99 Theodore Fremd Avenue

Property

The property was comprised of 6-two bedroom free market units totaling 5,656 rentable SF in one-3 story building built in 1926.  Situated on a 0.31 acre site there was off-street parking for the tenants, 4-rentable garages, and a laundry facility.  Two of the units had decks.  The landlord paid for heat and hot water through a central gas boiler and hot water heater.

The property was located just outside of Downtown Rye and was walking distance to the Rye Metro North Station with access to Grand Central Terminal in Midtown Manhattan in under 45 minutes.

Strategy

The owner of the property had reached out to Matt Cawley of National Multifamily with the financials of the property and asked if he would have any interested parties.  Matt was quickly able to organize the financials for the building and have the deal out to three top groups in the area the same day.  One of the top groups showed interest and a single tour was set up at the property.

Result

From the single tour, National Multifamily was able to secure an offer and put the building under contract within 1% of the asking price.  A non-contingent contract with a 60-day close was executed shortly after.  The results of the successful deal included:

1) Three calls to top buyers, a single tour, and a negotiated deal within 1% of the Sellers asking price

2) The contract was executed with no due diligence nor financing contingencies

3) A financing process completed in tandem with the buyer’s bank to close within 60 days

4) A sale of the 6-unit multifamily correlated to a closing cap rate of 5.62%

The deal was completed by National Multifamily’s New York team consisting of Matt Cawley, Michael Hewes, and Olivia Friedberg.  The deal closed on February 26, 2026. Contact Matt Cawley for a full setup at closing.