Three Norwalk Multifamily Properties Sold For $4.3M


75 South Main St. Norwalk

Shelton-based Northeast Private Client Group has brokered the sale of three multifamily buildings in Norwalk for a combined $4.3 million.

Sono Court LLC of Norwalk sold the six-unit 75 South Main St. to a private New York-based investor for $1.225 million, or $204,166 per unit with a 7.2 percent cap rate based on current net operating income.

Aspetuck Partners LLC acquired the six-unit 33 Seaview Ave. from Fairfield Opportunity Investors LP for $1.2 million, or $193,391 per unit with a 6.7-percent cap rate.

And Property 25 NR LLC acquired the 11-unit 77 Winfield St. for $1.95 million from KMRK Investments LLC, or an equivalent of $177,273 per unit and 6-percent cap rate.

NPCG’s Brad Balletto, Rich Edwards and Jeff Wright represented the sellers and procured the buyers.

“The Norwalk submarket commands strong interest from a regional group of investors. Buyers from the entire New York Metro and throughout Connecticut recognize Norwalk as a buy opportunity,” Balletto said in a statement.  “These sales demonstrate the tremendous demand for well-located Class-B and Class-C multifamily assets with easy access to transit, relative affordability when compared to Stamford or Westchester, attractive going in cash-flow, and the opportunity to add value through physical and operational improvements.”

 



Tags: , ,


Three Norwalk Multifamily Properties Sold For $4.3M

by Steve Adams time to read: 1 min
0