This Multifamily Property is Off-Market.

1430 Fairfield Avenue
Bridgeport, CT 06605 ·

21 Units · Multifamily For Sale

N/A

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Fairfield & Howard Apartments

Price N/A Cap Rate 8.60%
No. Units 21 Gross Rent Multiplier 4.77
Building Size 18,702 SF Occupancy 95%
Property Type Multifamily No. Stories 3
Property Sub-type Mid/High-Rise Year Built 1918
Property Use Type Investment Lot Size 0.24 AC
Commission Split 2% Parking Ratio 1 / 1,000 SF
Listing ID: 16327242 Date Created: 07/22/2009 Last Updated: 09/03/2009

Description

Marcus & Millichap is pleased to present Fairfield & Howard
Apartments, 21 apartment units in two adjacent buildings located in
Bridgeport, CT. The buildings are comprised of 5 one-bedroom and 16
two-bedroom flat style apartments. All units feature one full bathroom.
Fairfield & Howard Apartments have recently undergone significant
renovation and retenanting. Work done includes, but is not limited to,
a new oil boiler in 1430 Fairfield Avenue, a complete soil stack
replacement, all new windows, and a full interior renovation of nearly
half of the units.
Heat and Hot Water are included in the rents in 1430 Fairfield Avenue
and are supplied by a central oil boiler. 840 Howard Avenue features
individual gas boilers for each unit, and tenants are responsible for
heating and hot water costs. Electricity is paid for by the tenants. Many
of the units are rented well below market levels, providing a new owner
the opportunity to significantly increase cash flow in the near term.
Fairfield & Howard Apartments is a true value add opportunity. A
new owner will benefit from the significant recent work done to the
property, while maintaining the opportunity to increase cash flow

Fairfield & Howard Apartments are located in Bridgeport, CT, in
Fairfield County on Connecticut's Gold Coast. Bridgeport continues to
be one of Connecticut's strongest rental markets.

Highlights

  • Priced at $44,000/unit and 4.77 GRM
  • Significant Upside in Rents
  • Recent Cosmetic Work
  • Strong Returns
  • Ideal as a Package with 1589 Fairfield Avenue
  • 5 One Bedrooms and 16 Two Bedrooms

Research

1430 Fairfield Avenue, Bridgeport, CT 06605 (Fairfield County)

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

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