six unit multi-family development 23 & 25 woodland drive ...€¦ · 23 & 25 woodland...

800 Westchester Avenue, Suite N-517 • Rye Brook, NY 10573 • O. 914.798.4900

M I K E R A C K E N B E R GLicensed Associate Real Estate BrokerM. 973.609.2105 [email protected]

Six Unit Multi-Family Development For Sale

Avenue Terrace is located one block from the Greenwich, CT train station and two blocks from Greenwich Avenue. It’s the perfect blend of modern farmhouse charm and sophisticated style in a location that is unparalleled. The asset, coupled with expert craftsmanship and attention to every detail, make this a one of a kind investment. The units can be purchased individually.

There are three models: The Woodland, The Terrace, and The Avenue. Leasing began in July 2019 and the total project was completed in February 2020. The Woodland units are 3-story stand-alone structures, while The Terrace and The Avenue are 4-story structures. Each unit has two parking spaces, a garage spot and an outdoor spot. All of the units share two guest spots. The building lot size is 19,200 sf (100’ x 192’) and the buildings total 16,274 sf.

Orlando Development’s homes have been featured in Money Magazine, Country Living, Cottages and Gardens, 203 Magazine, Dining and Destinations, The New York Times, Greenwich Times, and the New York Post. In Greenwich, they have been awarded 3 Hobi Awards from the Home Builders & Remodelers Association of Connecticut.

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Property Overview 2 3 & 2 5 W O O D L A N D D R I V E G R E E N W I C H , C T 0 6 8 3 0

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PROPERTY LOCATION• Two Blocks from Heart of Greenwich Avenue (4 Minute Walk)• Train to Grand Central (4 1/2 Minute Walk)• Community Surrounded by Tree Lined Borders

EXTERIOR• Brick and Clapboard Façade – Farmhouse Style• Exposed Rafter Tails• Marvin Windows with (Two Over Two – Black Grilles) Custom Wood Trim• Timberline Main Roof with Metal Standing Seam Accent Roofs• Lead Copper Gutters and Flashings• Brick Chimneys with Leaded Copper Flashings• Flagstone Entry Walkway and Porches• Carriage Style Mahogany Garage Doors• Detailed Landscaping with Sprinkler System

INTERIOR• 10’/9’ First Floor Ceilings; 9’/8’ Second Floor Ceilings• 8’ Shaker Panel Mahogany Front Door with Inset Four Pane Glass• Two Story Entry with Shiplap Finish• Sweeping Oak and Steel Custom Railing to Balcony and Second Floor• 7” Oak Plank Flooring Throughout• 8’ Interior Doors Throughout (Four Hinged) with Satin Nickel Hardware• Powder Room with Painted Cement Tiles, Ceruse Oak Vanity, Wall Mounted Faucet with Trenched Black Absolute Vanity Top with

Scalloped Backsplash• Custom Farmhouse Fireplace with Shiplap Paneled Face in Family Room; Stone Surround and Distressed Oak 8” Mantle with 7”

Corbels• Sliding Barn Doors to the Study with Built-In Cabinetry/Bookcases and Swing Arm Sconces• Finished Lower Level with Bedroom and Full Bath• Lower Level Media Room with Custom Built-In Cabinetry and Bookcases



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KITCHEN• Custom Hand-Crafted Shaker Kitchen Cabinets with Soft Closing Drawers (includes Draw Dividers and Roll-out Shelves) and Under

Cabinet Lighting• Aurea Quartz Countertops• Farm Sink Under Window with Newport Brass Faucet• Custom Tiled Backsplash• Six Burner Wolf Gas Range with Hood and Franke Potfiller• Sub-Zero Refrigerator; Bosch Dishwasher; Microwave Drawer• Breakfast Nook with Built-In Bench with Storage• Custom Bar with Beverage Refrigerator, Glass Shelves and Accent Tiled Wall

MASTER BEDROOM AND BATH• 11’ Vaulted Beamed Ceiling• Gracious Pocket Double Door Entry• Expansive Walk-In Closet with Custom Built-Ins• Victoria and Albert Floating Tub with Kallista Floor Mounted Tub Filler• Steam Shower with seat and Frameless Glass Enclosure• Custom Ceruse Oak Dual Vanity with Kohler Oval Undermount Sink, Kallista Faucet and Glassos Countertop• Statuary Marble Floors with Radiant Heating• Separate Water Closet with Toto Toilet and Custom Built-In Linen Closet• Board and Batten Treatment on Walls

FOR YOUR COMFORT AND CONVENIENCE• Convenient Second Floor Laundry, Custom Carrara Marble Countertop• Mudroom with Shiplap Walls, Locker Area/Clothing Hooks with Storage Bench• 2 Zone Heating and Cooling Systems• High Efficiency Furnaces 40,000 BTU’s• A/O Smith Tankless Hot Water Heater• Pre-wired for Generators• Cable Ready and Internet Wiring in Rooms of Choice• Hardwired Fire and Security System with Multiple Keypads• Circa Lighting Fixtures



Floor Plans - The Woodland 2 3 & 2 5 W O O D L A N D D R I V E G R E E N W I C H , C T 0 6 8 3 0

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This spacious single-family home design offers 3,163 sq. ft. of luxury living space on three levels. An open floor plan brings everyone together, whether you are preparing meals in the designer kitchen or relaxing in the family room. Three bedrooms and a guest/recreation room offer ample space for every member of the family. An office/den provides at-home work space that also is the perfect hobby room. An ample porch and garage parking are included in this spectacular design.



Floor Plans - The Avenue 2 3 & 2 5 W O O D L A N D D R I V E G R E E N W I C H , C T 0 6 8 3 0

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This spacious Townhome offers 2,673 sq. ft. of luxury living space on four levels. The first floor features a generous open concept layout with kitchen, dining room, and family room coming together into one great space. Relax upstairs in the master suite, and enjoy a large walk-in closet, as well as easy access to the laundry. Two more bedrooms, one on this level and one above, each have their own bathrooms. There’s also an office and plenty of storage space. The lowest level of the home features a guest or recreation room, complete with its own bathroom, and a mudroom entrance to the garage.



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This beautiful Townhome features 2,526 sq. ft. of luxury living space on four levels. The lowest level features a guest or recreation room, complete with its own bathroom, and a mudroom entrance to the garage. Walk up to the main level into a spacious great room, featuring the kitchen, dining room and family room in an open layout. Upstairs, the master suite offers ample space and its own walk-in closet. A second bedroom with its own bathroom and laundry also are located on this level. The upper floor features a large third bedroom with its own bathroom, an office, and storage areas.



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Site Plan 2 3 & 2 5 W O O D L A N D D R I V E G R E E N W I C H , C T 0 6 8 3 0

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Income and Expenses

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IInnccoommee AAnnnnuuaall LLeeaassee TTeerrmm TTyyppee SSFFThe Avenue (23A) 126,000.00$ 6/30/2020 4 BR/4.5 BATH 2,673The Terrace (23B) 87,000.00$ 11/14/2020 5 BR/4.5 BATH 2,526The Woodland (23C) 126,000.00$ 8/30/2020 3 BR/3.5 BATH 3,163The Avenue (25A) 126,000.00$ 3/31/2021 4 BR/4.5 BATH 2,673The Terrace (25B) 110,400.00$ 3/14/2021 5 BR/4.5 BATH 2,526The Avenue (25C) 126,000.00$ 9/14/2020 3 BR/3.5 BATH 3,163

TToottaall IInnccoommee 770011,,440000..0000$$

Vacancy & Collection (1% SGI) 7,014.00$

EEffffeeccttiivvee GGrroossss IInnccoommee 669944,,338866..0000$$

EExxppeennsseess AAnnnnuuaallReal Estate Taxes 40,575.00$ Insurance 11,707.00$ Utilities - Exterior Lighting 1,800.00$ Repairs 3,000.00$ Management Fee (2%) 13,887.72$

TToottaall EExxppeennsseess 7700,,996699..7722$$

NNeett OOppeerraattiinngg IInnccoommee 662233,,441166..2288$$

AAsskkiinngg PPrriiccee:: $$1122,,999955,,000000

CCaappiittaalliizzaattiioonn RRaattee:: 44..7799%%

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Aerial View and Regional Map 2 3 & 2 5 W O O D L A N D D R I V E G R E E N W I C H , C T 0 6 8 3 0

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The information contained in this Offering Memorandum is confidential, furnished solely for the purpose of review by a prospective purchaser of certain information relating to the property mentioned herein (the “Property”), and is not to be used for any other purpose or made available to any other person without the prior written consent of HLC. The material is subject to errors and omissions and based on part upon information supplied by sources deemed reliable.

six unit multi-family development 23 & 25 woodland drive ...€¦ · 23 & 25 woodland...

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