A Florida-based real estate investor has purchased a historic five-unit apartment building in Norwalk for $1.71 million. The 125-year-old property, located at 2 Park Street, was sold by Bradford Craighead of BPC Capital Management III LLC.
Key Takeaways
- A Florida investor, Bob Conklin, acquired a five-unit apartment building in Norwalk for $1.71 million.
- The building, constructed in 1900, is 6,118 square feet and sits on a 0.22-acre lot.
- The seller had previously renovated the property in 2017.
- The sale price is noted as one of the highest per unit and per square foot for a multifamily property in Norwalk.
Property Details
The five-unit apartment building, situated at 2 Park Street, was built in 1900, making it a turn-of-the-century structure. The 2.5-story building spans 6,118 square feet and features clapboard siding and a gable roof. It is located on a 0.22-acre parcel.
Transaction Overview
Bob Conklin, residing in Jupiter, Florida, made the acquisition as a real estate investment. He purchased the property from Bradford Craighead of South Salem, New York, who had acquired it in 2015. The property was last appraised at $1.1 million and assessed at $769,200 in 2003.
Market Significance
Matt Cawley, President of National Multifamily Corp, represented both the seller and the buyer in this transaction. Cawley highlighted the meticulous renovations completed by the seller in 2017, stating that these improvements, combined with effective marketing, contributed to a strong sale price. He noted that the closing price set records for the highest price per unit and per square foot for a multifamily property in Norwalk. Cawley also mentioned that the building is a good fit for the buyer’s existing portfolio, as they own multiple properties in the vicinity.
Sources
- Florida investor buys turn-of-the-century apartment building in Norwalk for $1.71M, Hartford Business Journal.