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Multifamily

Whittier Street Apartments

25 Whittier St, Bridgeport, CT 06605

Listing Price: $1,600,000

Cap Rate
5.26%
Number of Units
16
GRM
8.46
Occupancy
93.4%
Price/Unit
$100,000
Price/Gross SF
$137.36
Gross SF
11,648

Investment Overview

The Nolletti Group of Marcus & Millichap is pleased to exclusively present 25-31 Whittier Street located in the Black Rock neighborhood of Bridgeport. The offering features two adjacent four-story brick buildings consisting of 16 two-bedroom / one-bath apartments (eight units each building approximately 650 square feet per unit). Both were constructed in 1917 and the combined lots total 0.14 of an acre. Tenants are responsible for individual electricity providing baseboard heat. There is off-street parking in the rear of the property accessed by a driveway between the two buildings.

25-31 Whittier Street is a significant value-add opportunity that is poised to benefit from its location in Black Rock. Review of the competitive submarket suggests the ability to drive monthly rental revenue by $310/unit or more following upgrades to kitchens, bathrooms, lighting, and common areas. Black Rock has seen home values climb by 20% during the past year (Zillow). The subject propertys rents are up 3.2% during the same time period without any unit enhancements. 25-31 Whittier Streets attractive, desirable location and renovation potential afford the next owner an outstanding investment opportunity.

Black Rock is a transit-oriented waterfront neighborhood offering high quality of life along Connecticuts Gold Coast. The area is situated in the southwestern part of Bridgeport, next to the town of Fairfield. 25-31 Whittier Street is one mile from the Fairfield Metro train station providing direct access to New York Citys Grand Central Terminal via the New Haven MetroNorth train line in 90 minutes minutes. The property is also a quarter of a mile from the entrance to Interstate 95 providing ease of access to CT Route 8 and the Merritt parkway in three and eight minutes, respectively.

Investment Highlights

  • Up-and-Coming Black Rock Neighborhood Location
  • Significant Opportunity to Add Value: Ability to Drive Rent Revenue by Renovating
  • Walkable to the Fairfield Metro Train Station: One Mile from the MetroNorth Train
  • Quality Brick/Masonry Construction with Individually Metered Electricity

Exclusively Listed By

Multifamily

Whittier Street Apartments

Listing Price: $1,600,000

Cap Rate
5.26%
Number of Units
16
GRM
8.46
Occupancy
93.4%
Price/Unit
$100,000
Price/Gross SF
$137.36
Gross SF
11,648

Investment Highlights

  • Up-and-Coming Black Rock Neighborhood Location
  • Significant Opportunity to Add Value: Ability to Drive Rent Revenue by Renovating
  • Walkable to the Fairfield Metro Train Station: One Mile from the MetroNorth Train
  • Quality Brick/Masonry Construction with Individually Metered Electricity

Investment Overview

The Nolletti Group of Marcus & Millichap is pleased to exclusively present 25-31 Whittier Street located in the Black Rock neighborhood of Bridgeport. The offering features two adjacent four-story brick buildings consisting of 16 two-bedroom / one-bath apartments (eight units each building approximately 650 square feet per unit). Both were constructed in 1917 and the combined lots total 0.14 of an acre. Tenants are responsible for individual electricity providing baseboard heat. There is off-street parking in the rear of the property accessed by a driveway between the two buildings.

25-31 Whittier Street is a significant value-add opportunity that is poised to benefit from its location in Black Rock. Review of the competitive submarket suggests the ability to drive monthly rental revenue by $310/unit or more following upgrades to kitchens, bathrooms, lighting, and common areas. Black Rock has seen home values climb by 20% during the past year (Zillow). The subject propertys rents are up 3.2% during the same time period without any unit enhancements. 25-31 Whittier Streets attractive, desirable location and renovation potential afford the next owner an outstanding investment opportunity.

Black Rock is a transit-oriented waterfront neighborhood offering high quality of life along Connecticuts Gold Coast. The area is situated in the southwestern part of Bridgeport, next to the town of Fairfield. 25-31 Whittier Street is one mile from the Fairfield Metro train station providing direct access to New York Citys Grand Central Terminal via the New Haven MetroNorth train line in 90 minutes minutes. The property is also a quarter of a mile from the entrance to Interstate 95 providing ease of access to CT Route 8 and the Merritt parkway in three and eight minutes, respectively.

Exclusively Listed By

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