113 S. Water Street

National Multifamily is pleased to have sold a 6-unit multifamily property located in Greenwich, CT.

Located in the Byram neighborhood and across the street from the Byram River, the property consists of two lots that combine for a 0.20-acre site.

Property

Lot #1: Building (Unique ID: 04-1654/S):
The building on the right-hand side is comprised of 6 units (4-two bedrooms and 2-studios) in one 3 story, brick and stucco walk-up totaling 5,985 rentable square feet and built in 1919. The landlord pays for the heat and hot water through a central gas system. The building has a large mechanical room on the 1st floor that holds the mechanicals themselves, individual washer and dryers for each unit, and four large storage units. The apartments were fully updated over the past five years. Also on this lot is a garage in the rear of the property that is currently rented to one of the tenants.

Lot #2: Developable Lot (Unique ID: 04-1655/S):
The site on the left-hand side is a 0.10-acre developable lot. Currently the lot is used for surface level off-street parking and a garden for the residents. The lot is zoned R-6 and is ideally located with South Water Street frontage and river views.

Strategy
The owner of the property had reached out to Matt Cawley of National Multifamily as he had recently sold three other multifamily properties within the Byram neighborhood in Greenwich. Matt was able to put together a full Broker Opinion of Value detailing out the valuation and how to maximize price by understanding the value of individual pieces, a 6-unit apartment building and a contiguous parcel that were both on the same deed. Updating the owner on weekly calls through the pre-marketing and marketing period the owner understood the plan through consistent communication.

Result
National Multifamily’s marketing was so effective that a deal was agreed to within 36 hours of the building going to the market. The top bidder paying slightly above the asking price to secure the property. The results from the successful marketing and deal included:

1) Offer acceptance within 36 hours of marketing launch
2) The Offer Price was the Closing Price
3) A financing process completed in tandem with the buyer’s mortgage broker to place two pieces of debt: one for the building and the other for the lot
4) The sale of 6-unit multifamily and the lot combined for a closing cap rate of 5.38%.

The seller was represented by Matt Cawley of National Multifamily who also procured the buyer. The deal closed on May 19, 2025. Contact Matt Cawley for a full setup at closing.