Mixed Use Property
Northeast Private Client Group is pleased to present 677 Fairfield Ave Mixed Use, located in Bridgeport, Connecticut.
677 Fairfield Ave Mixed-Use is a brick building comprised of two (2) small one bedroom units, two (2) one bedroom units, seven (7) three bedroom units and three (3) ground floor retail suites. Tenants have individual hookups for both electricity and cooking gas. As of now the landlord is responsible for the heat and hot water, yet an opportunistic investor can utilize the preexisting gas meters to convert it to the tenants individually. The building has an on-sight super and limited off-street parking.
Bridgeport presents an investor with the potential for near-term revenue growth as rents continue to climb due to relative affordability to lower Fairfield County Submarkets like Norwalk and Stamford. Many tenants choose to live in Bridgeport and commute down-county in light of rent spreads for similar quality rental options of $500/month or more. As these rents continue to grow in Norwalk and Stamford, Bridgeport will continue to draft off this pricing. Additionally, Bridgeport is a maturing market with a significant redevelopment downtown in the Main Street North Corridor, the creation of a new shopping and entertainment district at Steel Point Harbor with a New Bass Pro Shop, rumors of an MGM Casino, and plans to add a second Metro North train station on the city’s East Side.