The Granfield Apartments

  • Title

    Multifamily Property

  • City

    Bridgeport, CT

  • Price

    $1,280,000

  • Cap Rate

    7.0%

  • Gross Leasable Area

    9,078 SF

  • No. Units

    16

  • Price/SF

    $141.00

  • Price/Unit

    $80,000

  • No. Stories

    2

  • Year Built

    1971

  • Lot Size

    .23 AC

Not found amenities.

Northeast Private Client Group is pleased to present The Granfield Apartments, located on the corner of Granfield Ave and Wessels Ave in the Mill Hill neighborhood of Bridgeport, CT.

125 Granfield is a brick building comprised of sixteen (16) one-bedroom apartments. The property has ample off-street parking as well as income producing laundry. In 2014 a new high efficiency gas fired heat and hot water system was installed.

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 Sub-markets 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 its 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 a MGM Casino, and plans to add a second Metro North train station on the city’s east side.

 

Bridgeport, Fairfield County, CT

The Granfield Apartments Offering Memo