193 Sound Beach Avenue

National Multifamily is pleased to have sold 193 Sound Beach Avenue, a 4-unit mixed-use property located in Old Greenwich CT. The property was located in the central shopping area of Old Greenwich and was just one block away from the Metro-North station.

Property

The property was comprised of 4 units (2 retail units on the ground floor with 2 oversized one bedrooms on the second floor) totaling 5,570 rentable square feet in one-two story building. The property was built in 1915, sits on a 0.14-acre site, and has 6 off-street parking spaces. The landlord paid for the heat through a central gas system. The apartments have in-unit laundry, separate electric hot water heaters, and both have large sundecks that can be accessed via the back of the apartments and from the parking lot in the rear.  Three of the four units were in month-to-month rental arrangements.

Strategy

The owner of the property had reached out to Matt Cawley of National Multifamily as he had recently sold several similar properties in Greenwich. Matt was able to put together a full Broker Opinion of Value detailing out the valuation and how to maximize price by understanding the value of the current property and its future potential through interior unit renovations.  Matt put together a game plan to clear the right of first refusal prior to marketing to solidify the buyer pool and make the marketplace as competitive as possible.  Updating the owner on weekly calls through the pre-marketing and marketing period the owner understood the plan through consistent communication.

Result

National Multifamily’s full marketing package was incredibly effective.  Upon launching the deal, 15 offers were received in the first week.  In discussions with the owner, it was advised that a second round would be effective in obtaining the top pricing.  Ten buyers were moved to the second round with each receiving a full due diligence vault to assist with bidding.  The results from the successful marketing and deal included:

1) A negotiated bidding process driving the top buyer to a closing price significantly above the asking price with no due diligence nor financing contingencies

2) Thirteen offers at or above the asking price

3) A financing process completed in tandem with the buyer’s bank

4) Old open permit close out working with the Town of Greenwich

5) The sale of the 4-unit mixed-use correlated to a closing cap rate of 5.09%

The seller was represented by Matt Cawley of National Multifamily who also procured the buyer. The deal closed on February 12, 2026. Contact Matt Cawley for a full setup at closing.