760 Atlantic Street, Bridgeport CT

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


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Overview

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Property Details

  • Price: $ 7,650,000
  • Cap Rate: 6.42%
  • Units: 60
  • Price/Unit: $ 127,500
  • Rentable SF: 40,742 SF
  • Price/Square Foot: $ 188
  • Site Size: .63 AC
  • Parking: Off-Street
  • Year Built: 1969
  • Exterior: Brick

Property Description

Assumable debt is available: 4.65% interest rate, $3,780,000 balance, fixed through October 2028, yield maintenance prepayment.  The apartments located at 760 Atlantic Street (legal address: 223 Iranistan Avenue) in Bridgeport CT are comprised of 60 Units (24-two bedrooms, 27-one bedrooms, 21-studios) totaling 40,742 rentable square feet in two-four story attached buildings built in 1969.  The property is located across from Seaside Park overlooking the Long Island Sound.  Situated on a .63 acre site, there is off-street parking and a laundry facility for the tenants.  The property has been heavily upgraded over the past ten years.  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

760 Atlantic Street, Bridgeport CT

Investment Highlights

Price $ 7,650,000.00
Units 60
Year Built 1969
Parking Off-Street
Heat Electric Baseboard - Tenants Pay
Hot Water Gas - Owner/Tenant Pay
Roof Flat - Rubber
Exterior Brick
Site Size 0.63 Acres

Metrics

Price / Unit $ 127,500.00
Price / SF $ 187.77
Gross Rent Multiplier 8.96

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 980,100.00 $ 854,148.00
Less: Vacancy $ 49,005.00 $ 42,707.40
Based On: 5 % est. 5 % est.
Net Rent Income $ 931,095.00 $ 811,440.60
Plus: Other Income $ 23,565.81 $ 18,825.81
Total Operating Income $ 954,660.81 $ 830,266.41

 

Expense
Potential
Current
Real Estate Taxes $ 110,087.10 $ 110,087.10
Insurance $ 43,813.29 $ 43,813.29
Utilities $ 43,954.33 $ 43,954.33
Internet/Cable/Phone $ 1,520.46 $ 1,520.46
Management Fees $ 47,733.04 $ 41,513.32
Based On: 5% est. 5% est.
Payroll $ 48,329.39 $ 48,329.39
Contract Services $ 23,478.58 $ 23,478.58
Maintenance/Repairs $ 28,639.82 $ 24,907.99
Based On: 3% est. 3% est.
Fire Alarm Monitoring $ 1,362.34 $ 1,362.34
Total Expenses $ 348,918.35 $ 338,966.80
Net Operating Income $ 605,742.46 $ 491,299.61
Cap Rate 7.92 % est. 6.42 % 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
A11/1$1,125$1,350
A21/1$1,136$1,350
A30/1$990$1,100
A41/1$1,250$1,350
A51/1 + Balcony$1,373$1,450
A60/1$990$1,100
A71/1$1,200$1,350
A81/1$1,100$1,350
B11/1$1,116$1,350
B21/1$1,136$1,350
B30/1$1,025$1,100
B41/1$1,250$1,350
B51/1 + Balcony$1,425$1,450
B60/1$900$1,100
B71/1$1,225$1,350
B81/1$1,225$1,350
C11/1$1,302$1,350
C21/1$1,325$1,350
C30/1$950$1,100
C41/1$991$1,350
C51/1 + Balcony$1,200$1,450
C60/1$1,100$1,100Vacant
C71/1$1,116$1,350
C81/1$1,225$1,350
D12/2$1,416$1,800
D21/1 + Balcony$1,035$1,400
D30/1 + Balcony$1,150$1,200
D40/1 + Balcony$962$1,200
D52/1$1,387$1,700
D62/1$1,600$1,700
D71/1$1,225$1,300
D80/1$1,125$1,175
D90/1$1,100$1,175
D101/1$1,110$1,300
D110/1$840$1,175
D122/1$1,242$1,700
E12/2$1,750$1,800
E21/1 + Balcony$1,350$1,400
E30/1 + Balcony$1,150$1,200
E40/1 + Balcony$1,100$1,200
E52/1$1,350$1,700
E62/1$1,600$1,700
E71/1$1,000$1,300
E80/1$1,055$1,175
E90/1$1,125$1,175
E101/1$1,250$1,300
E110/1$1,015$1,175
E122/1$1,500$1,700
F12/2$1,625$1,800
F21/1 + Balcony$925$1,400
F30/1 + Balcony$1,100$1,200
F40/1 + Balcony$1,200$1,200Vacant
F52/1$1,327$1,700
F62/1$1,320$1,700
F71/1$1,000$1,300
F80/1$960$1,175
F90/1$960$1,175
F101/1$1,200$1,300
F110/1$900$1,175
F122/1$1,550$1,700

Totals

$ 71,179.00

$ 81,675.00

* 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.