Property Description
National Multifamily is pleased to present 832 Atlantic Street, a 16-unit elevatored property located on Seaside Park in Bridgeport CT. With views overlooking the Long Island Sound, the building presents a value-add opportunity to complete renovations to 7 of the remaining 16 units.
The property is comprised of 16 units (10 oversized one bedrooms and 6 two bedrooms) totaling 11,872 rentable square feet in one-four story building. The property was built in 1981 and over $110,000 in capital improvements have been completed over the last few years. The property sits on a 0.18-acre site and has a covered off-street parking lot with 12 spaces. There is a laundry room on the first floor of the complex. Tenants pay for the heat and hot water through individual electric systems.
Over the past few years, 9 of the 16 apartments have been renovated by the owners leaving a value-add component for the next owner to increase rents up to market for the remaining 7 units in one of the top locations in Bridgeport. In addition to the rent increases through renovations, the apartments still remain below market. One-bedroom units in the complex are approximately 14% below market while two-bedroom units are 9% below market.
The property sits right across from Seaside Park, 325 acres of lawns, sports fields, and beaches that run for 3 miles along the coastline of Bridgeport’s South End. The park was designed in the 19th century by the same architects as Manhattan’s Central Park and Brooklyn’s Prospect Park. With views overlooking Seaside Park and the Long Island Sound, tenants have access to all the outdoor amenities, activities, and events throughout the year such as the Soundside Music Festival, Connecticut’s largest music festival for the past two years, that is held in the park.
