16 Unit Portfolio

National Multifamily is pleased to have sold a 16-unit multifamily portfolio located in Bridgeport, CT. The 7-parcel contiguous portfolio totaling 0.71 acres was pieced together over the past 27 years. The properties consist of 3 single families, 2-two families, 1-four unit, and 1-five unit building.  The portfolio was located in North Bridgeport.

Properties

332 Palisade Avenue: A single family (3 BR/1 BA) with a new steam boiler installed in 2024 and a one car garage.

330 Palisade Avenue: A two family (1^st Floor: 2 BR/2 BA & 2^nd Floor: 1 BR/1 BA) with a two-car garage.  Two separate FHA boilers that are 6 years old and individual electric meters.

25 Granfield Avenue: A single family (2 BR/1 BA) with a new roof and an 11-year-old FHA boiler.

33-35 Granfield Avenue: Five-unit building (all studios) with a new roof and a new boiler installed in October 2024.  There is one electric meter for the building.

37-39 Granfield Ave: A two family (1^st Floor: 1 BR/1 BA & 2^nd Floor: Large Studio) with two separate boilers installed in April 2024 and individual electric meters.

43-45 Granfield Avenue: Four-unit building (all studios) with a five-year-old roof. There is one boiler and one electric meter for the building.

57 Granfield Avenue: A single family (3 BR/1 BA) with a two-car garage.

Strategy

The owners of the property had been working with Matt Cawley of National Multifamily to sell their 116-unit property next to the series of houses they owned on Granfield and Palisade Avenue.  Matt was able to put together a full valuation by pricing out each individual parcel which included three single family homes, two-two family buildings, a four-unit, and a five unit.  While a full marketing plan was put in place, one of the top buyers in the area put forward an offer for the properties a few days prior to marketing, that was too good for the owners to pass up.

Result

As the deal was completed so quickly and technically off-market, the seller had to be sure of Matt Cawley’s ability to have procured the top and right buyer for the property.  The result of the deal that was put together included:

1) An All Cash, As-Is offer with a 30-day closing.

2) The Offer Price was the Closing Price, even with the buyer submitting their bid prior to touring the property.

3) The sale of the Granfield & Palisade Avenue Portfolio closed at a 4.25% Cap Rate on the current income and expenses. This marks the lowest Cap Rate recorded for a multifamily property in the city of Bridgeport.

The seller was represented by Matt Cawley of National Multifamily who also procured the buyer.  The deal closed on January 10, 2025.  Contact Matt Cawley for a full setup at closing.