3142 Fairfield Avenue
Bridgeport CT 06605
Property Profile
$1,345,000
3142 Fairfield Avenue | Bridgeport | CT | 06605
- Units: 8
- Price/Unit: $ 168,125
- Square Feet: 7,368 SF
- Price/Square Foot: $ 183
- Year Built: 1917
- Cap Rate: 6.61%
Property
The mixed-use property located at 3142 Fairfield Avenue, Bridgeport CT is comprised of 8 units (6 apartments and 2 retail) in one-3 story, 7,368 SF building built in 1917. Situated on a 0.18 acre site in the “Black Rock” neighborhood of Bridgeport, there are 6 off-street parking spaces behind the property. The owner pays for heat and hot water. Apartment rents are significantly below market.
Strategy
The property was listed by eXp Commercial who represented the seller in the transaction. The buying broker, Matthew Cawley of National Multifamily saw the listing on the first day of marketing and reached out to a qualified buyer who had been looking to make his first purchase in both Connecticut and specifically Bridgeport for the past few years. A deal was brokered quickly and an offer executed shortly after the property went to market.
Result
Through an ever changing debt market since the contract was signed, the listing brokers from eXp Commercial and buying broker Matt Cawley of National Multifamily worked hand-in-hand with their respective parties through months of changing bank requirements to close the deal. A number of extensions and a price reduction in favor of the Buyer from the original price were agreed upon as the debt landscape shifted faster than it had in over 30 years. The deal was closed on September 30th, 2022.
