Multifamily Property for Sale
Northeast Private Client Group is pleased to present the Oak Street Apartments, a 32-unit apartment building located in Bridgeport, Connecticut.
The Oak Street Apartments present an investor with the opportunity to purchase a brick apartment building featuring tenant paid utilities and off street parking in Connecticut’s most populous city. The building is comprised of six (6) Studios, twenty-two (22) 1-bedrooms, and four (4) 2-bedroom apartments. Many apartments have been renovated with some finishing construction in the past year. New appliances and individual apartment upgrades are installed yearly. In 2017, all 112 windows have been replaced, there is a new driveway with an improved draining system, new fencing around the property and roof improvements around the building’s flat areas. Along with these improvements, there has been added common areas and an installed camera security system.
The property is located less than a half mile from Central High School and 5 miles to the Westfield Mall in Trumbull. Sitting on the coast, Bridgeport has two public beaches and many marinas with direct access to Long Island Sound.
Along with the coast, the Greater Bridgeport area is the 48th largest urban area in the United States and boasts 140,000 residents.
A new investor can realize upside by continuing to increase rents to market levels. Bridgeport presents an investor with the potential for near-term revenue growth as rents continue to grow due to relative affordability to the lower Fairfield County Submarkets of 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 climb in Norwalk and Stamford, Bridgeport will continue to draft off this pricing. Additionally,
Bridgeport continues to develop as a market with significant redevelopment downtown in the Main Street North Corridor
Bridgeport, Fairfield County, CT