35-37 High Street
Rye NY 10580
Property Profile
$1,350,000
35-37 High Street | Rye | NY | 10580
- Units: 5
- Price/Unit: $ 270,000
- Square Feet: 3,390 SF
- Price/Square Foot: $ 398
- Year Built: 1890
- Cap Rate: 5.02%
Property
The apartments located at 35-37 High Street, Rye NY is comprised of 5 free market units (3-two bedroom and 2-one bedroom) totaling 3,390 rentable SF in one-2.5 story building built in 1890. Situated on a 0.21 acre site there are 8 off-street parking spaces, a laundry facility, and a common garden. Three of the units have offices and three units have decks. Tenants pay for heat and hot water through individual gas boilers and hot water heaters.
Strategy
The listing broker, Matthew Cawley had recently sold a 103-unit property in Rye, NY. Having full knowledge of the most current rental rates in the small city allowed for effective discussion on the potential of the property with new buyers to the area. The building was extensively marketed through internal email distribution lists, a direct mail marketing campaign, and placement on a national commercial listing platform.
Result
With multiple bids on the property throughout the marketing period, the listing broker Matthew Cawley was able to help guide the owner on the selection of the offer with the right buyer. This group timely closed on the property following the guidelines of the mutually agreed upon contract. The listing broker was able to guide the owner through the contract period to complete specific inspections needed by the City of Rye so that closing was not delayed. The deal was closed on May 31st, 2022.
