2 Park Street

National Multifamily is pleased to have sold 2 Park Street, a fully renovated, high-end, 5-unit multifamily property located in the desirable Norwalk Green Historic District in Norwalk, CT.  The property brought the best of both worlds for an investor and tenants with its historic charm on the outside and class A apartment renovations on the inside.

Property

In mint condition, the turn-key property is comprised of 5 units (4 oversized one bedrooms and 1 oversized loft studio) totaling 4,136 rentable square feet in one-three story building.  The property was built in 1900 and fully renovated in 2017.

Each apartment was meticulously and classically designed with top of the line finishes during the full renovation of the property in 2017.  Units are oversized by all metrics with the one bedrooms ranging from 647 to 777 square feet and the loft studio at 742 square feet.  All units have in-unit washer dryers and central air conditioning. Apartments are heated through individual gas-forced hot air systems and each unit has its own hot water heater in the basement.

The property overlooks the Norwalk Green that is the heart of the Norwalk Green Historic District.  In the summer the park hosts a concert series, over the holidays there is tree lighting and caroling, and a seasonal Farmer’s Market hosted by one of the two churches.  Additionally, the property is walking distance to the recently revitalized Wall Street District.

The building is set on a .22-acre site and has an off-street parking lot with 10 designated parking spaces.  Fully landscaped with flagstone walkways and shrubbery, the irrigated property includes an outdoor patio area and built-in gas grill.

Strategy

The owner of the property had reached out to Matt Cawley of National Multifamily as he had sold a number of similar properties in Fairfield County. 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 even with the expected increase in taxes over the remaining six years of the tax deferral. 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 effective in obtaining top offers from local and national buyers.  The top bidder understood the potential for the building and had a full understanding of the future expected tax increase.  The results from the successful marketing and deal included:

1) The Offer Price was the Closing Price

2) A financing process completed in tandem with the buyer’s bank to close on time

3) The sale price correlated to $342,000 per unit making it one of the highest price per units sold in Norwalk

4) The price per square foot at $413.44 was the highest price per SF for a +5-unit non-new construction multifamily sale in the past two years

The seller was represented by Matt Cawley of National Multifamily who also procured the buyer. The deal closed on August 7, 2025. Contact Matt Cawley for a full setup at closing.