Multifamily Property for Sale
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.
Bridgeport, Fairfield County, CT