Millichap (M&M) Gross Potential for Year One is all units at average market rents with 3% organic growth. Current average market rent is $2,269 per unit. » M&M Residential Water/Sewer Reimbursements assumes $50/unit per month at 95% occupancy. » Parking Income assumes five additional spaces at $125/month, less the Owner’s expense of $70/month.

Taxes * CVS is responsible for 35.32% of CAM, Water/Sewer, and Insurance. CVS currently reimburses $925.29/month for CAM. CVS currently reimburses Water/Sewer and Insurance at the end of each year in a single check. * CVS is responsible for 35.32% of the combined real estate taxes for the residential condominium and the CVS condominium through the current lease term (2036). The residential condominium is responsible for the remaining 64.68% of real estate taxes. 64.68% of the combined 2019-2020 real estate taxes equals $130,970. * Following the expiration of the current term of the CVS lease in 2036, 11 Forest Street Residential will ONLY be responsible for the residential condominium real estate taxes. Assuming the 2019/2020 real estate taxes, this would equate to a reduction in the real estate taxes for 11 Forest Street residential by ±50,000.

F I N A N C I A L A N A L Y S I S 23

Market Comparables

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RENT C OMPAR ABLES // 11 Forest Street

Subject 1 2 3 4 5 6 7 8

Total/Averages

11 Forest Street11 Forest Street

Stamford, CT 06901

The Verano750 Summer Street

Stamford, CT 06901

Bedford Hall545 Bedford Street

Stamford, CT 06901

66 Summer66 Summer Street

Stamford, CT 06901

AVA Stamford50 Forest Street

Stamford, CT 06901

Element One111 Morgan Street

Stamford, CT 06905

Park Square West101 Summer Street

Stamford, CT 06901

Summer House184 Summer Street

Stamford, CT 06901

Vela on the Park1011 Washington Boulevard

Stamford, CT 06901# of Units 16 58 82 209 306 175 143 228 209

Built/Renovated 2008-2010 2014 2017 2015 2002 2017 2001 2016 2018JR 1X1 Studio Studio Studio Low Average High

Rent $1,845 $1,975 $1,729 $2,215 $1,827 $1,907 $2,079 $2,591 $1,729 $2,160 $2,591Average Rent $1,910 $1,972 $1,867 $2,335 $1,867 $2,101 $2,335

Square Foot 441 536 611 611 500 536 594 620 441 531 620 Rent/SF $4.18 $3.68 $2.83 $3.63 $3.65 $3.56 $3.50 $4.18 $2.83 $3.51 $4.18

Average Rent/SF $3.93 $3.23 $3.61 $3.84 $3.23 $3.58 $3.931x1 1X1 1X1 1X1 1x1 1X1 1X1 1x1 1x1 Low Average High

Rent $2,150 $2,305 $2,082 $2,561 $1,990 $2,475 $2,007 $2,763 $2,087 $2,339 $2,374 $2,564 $1,968 $2,318 $2,050 $3,630 $2,464 $3,862 $1,968 $2,915 $3,862Average Rent $2,228 $2,322 $2,233 $2,385 $2,213 $2,469 $2,143 $2,840 $3,163 $2,143 $2,653 $3,163

Square Foot 875 1,000 691 998 654 735 662 868 744 990 820 969 705 826 477 872 633 998 477 738 998 Rent/SF $2.46 $2.31 $3.01 $2.57 $3.04 $3.37 $3.03 $3.18 $2.81 $2.36 $2.90 $2.65 $2.79 $2.81 $4.30 $4.16 $3.89 $3.87 $2.36 $3.33 $4.30

Average Rent/SF $2.38 $2.79 $3.21 $3.11 $2.58 $2.77 $2.80 $4.23 $3.88 $2.58 $3.41 $4.232x1 2x1 1x1 Loft Low Average High

Rent $2,871 $2,871 $2,385 $2,385 $3,070 $3,210 $2,385 $2,798 $3,210Average Rent $2,871 $2,385 $3,140 $2,385 $2,763 $3,140

Square Foot 947 947 999 999 1,095 1,318 947 1,133 1,318 Rent/SF $3.03 $3.03 $2.39 $2.39 $2.80 $2.44 $2.39 $2.71 $3.03

Average Rent/SF $3.03 $2.39 $2.62 $2.39 $2.71 $3.032X2 2X2 2X2 2X2 2X2 2X2 2X2 2X2 Low Average High

Rent $2,676 $3,100 $2,604 $2,785 $2,809 $3,980 $2,596 $2,907 $2,685 $3,420 $2,500 $2,800 $3,380 $3,677 $2,934 $4,075 $2,500 $3,288 $4,075Average Rent $2,888 $2,695 $3,395 $2,752 $3,053 $2,650 $3,529 $3,505 $2,650 $3,089 $3,529

Square Foot 1,033 1,308 907 1,056 964 1,245 1,071 1,452 1,177 1,241 894 1,132 1,051 1,326 957 1,584 894 1,239 1,584 Rent/SF $2.59 $2.37 $2.87 $2.64 $2.91 $3.20 $2.42 $2.00 $2.28 $2.76 $2.80 $2.47 $3.22 $2.77 $3.07 $2.57 $2.00 $2.61 $3.22

Average Rent/SF $2.48 $2.75 $3.06 $2.21 $2.52 $2.63 $2.99 $2.82 $2.21 $2.63 $3.06Utilities Tenants pay electricity and

gas providing heat and hot water; most are billed for

water/sewer; trash removal included.

Tenants pay electricity, gas, and are billed for water/sewer and trash removal.


Tenants pay electricity for heat and cooling and are billed for refuse; water/

sewer included.

Tenants pay electricity, gas, and are billed for water/

sewer; trash removal included.

Tenants pay electricity and gas, and are billed

for water/sewer and trash removal.

Heat, water/sewer, refuse, and cooking gas included;

tenants pay electricity.

Tenants pay electricity for heat and cooling; water/sewer and trash removal

are included.

Tenants pay electricity and gas and are billed for water/

sewer and trash removal.

Application Fee N/A $100 $100 $75 $100 $100 $125 $100 $100

Pet Fee One-time pet fee. $500 dog fee; $50/month $350 cat fee; $35/month

$400 fee; $60/month $350 pet fee; $50 dog rent;$25 cat rent

$600 fee; $65/month $500 fee; $50/month $500 fee; $50/month $500 fee; $50/month $500 fee; dogs: $60/month; cats: $40/month

Additional Fees $70 covered assigned parking; $100 additional

space

$75 assigned covered parking; $75 storage; $350

admin fee

$115 unassigned garage parking; $100 storage;

$275 admin fee

$50 storage $75 amenity fee $50 unassigned surface/covered; $125 assigned

covered


$65 admin fee

$150 unassigned garage parking

Amenities Movie theater room, fitness center, clubhouse, and

rooftop deck

Select units with oversized patios; fitness center, train shuttle, package concierge,

community room, and rooftop deck

Rooftop deck with grills and fitness center

Clubhouse, swimming pool, playground, tennis court, and fitness center

Fitness center, billiards lounge, dry cleaning, pet washing station, shuttle

service, and rooftop deck

Breakfast bar, UFC gym membership, rooftop deck, fitness center, game room,

and train shuttle

Rooftop pool and pool deck, tenant lounge, fitness

center, basketball court, and package service

Rooftop lounge, fitness center, shuttle to train, guest video intercom,

arcade room, and movie theatre room

Comments Rents above are not inclusive of the two BMR

apartments.

Some apartments have inferior unit finishes

relative to subject.

Inferior location relative to subject.

Rents above do not include the ultra luxury penthouse

units.

M A R K E T C O M P A R A B L E S26



Subject 1 2 3 4 5 6 7 8

Total/Averages

11 Forest Street11 Forest Street

Stamford, CT 06901

The Verano750 Summer Street

Stamford, CT 06901

Bedford Hall545 Bedford Street

Stamford, CT 06901

66 Summer66 Summer Street

Stamford, CT 06901

AVA Stamford50 Forest Street

Stamford, CT 06901

Element One111 Morgan Street

Stamford, CT 06905

Park Square West101 Summer Street

Stamford, CT 06901

Summer House184 Summer Street

Stamford, CT 06901

Vela on the Park1011 Washington Boulevard

Stamford, CT 06901# of Units 16 58 82 209 306 175 143 228 209

Built/Renovated 2008-2010 2014 2017 2015 2002 2017 2001 2016 2018JR 1X1 Studio Studio Studio Low Average High

Rent $1,845 $1,975 $1,729 $2,215 $1,827 $1,907 $2,079 $2,591 $1,729 $2,160 $2,591Average Rent $1,910 $1,972 $1,867 $2,335 $1,867 $2,101 $2,335

Square Foot 441 536 611 611 500 536 594 620 441 531 620 Rent/SF $4.18 $3.68 $2.83 $3.63 $3.65 $3.56 $3.50 $4.18 $2.83 $3.51 $4.18

Average Rent/SF $3.93 $3.23 $3.61 $3.84 $3.23 $3.58 $3.931x1 1X1 1X1 1X1 1x1 1X1 1X1 1x1 1x1 Low Average High

Rent $2,150 $2,305 $2,082 $2,561 $1,990 $2,475 $2,007 $2,763 $2,087 $2,339 $2,374 $2,564 $1,968 $2,318 $2,050 $3,630 $2,464 $3,862 $1,968 $2,915 $3,862Average Rent $2,228 $2,322 $2,233 $2,385 $2,213 $2,469 $2,143 $2,840 $3,163 $2,143 $2,653 $3,163

Square Foot 875 1,000 691 998 654 735 662 868 744 990 820 969 705 826 477 872 633 998 477 738 998 Rent/SF $2.46 $2.31 $3.01 $2.57 $3.04 $3.37 $3.03 $3.18 $2.81 $2.36 $2.90 $2.65 $2.79 $2.81 $4.30 $4.16 $3.89 $3.87 $2.36 $3.33 $4.30

Average Rent/SF $2.38 $2.79 $3.21 $3.11 $2.58 $2.77 $2.80 $4.23 $3.88 $2.58 $3.41 $4.232x1 2x1 1x1 Loft Low Average High

Rent $2,871 $2,871 $2,385 $2,385 $3,070 $3,210 $2,385 $2,798 $3,210Average Rent $2,871 $2,385 $3,140 $2,385 $2,763 $3,140

Square Foot 947 947 999 999 1,095 1,318 947 1,133 1,318 Rent/SF $3.03 $3.03 $2.39 $2.39 $2.80 $2.44 $2.39 $2.71 $3.03

Average Rent/SF $3.03 $2.39 $2.62 $2.39 $2.71 $3.032X2 2X2 2X2 2X2 2X2 2X2 2X2 2X2 Low Average High

Rent $2,676 $3,100 $2,604 $2,785 $2,809 $3,980 $2,596 $2,907 $2,685 $3,420 $2,500 $2,800 $3,380 $3,677 $2,934 $4,075 $2,500 $3,288 $4,075Average Rent $2,888 $2,695 $3,395 $2,752 $3,053 $2,650 $3,529 $3,505 $2,650 $3,089 $3,529

Square Foot 1,033 1,308 907 1,056 964 1,245 1,071 1,452 1,177 1,241 894 1,132 1,051 1,326 957 1,584 894 1,239 1,584 Rent/SF $2.59 $2.37 $2.87 $2.64 $2.91 $3.20 $2.42 $2.00 $2.28 $2.76 $2.80 $2.47 $3.22 $2.77 $3.07 $2.57 $2.00 $2.61 $3.22

Average Rent/SF $2.48 $2.75 $3.06 $2.21 $2.52 $2.63 $2.99 $2.82 $2.21 $2.63 $3.06Utilities Tenants pay electricity and

gas providing heat and hot water; most are billed for

water/sewer; trash removal included.



Tenants pay electricity for heat and cooling and are billed for refuse; water/

sewer included.

Tenants pay electricity, gas, and are billed for water/

sewer; trash removal included.

Tenants pay electricity and gas, and are billed

for water/sewer and trash removal.

Heat, water/sewer, refuse, and cooking gas included;

tenants pay electricity.

Tenants pay electricity for heat and cooling; water/sewer and trash removal

are included.

Tenants pay electricity and gas and are billed for water/

sewer and trash removal.

Application Fee N/A $100 $100 $75 $100 $100 $125 $100 $100

Pet Fee One-time pet fee. $500 dog fee; $50/month $350 cat fee; $35/month

$400 fee; $60/month $350 pet fee; $50 dog rent;$25 cat rent

$600 fee; $65/month $500 fee; $50/month $500 fee; $50/month $500 fee; $50/month $500 fee; dogs: $60/month; cats: $40/month

Additional Fees $70 covered assigned parking; $100 additional

space

$75 assigned covered parking; $75 storage; $350

admin fee


$275 admin fee

$50 storage $75 amenity fee $50 unassigned surface/covered; $125 assigned

covered


$65 admin fee

$150 unassigned garage parking

Amenities Movie theater room, fitness center, clubhouse, and

rooftop deck

Select units with oversized patios; fitness center, train shuttle, package concierge,

community room, and rooftop deck

Rooftop deck with grills and fitness center

Clubhouse, swimming pool, playground, tennis court, and fitness center

Fitness center, billiards lounge, dry cleaning, pet washing station, shuttle

service, and rooftop deck

Breakfast bar, UFC gym membership, rooftop deck, fitness center, game room,

and train shuttle

Rooftop pool and pool deck, tenant lounge, fitness

center, basketball court, and package service

Rooftop lounge, fitness center, shuttle to train, guest video intercom,

arcade room, and movie theatre room

Comments Rents above are not inclusive of the two BMR

apartments.

Some apartments have inferior unit finishes

relative to subject.

Inferior location relative to subject.

Rents above do not include the ultra luxury penthouse

units.

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M A R K E T C O M P A R A B L E S 27

1 CAMBRIDGE OXFORD32-38 High StreetNew Haven, CT 06510

Sale Price $25,150,000

Sale Date 4/29/2019

Years Built 1860-1926

Years Renovated 2001, 2012-2015

Price per Unit $299,405

Price per SF $362.99

Number of Units 84

CAP Rate 4.82%

Comments: Inferior location and inferior product relative to subject property. Exclusively brokered by Institutional Property Advisors – a division of Marcus & Millichap.

2 50 MYANO LANE50 Myano LaneStamford, CT 06902


Sale Date 12/11/2018

Year Built 1998



Number of Units 13

CAP Rate 4.79%

3 THE VERANO750 Summer StreetStamford, CT 06901


Sale Date 7/25/2018

Year Built 2013



Number of Units 58

CAP Rate 5.4%

4 T H E MODE R N E163 Franklin StreetStamford, CT 06901


Sale Date 7/25/2018

Year Built 2013



Number of Units 58

CAP Rate 5.4%

Comments: Inferior location relative to subject property.

SALES C OMPAR ABLES // 11 Forest Street

M A R K E T C O M P A R A B L E S28


5 6BE DF OR D HA L L545 Bedford StreetStamford, CT 06901

112-120 STRAWBERRY HILL112-120 Strawberry Hill AvenueStamford, CT 06902


Sale Date 9/28/2017

Year Built 2017


Price per SF $422

Number of Units 82

CAP Rate 5.10%


Sale Date 4/4/2018

Year Built 1959

Price Per Unit $286,517

Price per SF $318

Number of Units 89

CAP Rate N/A

Comments: Inferior location relative to subject property.


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M A R K E T C O M P A R A B L E S 29

Market Overviews e c t i o n 5

s t a m f o r d , c o n n e c t i c u t

s t a m f o r d e m p l o y m e n t a c t i v i t y

d e m o g r a p h i c s

Stamford, Connecticut has a population of approximately 130,824 citizens, and consists of 37.3 square miles. It is the fourth largest city in the state and the eighth largest city in New England. Stamford is 25 miles to the northeast of New York City, 40 miles southwest of New Haven and is a part of the Greater New York metropolitan area.

Stamford is an economically sound community and continues to pursue economic development. Connecticut’s “first five” and “next five” job creation incentive program will bring over 2,500 jobs and $1 billion in new investment into Stamford over the next five years. This program further enhances Stamford’s ability to both attract and retain companies and corporations. To date this program has attracted NBC Sports, The Navigators Group, Deloitte, Henkel’s laundry and beauty division, and Charter Communications.

Strongly associated with New York City and drawing nearly 70% of its “lifestyle” renter pool from outside the city limits, Stamford is the most affluent and populous region of the state, consistently ranking in the top 20 wealthiest US counties. Situated near the southwestern point of Connecticut, Stamford is bordered to the north by Pound Ridge, New York; to the south by Long Island Sound, with Greenwich to the west and both Darien and New Canaan to the east.

Transportation

HighwaysTwo limited-access highways run through the city. Interstate 95 serves as the main route through downtown Stamford and the Merritt Parkway runs through the northern part of the city.

Stamford is also served by four other state highways: Route 1, also known as Main Street in Stamford, Route 137 (Washington Boulevard and High Ridge Road), Route 104 (Long Ridge Road) and Route 106 (Courtland Avenue).

STAMFORD, C ONNECTICUT // 11 Forest Street

Driving Times from Stamford Downtown

17 minutes- Westchester Airport, White Plains, NY

45 minutes- New Haven, CT

50 minutes- New York City, NY

90 minutes- Hartford, CT

M A R K E T O V E R V I E W32


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BusesCity bus transportation is provided by CT Transit, which is run and financed by the Connecticut Department of Transportation. The main terminal is adjacent to the train station on State Street, under the Interstate 95 highway. Bus service runs along major arterial roads through the towns of Darien, Norwalk, Greenwich and Port Chester, New York. A non-stop direct route is also offered to White Plains, New York. Commuters can connect in Norwalk to points as far east as Milford and as far north as Danbury. Additional connections can be made in Port Chester and White Plains to all points covered by the Bee-Line bus system in Westchester County.

Harbor Point TrolleyConnects downtown Stamford to the South End as well as connecting residents to a wider range of transportation options such as CT Transit, Metro-North train and Amtrak. The Harbor Point Trolley stops at several major destinations including:

» Stamford Transportation Center

» Stamford Government Center

» UCONN

» Sacred Heart University Graduate Center

» Ferguson Library

» Stamford Town Center

» Corporate Centers

» Fairway Market

M A R K E T O V E R V I E W 33

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Professional services firm KPMG LLP plans to move its Stamford offices to 677 Washington Boulevard and add 110 jobs over the next five years. The move is scheduled for Spring of 2019.

JULY 20186

PRICEWATERHOUSE COOPERS announced it would add 400 jobs, with most added to its downtown location (300 Atlantic Street).

MAY 20187

Greenwich-based hedge fund TUDOR INVESTMENT relocated to 200 Elm Street occupying approximately 25,000 square feet.

APRIL/MARCH 20188

MARCH 2018WEBSTER BANK announced it has signed a lease for 25,000 square feet at 200 Elm Street. Scheduled to open Summer 2018.

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JANUARY 2018BANK OF AMERICA signed a lease for approximately 115,000-square-feet at 600 Washington Boulevard (former UBS building). They will take occupancy in Fall of 2018.

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2018

CHARTER COMMUNICATIONS received approval to construct a second 277,000 square foot building next to their newly relocated headquarters which will allow their current staff force to increase to 3,000 employees.

JUNE 20191ITV AMERICA and WHEELHOUSE ENTERTAINMENT are building an approximately 133,000-square-foot production center in the South End at 860 Canal Street that is scheduled to open in the spring of 2020.

APRIL 20192

Backed by $1.25 million in state funding, global workforce development company, GENERAL ASSEMBLY, launched a new training campus in Stamford. The new campus will offer skills training and career development services at the Comradity co-working center located at 845 Canal Street in the South End neighborhood.

MARCH 20193

FEBRUARY 2019

SPRINGWORKS THERAPEUTICS, a biopharma company, is relocating its corporate headquarters from New York City to a 23,919 square-foot space at 2 Harbor Point Square in Stamford, with plans to bring 55 employees into the space.

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JANUARY 20195

2019

PARTNER RE relocated its 220 employee office from Greenwich, Connecticut to First Stamford Place (200 First Stamford Place).

SEPTEMBER 201712

SEMA4, a genomic testing firm, moved from Manhattan to 333 Ludlow Street and plans to add more than 400 jobs in the next five years to their current roster of 136.

SEPTEMBER 201713

INDEED announced it will hire another 500 Stamford-based employees adding to the 806 current employees at 177 Broad Street.

JULY 201714

Sports marketing firm, OCTAGON, moved back to Stamford and their 275 employees operate out of new offices at 290 Harbor Drive.

JUNE 201715

OCTOBER 2017CHARTER COMMUNICATIONS, the country’s second largest cable provider, announced the relocation of its headquarters to a new 500,000-square foot-building at the Gateway Harbor Point Complex (406 Washington Boulevard) aiming to create an additional 1,100 jobs. Scheduled for completion in 2019.

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2017

MCDONALD’S CORPORATION signed a 14,600-square-foot lease at 695 E. Main Street for downtown offices that would include a training center. McDonald’s joins three other recent recruits to the office complex: CA Technologies, Tudor Investment Corporation, and Webster Bank.

STAMFORD EMPLOYMENT ACTIVIT Y // 11 Forest Street


DEMO GRAPHICS // 11 Forest Street

177,457Total Population Within a Five-Mile Radius

$167,611Average Household Income Within

a Five-Mile Radius

67,217Total Households in a Five-Mile Radius

9.17%Increase from 2000

16 units




POPULATION 1 Mile 3 Mile 5 Mile

2000 Population 38,793 118,951 161,174

2010 Population 40,726 125,540 168,312

2018A Population 44,688 133,490 177,457

2023 Population 45,700 136,353 180,645

2018A Daytime Population 59,756 144,632 196,289

HOUSEHOLDS 1 Mile 3 Mile 5 Mile

2000 Households 15,959 46,107 61,572

2010 Households 17,000 47,908 63,473

2018A Households 18,621 51,132 67,217

2023 Households 19,232 52,579 68,870

2018A Average HH Size 2.346200 2.590100 2.619200

HOUSING UNITS 1 Mile 3 Mile 5 Mile

2000 Owner Occupied Housing Units 28.6% 53.4% 59.3%

2000 Renter Occupied Housing Units 65.3% 42.5% 36.7%

2000 Vacant 6.1% 4.2% 4.0%



2010 Vacant 8.2% 6.6% 6.6%

2018A Owner Occupied Housing Units 28.4% 51.4% 57.8%

2018A Renter Occupied Housing Units 71.6% 48.6% 42.2%

2018A Vacant 6.4% 4.7% 4.6%



2023 Vacant 6.5% 4.8% 4.7%

INCOME 1 Mile 3 Mile 5 Mile

$ 0 - $ 14,999 11.6% 8.4% 7.5%

$ 15,000 - $24,999 9.2% 6.9% 6.2%

$ 25,000 - $34,999 7.9% 5.8% 5.2%

$ 35,000 - $49,999 12.7% 10.4% 9.1%

$ 50,000 - $74,999 15.8% 13.3% 11.8%

$ 75,000 - $99,999 11.7% 11.1% 10.3%

$100,000 - $124,999 8.6% 9.2% 9.1%

$125,000 - $149,999 6.0% 7.1% 7.2%

$150,000 - $200,000 7.1% 8.7% 8.9%

$200,000 to $249,999 3.4% 6.4% 7.4%

$250,000 + 5.9% 12.7% 17.2%

Median HH Income $62,563 $86,163 $99,697

Per Capita Income $41,384 $54,815 $63,591

Average HH Income $98,947 $142,856 $167,611


VICTOR NOLLETTI Senior Managing Director

[email protected]

ERIC PENTOREFirst Vice President

[email protected]

License: CT RES.0787525

T H E NOL L ET T I G ROU Po f m a r c u s & m i l l i c h a p

WES KLO CKNERSenior Associate

[email protected]

License: CT RES.0799478 NY10401263791

11 forest street - loopnet · to the income or expenses for the subject property, the future...

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