Sterling & Irwin House Apartments

  • Title

    Multifamily Properties for Sale

  • City

    Bridgeport, CT

  • Price

    $3,600,00

  • Cap Rate

    6.42%

  • Gross Leasable Area

    24,535 SF

  • No. Units

    44

  • Price/SF

    $146.73

  • Price/Unit

    $81,818

  • No. Stories

    3

  • Year Built

    1965

Not found amenities.

Northeast Private Client Group is pleased to present the Sterling House Apartments, a 24 unit apartment building located in Bridgeport, CT.

The Sterling House Apartments present an investor with the opportunity to purchase a brick apartment building featuring off-street parking in the desirable Black Rock neighborhood of Bridgeport. The building is comprised of 12 efficiencies and 12 One-bedroom units. The building has undergone capital improvements throughout the years which include new windows, security cameras, and a high-efficiency boiler system. The building envelope has been well maintained, allowing a new owner to focus on updating unit interiors and common areas.

The Sterling House Apartments present the potential for near-term revenue growth. With the Average rents on Ellsworth Street being 47% higher than that of Sterling House’s, there is clear opportunity to push rents to meet market value. 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.

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

Sterling House Apartments