199 Congress StBridgeport, CT 06604

Property Details for 199 Congress St

Year built

2024

Property size (Sq ft)

74,000 SF

Property type

Retail properties

Property subtype

Mixed-use properties

Description

This exceptional 74,000 square foot mixed-use property in Bridgeport, Connecticut, presents a compelling investment opportunity. The five-story building, completed in 2024, features 97 units – a blend of 92 residential apartments (offering a variety of one, two, and three-bedroom layouts) and five retail spaces. Conveniently located at 199 Congress St, 06604, this property enjoys a prime location near major highways, the Stratford train line, and universities. Currently, 25 residential units are already leased, ensuring immediate income generation. The building boasts modern amenities including underground parking, central air conditioning, and gas heating. A significant advantage is the existing Temporary Certificate of Occupancy (TCO), eliminating the need for further inspections or renovations. The property benefits from a five-year tax abatement, valued at approximately $135,000 annually. All retail spaces are available for lease, offering flexibility for potential tenants to rent individually or occupy the entire space. With a pro-forma Net Operating Income (NOI) of $1,904,954 and a permitted DCB zoning classification, this turnkey investment is priced at $38,000,000. This represents a rare opportunity to acquire a high-performing, modern asset in a desirable Fairfield County location.

Location Insight

City

Bridgeport

County

Fairfield

State

Connecticut

Latitude

41.1817

Longitude

-73.1911

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