Property Description
OFF-MARKET: The apartments located at 217-229 Helen Street, Bridgeport CT are comprised of 13 units in four 3 story, vinyl sided walk-ups totaling 8,977 SF and built between 1887 and 1907. Two tax lots comprise the deal: 217-219 Helen Street with 4 units on a 0.12 acre lot and 223-229 Helen Street with 9 units on a 0.19 acre lot. The buildings share a parking lot in the rear of the lots with space for 14 cars for the tenants. The tenants pay for heat and hot water through individual gas systems. The apartments are 100% free market.
There is currently an assumable loan with 4 years remaining on it. The current balance is $1,457,000 (69.4% LTV of Purchase Price), an interest rate of 5.31%, and one additional year left of Interest Only payments.
Bridgeport is about to enter into the data collection period of it’s regular 5-year tax revaluation on October 1, 2024. The new taxes that come from the revaluation do not go into effect until approximately two years from July 1, 2026. The taxes that we have in the potential is an estimate only with the city appraising the property for the $2,100,000 purchase price. The assessment would be $1,470,000 (70% of the appraised value). We used an estimated Mill Rate of 40.00 for the potential analysis.
The property is located in the East Side neighborhood of the city and is just north of the transformative Steelpointe Harbor development rising on the water in the Southern part of the East Side. Along with the economic base in Bridgeport itself, residents have easy access to multiple large local business hubs of Stamford (25 Miles), Norwalk (16 Miles), and New Haven (18 Miles).
