Historical Multifamily Sale Listing - Fairfield & Howard Apartments

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Fairfield & Howard Apartments

1430 Fairfield Avenue, Bridgeport, CT 06605

N/A

21 Units | Multifamily

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Multifamily Property - Off Market

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

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

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.

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

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Created 7/22/2009