15 Beech Street

Property

The apartments located at 15 Beech Street, Greenwich CT are comprised of 5 units (1-three bedroom/2 bath and 4-two bedrooms) totaling 4,281 rentable square feet in one-three story building built in 1900. Situated on a 0.06 acre lot the building has 4 off-street parking spaces for the tenants. The tenants pay for heat and hot water through individual gas systems.  The building, electrical, and all residential units were fully renovated in 2024.  The property is just 0.7 miles from the Port Chester Metro North Station with access to Grand Central Station in Midtown Manhattan in under 50 minutes.

Strategy

The owners of the property had reached out to Matt Cawley of National Multifamily as he was in the process of selling another property on a nearby street for the owner.  The owners indicated that they were interested in an off-market sale for this property as well.  Matt Cawley was able to tour the eventual buyer, organize the financials for the property, and get an offer accepted within one week of touring the property.  The seller was represented by in-house agent Pamela Franklin of Houlihan Lawrence.

Result

As the deal was completed so quickly and off-market, the seller had confidence that Matt Cawley of National Multifamily had procured the top and right buyer for the property.  The result of the deal that was put together within a week of the tour was a smooth transaction from start to finish that included:

1) Full coordination by Matt Cawley of National Multifamily of a due diligence period including a lease and financials review and a GPR scan as well as a full bank financing that included an appraisal and Phase I Environmental.

2) The Offer Price was the Closing Price, even with the deal coming together within one week, having a full due diligence period and financing contingency.

3) A major part of the deal was the renovation and lease-up of all the units in the building.  At one point Matt Cawley even helped cover for a two-week period for the member of the selling team to help show the apartments to prospective tenants to keep the deal on track for a closing.

4) The sale of 15 Beech Street, Greenwich CT closed at a price per unit of $390,000 and a price per square foot of $455.50. The average across all of +4 unit multifamily and mixed-use buildings in Greenwich for the past 2 years was $341,481/unit and $325.29/SF.  The closing of the property represented an increase of 14.2% over the average price per unit and 40.0% above the average price per square foot.

The deal closed on August 23, 2024.  Contact Matt Cawley for a full setup at closing.