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Multifamily

333 State Street

333 State Street, Bridgeport, CT 06604

Listing Price: $14,950,000

Cap Rate
7.00%
Number of Units
65
Occupancy
98.0%
Price/Unit
$230,000
Price/Gross SF
$165.73
Gross SF
90,208

Investment Overview

IPA Northeast is pleased to present the opportunity to acquire 333 State in downtown Bridgeport, Connecticut – a value-add opportunity within a Federal Opportunity Zone. The offering consists of 65 units plus 8,800 SF of ground-floor retail space with the ability to add three additional residential levels, or approximately 40,000 SF, as a matter of right. Bridgeport is located in Fairfield County, known as the "Gold Coast," the most populous county in Connecticut and one of the wealthiest in the nation.

Investment Highlights

  • Value-Add Opportunity - Immediate upside rent potential of ±$183 per unit, over current in-place average rent, with modest aesthetic unit upgrades and amenity improvements.
  • Core Downtown Location - The single best location in Bridgeport within the Fairfield County submarket, superior to all competitive and planned development.
  • Additional Development (As of Right) - Total additional Gross Potential Rent of $870,000 is achievable from adding 42 units and converting a portion of the ground floor retail to five studios.

Exclusively Listed By

Listing Price: $14,950,000

Cap Rate
7.00%
Number of Units
65
Occupancy
98.0%
Price/Unit
$230,000
Price/Gross SF
$165.73
Gross SF
90,208

Investment Highlights

  • Value-Add Opportunity - Immediate upside rent potential of ±$183 per unit, over current in-place average rent, with modest aesthetic unit upgrades and amenity improvements.
  • Core Downtown Location - The single best location in Bridgeport within the Fairfield County submarket, superior to all competitive and planned development.
  • Additional Development (As of Right) - Total additional Gross Potential Rent of $870,000 is achievable from adding 42 units and converting a portion of the ground floor retail to five studios.

Investment Overview

IPA Northeast is pleased to present the opportunity to acquire 333 State in downtown Bridgeport, Connecticut – a value-add opportunity within a Federal Opportunity Zone. The offering consists of 65 units plus 8,800 SF of ground-floor retail space with the ability to add three additional residential levels, or approximately 40,000 SF, as a matter of right. Bridgeport is located in Fairfield County, known as the "Gold Coast," the most populous county in Connecticut and one of the wealthiest in the nation.

Exclusively Listed By

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