Seabreeze Apartments

Bridgeport is conveniently located at the confluence of Interstate 95, Route 5-15/Merritt Parkway & Connecticut Route 8, providing ease of access to Employment Centers of New Haven, Shelton, Norwalk, and Stamford and a diversity of employment sectors: health care, life science, financial services, education, aerospace, logistics, and advanced manufacturing. The Bridgeport Metro-North train station, which will take commuters to Norwalk in ±30 minutes; Stamford in ±35 minutes, and Grand Central Station in NYC in ±87 minutes is located in downtown Bridgeport.Northeast Private Client Group is pleased to present Seabreeze Apartments, a 60-unit, 100% market-rate apartment building in Bridgeport, Connecticut. Originally constructed in 1969, the property is a four-story brick building on 0.63 acres at 223 Iranistan Avenue, offering 40,742 square feet of rentable space. Seabreeze is strategically located in Bridgeport with immediate access to local shopping and transportation, easily commutable to major employment drivers in New Haven, Stratford, Shelton, and Lower Fairfield County. Demand drivers include several universities, two hospitals, a Metro North train station, M&T Bank headquarters, a deep-water port, and a ferry to Port Jefferson on Long Island. Current ownership has maintained and continually upgraded the property with significant capital expenditures including exterior enhancements to elevate curb appeal, along with unit upgrades to kitchens, bathrooms, flooring, and lighting. They have proven the ability to add significant value through operational focus by setting new high rents, leaving a new owner the opportunity to harvest loss-to-lease in under-rented units. Seabreeze Apartments, with an in-place capitalization rate of 6.00%, provides immediate strong, stable cash flow with significant upside that can be captured in the near term. This is an attractive opportunity to acquire a well-located value-add, workforce, multifamily asset with proven rent growth. Bridgeport has one of the tightest occupancy rates in Connecticut, with the submarket vacancy rate currently at 3.9%.