48-52 Smith Street

National Multifamily is pleased to have sold a 5-unit multifamily property located in Derby, CT.

Property

The property was comprised of 5 units.  The units at the property were oversized and were comprised of a three-bedroom duplex, 2-two bedrooms, and 2-one bedroom totaling 4,010 rentable square feet across the two onsite buildings. The larger of the two onsite buildings contained four units, was built in 1912, and tenants paid for their own heat and hot water through individual gas systems.  The smaller of the two onsite buildings contained 1-one bedroom unit, was built in 1950, and the tenant paid for their own heat and hot water through an individual electric system.

Strategy

The owner of the property had reached out to National Multifamily team 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 of the remaining units.  Matt and Olivia put together a game plan to find a buyer who would purchase the building as-is while confirming and planned to work with the buyer and the city to receive confirmation that the building was a legal 5-unit from the Zoning Department.

Result

National Multifamily’s full marketing package delivered multiple offers within the first week.  A sewer and foundation inspection brought up several unforeseen items.  The National Multifamily team was able to get creative in a deal structure to maximize the sellers’ proceeds while placing the required work on the buyer post-closing.  The results from the successful marketing and deal included:

1) Selection of the correct buyer who ultimately cleared due diligence despite structural and sewer line issues

2) Working with both the buyer and the City of Derby Zoning Department to confirm the legal use as a 5-unit multifamily

3) A financing process completed within 30 days

4) The sale of the 5-unit multifamily correlated to a closing price per unit of $100,000/unit

The deal was completed by Matt Cawley and Olivia Friedberg of National Multifamily.  The deal closed on March 23, 2026. Contact Matt Cawley for a full setup at closing.