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832 Atlantic Street, Bridgeport, CT 06604 Atlantic Street Apartments

$1,995,000 $124,688.00 / unit
832 Atlantic Street, Bridgeport, CT 06604

For Sale Details

$1,995,000
$124,688.00 / unit
  • Property Type Multifamily / Low-Rise
  • Status Closed
  • Created 10/15/20
  • Updated 06/30/21
  • Closed On 05/27/21
  • Closing Price $1,900,000

About 832 Atlantic Street, Bridgeport, CT 06604

Northeast Private Client Group is pleased to exclusively offer for sale a 100% interest in 832 Atlantic Street, a 16-unit waterfront apartment building located in Bridgeport, CT. 832 Atlantic offers a unique opportunity to acquire a stable, 95%± leased asset, which has been well maintained with little-to-no deferred maintenance, while still presenting the opportunity to increase NOI through traditional value-add strategies.

An extensive value-add opportunity is available to a new owner by further improving on an already very well-positioned asset, increasing NOI significantly through renovating units with higher-end finishes, tile backsplash, new lighting, vinyl plank flooring and technology packages, among other potential upgrades. While prior ownership completed certain basic unit upgrades, there is still significant room to renovate the units. These upgrades are estimated to produce a 16%± increase in Gross Potential Rent, while still maintaining very competitive rents in the market.

Building Details

  • Building Area (SF): 11,872
  • Year Built: 1981
  • Number of Units: 16

Land Details

  • Acreage: 0.18

Financial Characteristics

  • Potential Gross Income: $214,680
  • Effective Gross Income: $197,637
  • Operating Expenses: $77,326
  • Net Operating Income: $120,311
  • Cap Rate: 6%

The Multifamily / Low-Rise property at 832 Atlantic Street, Bridgeport, CT 06604 is currently available for sale. Contact Northeast Private Client Group from Northeast Private Client Group for more information.