1346 State Street

National Multifamily is pleased to have sold 1346 State Street, a 4-unit mixed-use property located in New Haven CT.  The property was fully renovated in 2022 and was purchased with three of the four units vacant.

Property

The building is comprised of 4 units (2-two bedrooms, 1-three bedroom, and 1 retail) totaling 3,817 rentable square feet in one-three story building and estimated to have been built in 1900 via city records.  The property sits on a 0.07 acre site and has a backyard that is currently not being used.  There is no off-street parking at the building.  The roof is pitched asphalt shingle.  The 1^st and 2^nd floor heating are covered by a central gas boiler located in the basement while the third floor has its own individual heating unit.  There are four hot water heaters located in the basement.

The property was heavily renovated.  Work completed includes full renovations to all three apartments, replacement of plumbing pipes in the basement, electric work completed in the basement, and the installation of a new water meter.

Strategy

National Multifamily was exclusively retained to sell the property. Matt Cawley completed a full marketing campaign which generated multiple offers. The highest being an owner user out of New York.

Result

National Multifamily’s full marketing package was effective in obtaining top offers from local and regional buyers.  Despite structural, environmental, tenant occupancy, and title issues at the property, Matt was able to deliver a full asking price offer with a small credit. The results of the successful deal included:

1) Full asking price offer accepted with small credits for structural and environmental issues

2) The asking price correlated to $127,500 price per unit

3) Matt was able to help the owner negotiate tenant buyouts to complete the deal

The seller was represented by Matt Cawley of National Multifamily. The deal closed on October 31, 2025. Contact Matt Cawley for a full setup at closing.