56-58 Oak Street

National Multifamily is pleased to have sold a 6-unit multifamily property located in Port Chester, NY.  The property had been owned by the same individual for over 44 years.

Located in just outside of Downtown, the to property consisted of one three-story building on a 0.12 acre site.

Property

The property is comprised of 6 two-bedroom units in one 3-story, stucco walk-up totaling 4,212 rentable square feet and estimated to have been built in 1900 via city records.  The property sits on a 0.12-acre lot and has a backyard that is not accessible from the street.  There is no off-street parking at the building.  There is an empty walk-in attic as the roof is primarily a pitched asphalt shingle with a small flat section at the center of the property. The tenants pay for heat and hot water through individual gas systems in the basement.  The landlord is only responsible the common electric and the water for utilities.  Each two bedroom is designed with a kitchen and a small bathroom in the center of the unit, two small bedrooms in the rear of the building, and a family room in front of the building.

Strategy

The owner of the property had reached out to Matt Cawley of National Multifamily as he had sold a number of apartment buildings in the surrounding areas in both Westchester and Fairfield County. Matt was able to put together a full Broker Opinion of Value detailing out the current valuation and how to maximize price based on the building’s potential.

Result

Within 8 hours of listing the property, National Multifamily had the buyer identified and a deal agreed to the following day.  As the deal was technically conducted entirely off-market, the bidder had to increase their bid to above the asking price to secure the transaction.  The results from the successful marketing and deal included:

1) Offer acceptance within a day of listing

2) The Offer Price was the Closing Price

3) A smooth financing process with due diligence, inspections, and appraisals handled by National Multifamily

4) The deal closed at a current cap rate of 6.49%

The seller was represented by Matt Cawley of National Multifamily who also procured the buyer.  The deal closed on March 28, 2025.  Contact Matt Cawley for a full setup at closing.