East Side Rooming House Bundle

The City of Bridgeport is located in Fairfield County, and is approximately 20 miles west of New Haven, approximately 23 miles east of Stamford and approximately 60 miles east of New York City. Bridgeport has approximately 146,570 residents, making it the most populous city in Connecticut, and the fifth-most populous city in New England. Historically, the City of Bridgeport was a manufacturing industry powerhouse from the 1800's until the immediate years following WWII. Since the early 2000’s Bridgeport has implemented substantial economic, urban planning, and business development strategies. Bridgeport presents an investor with the potential for near-term revenue growth as rents continue to climb due to relative affordability to lower Fairfield County Submarkets like Norwalk and Stamford. Many tenants choose to live in Bridgeport and commute down-county in light of rent spreads for similar quality rental options of $1,100/month or more. As these rents continue to grow in Norwalk and Stamford, Bridgeport will continue to draft off this pricing. Additionally, Bridgeport is a maturing market with a significant redevelopment downtown in the Main Street North Corridor, the creation of a new shopping and entertainment district at Steel Point Harbor with a New Bass Pro Shop, rumors of an MGM Casino, and plans to add a second Metro North train station on the city’s East Side. Bridgeport is considered by many industry professionals to have substantial revitalization potential owing to its centralized location between Stamford and New Haven, as well as its existing deep water harbor.Northeast Private Client Group is pleased to present the exclusive opportunity to purchase The East Side Rooming House Bundle located in Bridgeport, CT. The portfolio is comprised of three (3) properties with a cumulative fifty-one (51) Units in 9,705 square feet of rentable area. The unit mix consists of 3 studios, 1 one-bedroom, and 47 SRO-style units with shared kitchens and bathrooms. All tenants sign one-year term leases for their initial lease term. Additionally, each property has laundry on site which provides additional income. There is also one (1) garage space throughout the bundle.