187 PortfolioBridgeport, CT 06601

Property Details for 187 Portfolio

Year built

1952

Lot size

5.62 AC

Property size (Sq ft)

149,240 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 187-unit multifamily portfolio in Bridgeport, Connecticut, presents a compelling investment opportunity. Priced at $30,180,000, this value-add property boasts a 149,240 square foot footprint across six buildings situated on 5.62 acres. Constructed between 1952 and 1990, the portfolio benefits from significant recent capital improvements, including new parking lots, roofs, siding, and landscaping. Interior renovations have upgraded at least 145 units, encompassing kitchens, bathrooms, flooring, and lighting. The portfolio's strategic location offers easy access to local shopping, transportation, and major employment centers in New Haven, Stratford, Shelton, and Lower Fairfield County. Proximity to universities, hospitals, a Metro North train station, M&T Bank headquarters, a deep-water port, and a ferry to Port Jefferson further enhances its appeal. The current 6.60% cap rate, with a pro-forma rate of 9.73%, indicates strong, stable cash flow and significant near-term upside potential. Bridgeport's tight occupancy rate (3.9% submarket vacancy) underscores the robust demand for this type of housing. This portfolio offers immediate scale and a unique product within the local market, making it an attractive investment for those seeking a well-located, value-add multifamily asset in a high-demand area. The portfolio is 100% market rate and represents naturally occurring affordable housing.

Location Insight

City

Bridgeport

County

Fairfield

State

Connecticut

Latitude

41.1801

Longitude

-73.1884

FAQs

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