832 Atlantic Street, Bridgeport CT

832 Atlantic Street | Bridgeport | CT | 06604 Back to Properties


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Overview

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Property Details

  • Price: $ 2,700,000
  • Cap Rate: 6.18%
  • Units: 16
  • Price/Unit: $ 168,750
  • Rentable SF: 11,872 SF
  • Price/Square Foot: $ 227
  • Site Size: .18 AC
  • Year Built: 1981
  • Exterior: Brick

Property Description

Assumable debt is available: 3.90% Interest Rate, Freddie Mac, $1,470,000 balance, fixed through April 2026, no prepayment penalty.  The apartments located at 832 Atlantic Street, Bridgeport CT are comprised of 16 units (10-one bedrooms and 6-two bedrooms) totaling 11,872 rentable square feet in one-four story attached building built in 1981.  The property is located across from Seaside Park overlooking the Long Island Sound.  Situated on a .18 acre site, there is off-street parking, an elevator, and a laundry facility for the tenants.  The property has proven value-add potential with only 3 of 16 units completed so far.  The cheap assumable debt and flexible prepayment allows for an investor to finish up the value-add plan before a refinance. The rent roll is as of March 2024 and the expenses are from a T-12 running March 2023 to February 2024.

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Financial Summary

832 Atlantic Street, Bridgeport CT

Investment Highlights

Price $ 2,700,000.00
Units 16
Year Built 1981
Rentable SF 11872
Heat Tenants Pay
Hot Water Tenants Pay
Roof Flat - Rubber
Exterior Brick
Site Size 0.18 Acres

Metrics

Price / Unit $ 168,750.00
Price / SF $ 227.43
Gross Rent Multiplier 10.38

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 302,400.00 $ 260,100.00
Less: Vacancy $ 15,120.00 $ 13,005.00
Based On: 5 % est. 5 % est.
Net Rent Income $ 287,280.00 $ 247,095.00
Plus: Other Income $ 8,633.50 $ 7,073.50
Total Operating Income $ 295,913.50 $ 254,168.50

 

Expense
Potential
Current
Real Estate Taxes $ 43,597.64 $ 43,597.64
Insurance $ 12,800.00 $ 8,301.00
Electric (Common) $ 3,941.65 $ 3,941.65
Water & Sewer $ 5,842.15 $ 5,842.15
Trash Collection $ 3,276.48 $ 3,276.48
Management Fees $ 14,795.68 $ 12,708.43
Based On: 5% est. 5% est.
Elevator $ 1,494.23 $ 1,494.23
Snow Removal $ 788.11 $ 788.11
Landscaping/Grounds $ 450.00 $ 450.00
Maintenance/Repairs (Actual) $ 4,590.40 $ 4,590.40
Fire Alarm Monitoring $ 2,188.88 $ 2,188.88
Total Expenses $ 93,765.22 $ 87,178.97
Net Operating Income $ 202,148.29 $ 166,989.54
Cap Rate 7.49 % est. 6.18 % est.

All information furnished regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions, prior to sale or lease, or withdrawal without notice. National Multifamily Corp. makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property.

 

Rent Roll

Unit
BR/BA
Current Monthly Rent
Potential Monthly Rent
Status
Lease Expires
1A1/1$1,250$1,5001 Year Lease1/31/25
2A1/1$1,200$1,5001 Year Lease4/30/24
2B1/1$1,275$1,5001 Year Lease6/30/24
2C2/1$1,625$1,7001 Year Lease4/30/24
2D2/1$1,650$1,7001 Year Lease10/31/24
2E1/1$1,450$1,5001 Year Lease2/28/25
3A1/1$1,275$1,5001 Year Lease2/28/25
3B1/1$1,250$1,5001 Year Lease9/30/24
3C2/1$1,425$1,7001 Year Lease10/31/24
3D2/1$1,450$1,7001 Year Lease1/31/25
3E1/1$1,250$1,5001 Year Lease3/31/24
4A1/1$1,200$1,5001 Year Lease3/31/24
4B1/1$1,250$1,5001 Year Lease6/30/24
4C2/1$1,450$1,7001 Year Lease1/31/25
4D2/1$1,425$1,7001 Year Lease7/31/24
4E1/1$1,250$1,5001 Year Lease12/31/24

Totals

$ 21,675.00

$ 25,200.00

* 0 = Studio under BR

All information furnished regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions, prior to sale or lease, or withdrawal without notice. National Multifamily Corp. makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property.