Property Description
National Multifamily is pleased to present a 116-unit multifamily property located in Bridgeport, CT. This is the first time the property has been offered for sale since its construction by the family in 1970. The sale represents one of the best value-add deals in Fairfield County over the past few years.
Located in North Bridgeport, the property consists of two buildings on one 1.46-acre site. On the single site, the properties are known as 340 Palisade Avenue and 360 Palisade Avenue.
340 Palisade Avenue:
The building on the right-hand side of the lot known as 340 Palisade Avenue is comprised of 57 units (53-one bedrooms, 3-studios, and 1-two bedroom) in one 3 story, brick walk-up totaling 36,734 rentable square feet and built in 1970. The landlord pays for the heat and hot water through a central gas system. The building has a laundry room for the tenants and contains a “58th” unit that is designed as a one-bedroom apartment, but currently used as the on-site management office.
360 Palisade Avenue:
The building on the left-hand side of the lot known as 360 Palisade Avenue is comprised of 59 units (30-one bedrooms, 14-two bedrooms, 12-studios, and 3-three bedrooms) in one 3 story, brick walk-up totaling 37,578 rentable square feet and built in 1973. The landlord pays for the heat and hot water through a central gas system. The building has a laundry room for the tenants. One of the studios (Unit A14) currently acts as a breakroom for the onsite staff.
