3142 Fairfield Avenue

Property

The mixed-use property located at 3142 Fairfield Avenue, Bridgeport CT is comprised of 8 units (4 two-bedroom apartments, 1 three-bedroom apartment, 1 large one-bedroom, 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.

Over the past year, the owner has invested over $250,000 in Capital Improvements that include the full renovation of Apt 1, Apt 2, Apt 4, Apt 6, addition of in-unit washer dryers to those units, full renovations to the common areas, and improvements to the exterior of the building. Additional upside at the property through market rate increases of all units and the potential to renovate apartments 3 and 5.

The property is located on the four-lane Fairfield Avenue in the Black Rock neighborhood of Bridgeport near the Fairfield town line.   The Black Rock neighborhood is known for its waterfront, restaurants, and desirable real estate. The property is an ideal location for commuters with access to Grand Central Station in New York City, Stamford, & New Haven via the “Fairfield Metro” Metro-North Station and the primary highway (I-95) just 1 mile away.

Strategy

The owners of the property had been advised by Matt Cawley of National Multifamily since their purchase the year prior on techniques to maximize value.  When ownership felt they had reached their goals they reached out to exclusively list the property through Matt Cawley of National Multifamily.  A full marketing campaign through multiple channels was planned and ordered, however interest level for the property was so great from the initial email distribution that multiple offers came in the first week the property was distributed to National Multifamily’s internal investor email list.

Result

With multiple offers in on the property immediately, ownership was able to review each term sheet and buyer.  Ultimately a New Jersey based investor who was directly procured by Matt Cawley of National Multifamily who was about to be under a 1031 exchange was selected as the buyer in an all cash, as-is transaction.  The deal was closed on October 16^th, 2023.

The sale of the 3142 Fairfield Ave, Bridgeport CT now holds the Bridgeport record for the highest price per unit at $228,125/Unit. The previous Bridgeport sales record was held by 333 State St, a 67-unit mixed-use property in Downtown Bridgeport when it sold for $202,985/unit in 2021.