Multifamily Property for Sale
Northeast Private Group is pleased to present the Irwin Apartments, a 20 unit apartment building in Bridgeport, CT.
The Irwin Apartments present an investor with the opportunity to purchase a brick apartment building that features tenant paid utilities and off-street parking in Connecticut’s most populous city. The building is comprised of 2 studios and 18 one-bedroom apartments. The complex has recently had its roof and windows replaced.
Bridgeport presents an investor with the potential for near-term revenue growth as rents continue to rise due to relative affordability to the lower Fairfield County Submarkets of Norwalk and Stamford. Many tenants choose to live in Bridgeport and commute downcounty in light of rent spreads for similar quality rental options of $500/month or more. As these rents continue to climb in Norwalk and Stamford, Bridgeport will continue to draft off this pricing. Additionally, Bridgeport continue to develop as a market with 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 Shops and rumors of an MGM Casino, and plans to add a second Metro North train station on the city’s East Side.
Bridgeport, Fairfield County, CT