616-618 Kossuth St
Bridgeport, CT 06608
Multifamily Property For Sale · 8 Units

There are 8 residential units: 2(3) bedroom Units, Four (2) Bedrooms Two Units (1) bedroom Units Property condition and rental situation. This must be an "ALL CASH" sale. The apartments are vacant. I have attached a pro forma P & L. The property needs work. There are some refrigerators and stoves are missing from the property. New paint and carpeting will be required for each apartment unit. And eight 8 A/C units were stolen. Some of the exterior siding will need repairs. There are two mortgages on the property. There is one for $470,000. and a loan from the City of Bridgeport for $378,000. The landlord will have the 1st mortgage paid at closing. The second mortgage will not be paid off. If the landlord continues to rents the apartments under the HUD guidelines the mortgage will be forgiven in 8 years. No principal or interest payments required. The HUD rent guide lines are as follows: HOME requires that 20% of the units are to be low home and the balance high home. The 2017 rent limits for HOME are below. This means that this is the highest amount of rent they could charge. At the same time making sure the household fits into the income qualifications. If the tenants pay the utilities the Landlord has to pay a utility allowance. 1 BR 2 BR 3 BR LOW HOME RENT LIMIT 860 1,032 1,192 - not to exceed 50% AMI, per documents 2 units HIGH HOME RENT LIMIT 990 1,243 1,572 – not to exceed 65% AMI, per documents 6 units. The units can float between categories so you don’t always have to have the same unit at 50% AMI as an example