Property Description
The mixed-use property located at 677 Fairfield Avenue, Bridgeport CT is comprised of 21 units (12 one-bedroom apartments, 6 studios, and 3 retail) in one-three story, 16,647 SF building built in 1900 and fully gut rehabbed in 2023. Situated on a 0.13 acre site on the outskirts of “Downtown” Bridgeport, there are 6 off-street parking spaces behind the property. Tenants pay for the heat and hot water through individual electric systems in the apartments. All income and expenses are currently projected as the current owners are finishing punch list items from the construction. Lease-up of the property is expected to begin shortly.
Over the past two years, the owner has invested over $1,300,000 in capital improvements to the building. The property was completely vacated upon purchase and gutted down to the studs. Additional work other than the full renovation of the apartments include all new windows, all new individual PTAC units for heating and cooling, and the installation of individual hot water heaters in each apartment. A new roof was installed on the property in 2021 by the previous owner shortly before the deal closed.
The building is located right on the outskirts of Downtown Bridgeport which has seen a strong revitalization over the past few years. The property is an ideal location for commuters with access to the Coastal Link Bus Route (Bus Line runs from Norwalk to Milford) right at the corner of the property, the Bridgeport Metro-North Train Station just 0.7 miles away with access to Grand Central Station in New York City, Stamford, & New Haven, and the primary highway (I-95) just 0.5 miles away.
