February 6, 2025 – Stavros Filippidis and Tom Connor of Horvath & Tremblay have successfully completed the sale of a 6-unit mixed-use building in Greenwich, Connecticut. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,950,000 which represents a 5.89% Cap Rate.
The mixed-use property is located at 18-20 Greenwich Avenue in Greenwich, Connecticut. 18-20 Greenwich Avenue is a 4,248 square foot three-story brick mixed-use building featuring two street-level retail spaces and four luxury apartments on the upper two floors. The retail space is occupied by MyEyeDr. and Gas Bijoux. MyEyeDr. is new to the building, taking over the former Optical Options location, and has a 2+ years remaining on their lease. Gas Bijoux, a world renowned French haute-fantaisie jewelry house has 4+ years remaining on their lease. The MyEyeDr. and Gas Bijoux leases feature attractive annual increases in rent. The upper floors are comprised of four (4) 1-Bedroom/1-Bathroom apartments. As a rental property, the opportunity exists to capture significantly higher market rental rates by implementing high end finishes to the apartments and upgrading the façade. Additionally, both commercial leases call for attractive annual rent increases. Gas Bijoux has 3% annual increases throughout the primary lease term, a 6% increase in year 1 of the renewal option, and 3% annual increases thereafter. MyEyeDr.’s lease has 5% annual rent increases throughout the primary term and the renewal option. The Property is located on the upper half of prestigious Greenwich Avenue, the premier, luxury roadway and primary shopping district in downtown Greenwich, one of the most affluent communities in the country. Greenwich Avenue is an extremely desirable and exclusive area, lined with high-end retailers and upscale restaurants, attracting residents and visitors alike.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.