Washington Ave Portfolio

Washington Ave Portfolio | Bridgeport | CT | 06604 Back to Properties


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Overview

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Property Details

  • Units: 164
  • Rentable SF: 116,718 SF
  • Site Size: 1.35 AC
  • Parking: None
  • Year Built: 1920
  • Exterior: Brick

Property Description

Coming Soon – National Multifamily is pleased to present the Washington Avenue Portfolio in Bridgeport, CT.  The four contiguous properties total 164 units (43 Studios, 101 one-bedrooms, and 20 two-bedrooms) and sit just outside of Downtown Bridgeport.  The portfolio includes 265 Washington Avenue (70 Units), 223-237 Washington Avenue (35 Units), 205 Washington Avenue (35 Units), and 40 Sanford Place (24 Units).  All mechanicals have been updated over the past few years and the owner pays for heat and hot water across the portfolio through central gas boilers and hot water heaters.

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Financial Summary

Washington Ave Portfolio

Investment Highlights

Units 164
Year Built 1920
Parking None
Heat Gas - Landlord Paid
Hot Water Gas - Landlord Paid
Roof Flat - Rubber
Exterior Brick
Site Size 1.35

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 2,489,400.00 $ 2,330,172.00
Less: Vacancy $ 124,470.00 $ 116,508.60
Based On: 5 % est. 5 % est.
Net Rent Income $ 2,364,930.00 $ 2,213,663.40
Plus: Other Income $ 70,254.01 $ 70,254.01
Total Operating Income $ 2,435,184.01 $ 2,283,917.41

 

Expense
Potential
Current
Real Estate Taxes $ 290,348.33 $ 222,841.59
Insurance $ 117,934.80 $ 117,934.80
Heat/Hot Water $ 90,023.10 $ 90,023.10
Electric (Common) $ 49,575.07 $ 49,575.07
Water $ 46,174.34 $ 46,174.34
Sewer $ 89,594.52 $ 89,594.52
Internet/Cable/Phone $ 3,714.58 $ 3,714.58
Trash Collection $ 38,105.63 $ 38,105.63
Miscellaneous $ 4,938.08 $ 4,938.08
General & Administrative $ 19,635.00 $ 19,635.00
Management Fees $ 121,759.20 $ 114,195.87
Based On: 5% est. 5% est.
Payroll $ 153,859.25 $ 153,859.25
Snow Removal $ 7,763.56 $ 7,763.56
Landscaping/Grounds $ 6,992.49 $ 6,992.49
Maintenance/Repairs (Actual) $ 92,125.56 $ 92,125.56
Fire Alarm Monitoring $ 1,837.74 $ 1,837.74
Total Expenses $ 1,134,381.25 $ 1,059,311.18
Net Operating Income $ 1,300,802.76 $ 1,224,606.23

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

Totals

$ 0.00

$ 0.00

* 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.