1294 Stratford Avenue
Bridgeport CT 06607
Property Profile
$1,292,650
1294 Stratford Avenue | Bridgeport | CT | 06607
- Units: 15
- Price/Unit: $ 86,177
- Square Feet: 12,202 SF
- Price/Square Foot: $ 106
- Year Built: 1925
- Cap Rate: 7.74%
Property
The mixed-use property located at 1294 Stratford Avenue, Bridgeport CT is comprised of 15 units (9 one-bedroom apartments and 6 retail) totaling 12,202 rentable square feet in one-two story brick walk-up built in 1925. Situated on a 0.23 acre site, there is a small parking lot in the back. Recent improvements according to the owner include an EPDM roof installed four years ago and a new high efficiency gas Weil Mclain Boiler for the residential units.
Strategy
The listing broker, Matthew Cawley partnered with Ten-X Commercial Real Estate to conduct an auction on the property. The 40 day joint marketing effort would generate leads from all across the nation. Due to the size of the property being on the smaller end, the listing broker focused outbound calls to local and greater New York City investors.
Result
The joint marketing effort led to a highly contested bidding process, with over 249 signed CA’s, 24 approved buyers, and 12 offers. Within two hours of the conclusion of the two-day auction there was an All-Cash, As-Is, 30 Day close Sales Contract signed by the winning bidder. The deal closed on March 31, 2022.
