35 Butler Avenue
Bridgeport CT 06605
Property Profile
$885,000
35 Butler Avenue | Bridgeport | CT | 06605
- Units: 6
- Price/Unit: $ 147,500
- Square Feet: 5,820 SF
- Price/Square Foot: $ 152
- Year Built: 1920
- Cap Rate: 7.22%
Property
The apartments located at 35 Butler Avenue, Bridgeport CT are comprised of 6-three bedroom units totaling 5,820 rentable square feet in one-three story building built in 1920 and situated on a 0.07 acre site. Recent capital improvements include a new hot water heater and work to the central boiler. The property was located in the West End/West Side of Bridgeport, CT
Strategy
The listing broker, Matthew Cawley had recently broken a price/unit metric in Bridgeport, CT and was able to effectively price the property. The building was thoroughly marketed through an internal email distribution list which generated multiple showings within the first week. A mix of qualified New York City and local buyers were invited to tour the building. Each prospective buyer who toured submitted an offer.
Result
With multiple bids on the property in the first week, the listing broker Matthew Cawley was able to procure two competing above ask offers. After a consultation with the owner, a winning group was selected. This group timely closed on the property following the guidelines of the mutually agreed upon contract. The deal was closed on April 5th, 2022 after the listing broker worked with the buyer, seller, and all attorneys to resolve a bank concern regarding an old easement on the property.
