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Multifamily

146 George St

146 George St, Bridgeport, CT 06604

Listing Price: $800,000

Cap Rate
6.68%
Number of Units
6
Price/Unit
$133,333
Price/Gross SF
$105.99
Gross SF
7,548

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire 146 George Street, a six-unit brick building constructed in 1900. The property consists of six, three-bedroom/one-bathroom apartments. Tenants are responsible for individually metered electric and cooking gas, while the owner provides gas-fired heat and hot water. There is one parking space available per unit on the property with ample on-street parking. We see a solid opportunity to add value by bringing rents to market and offering an additional amenity at the property. All six apartments are nearly identical, and two are being leased at $1,475/month, while the other units are leased between $1,300-$1,400/month. Additionally, the basement of the property is currently unused. New ownership can take advantage of this space by building out multiple storage units or installing coin-operated laundry facilities, both of which could help increase the subject property’s cash flow. 146 George Street is just two minutes from the Bridgeport CBD, providing a variety of employment and dining options. Route 1 and Route 8 are both easily accessible from the subject property, which provides ease of access to Interstate 95. Downtown Bridgeport’s Metro-North train station, which offers direct transportation to Grand Central Terminal, is less than one mile away from the property. Bridgeport is located in Fairfield County, one of the ten wealthiest counties in the country and home to 19 of the Fortune 1000 companies. Bridgeport is equidistant from Stamford and New Haven, both of which are major employment centers in the area, while also being just 50 miles away from Manhattan. The subject property’s location provides ease of access to a diversity of large employment sectors including financial services, healthcare, defense, and education.

Investment Highlights

  • Solid Value-Add Opportunity - Ability to Increase Net Operating Income by Bringing Current Rents to Market
  • Less Than 1 Mile Away from Downtown Bridgeport CBD - Offering a Variety of Employment and Dining Options
  • Ease of Access to Route 1 and Route 8, Which Provides Access to Interstate 95

Exclusively Listed By

Listing Price: $800,000

Cap Rate
6.68%
Number of Units
6
Price/Unit
$133,333
Price/Gross SF
$105.99
Gross SF
7,548

Investment Highlights

  • Solid Value-Add Opportunity - Ability to Increase Net Operating Income by Bringing Current Rents to Market
  • Less Than 1 Mile Away from Downtown Bridgeport CBD - Offering a Variety of Employment and Dining Options
  • Ease of Access to Route 1 and Route 8, Which Provides Access to Interstate 95

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire 146 George Street, a six-unit brick building constructed in 1900. The property consists of six, three-bedroom/one-bathroom apartments. Tenants are responsible for individually metered electric and cooking gas, while the owner provides gas-fired heat and hot water. There is one parking space available per unit on the property with ample on-street parking. We see a solid opportunity to add value by bringing rents to market and offering an additional amenity at the property. All six apartments are nearly identical, and two are being leased at $1,475/month, while the other units are leased between $1,300-$1,400/month. Additionally, the basement of the property is currently unused. New ownership can take advantage of this space by building out multiple storage units or installing coin-operated laundry facilities, both of which could help increase the subject property’s cash flow. 146 George Street is just two minutes from the Bridgeport CBD, providing a variety of employment and dining options. Route 1 and Route 8 are both easily accessible from the subject property, which provides ease of access to Interstate 95. Downtown Bridgeport’s Metro-North train station, which offers direct transportation to Grand Central Terminal, is less than one mile away from the property. Bridgeport is located in Fairfield County, one of the ten wealthiest counties in the country and home to 19 of the Fortune 1000 companies. Bridgeport is equidistant from Stamford and New Haven, both of which are major employment centers in the area, while also being just 50 miles away from Manhattan. The subject property’s location provides ease of access to a diversity of large employment sectors including financial services, healthcare, defense, and education.

Exclusively Listed By

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