120-148 Morgan Ave
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120-148 Morgan Ave
19 Unit Apartment Building $2,660,000 ($140,000/Unit) 6.76% Cap Rate Bridgeport, CT 06606
Investment Highlights
- 100% Market Rate
- Significant Recent Capital Expenditures
- Exceptional Submarket Fundamentals
- Value-Add Opportunity
- Compelling Entry Pricing
- Prime Commuter Location
Executive Summary
Constructed in 1952, Morgan Apartments consists of 1 studio and 18 one-bedroom apartments on 0.42 acres. The property is strategically located in Bridgeport's Brooklawn /St. Vincent's Neighborhood, and features immediate access to local shopping and transportation. Additionally, downtown Bridgeport and major area employment drivers in New Haven, Stratford, Shelton and Lower Fairfield County are easily commutable. Additional demand drivers include several Universities and two Hospitals, a Metro North train Station, M&T Headquarters, a deep-water port, and a ferry to Port Jefferson in Long Island.
Current ownership has maintained and continually upgraded the property with significant capital projects including a new parking lot & drainage, new sidewalk, new front and side entrances, new central boiler and hot water heater, new laundry room, new fencing around the
property and new trash enclosure, all new windows, landscaping upgrades along with continued unit upgrades to at least 14 units including updates to kitchens, bathrooms, flooring, and lighting. Additionally, they have proven the ability to add significant value through improved operational focus by setting new high rents at all properties, leaving a new owner the opportunity to harvest loss-to-lease in under-rented units.
Morgan Apartments, with an in-place capitalization rate of 6.76% provides for 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 housing portfolio with immediate scale. Bridgeport, Connecticut has one of the tightest occupancy rates in the state, with the submarket vacancy rate currently at 3.9%.
Current ownership has maintained and continually upgraded the property with significant capital projects including a new parking lot & drainage, new sidewalk, new front and side entrances, new central boiler and hot water heater, new laundry room, new fencing around the
property and new trash enclosure, all new windows, landscaping upgrades along with continued unit upgrades to at least 14 units including updates to kitchens, bathrooms, flooring, and lighting. Additionally, they have proven the ability to add significant value through improved operational focus by setting new high rents at all properties, leaving a new owner the opportunity to harvest loss-to-lease in under-rented units.
Morgan Apartments, with an in-place capitalization rate of 6.76% provides for 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 housing portfolio with immediate scale. Bridgeport, Connecticut has one of the tightest occupancy rates in the state, with the submarket vacancy rate currently at 3.9%.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,660,000 | Apartment Style | Low Rise |
| Price Per Unit | $140,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.42 AC |
| Cap Rate | 6.76% | Building Size | 13,400 SF |
| No. Units | 19 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1952 |
| Property Subtype | Apartment |
| Price | $2,660,000 |
| Price Per Unit | $140,000 |
| Sale Type | Investment |
| Cap Rate | 6.76% |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.42 AC |
| Building Size | 13,400 SF |
| No. Stories | 3 |
| Year Built | 1952 |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 17 | - | - |
| 2+1 | 2 | - | - |
1 of 1
Walk Score ®
Very Walkable (79)
PROPERTY TAXES
| Parcel Number | BRID-001438-000002A | Improvements Assessment | $501,710 (2024) |
| Land Assessment | $240,380 (2024) | Total Assessment | $742,090 (2024) |
PROPERTY TAXES
Parcel Number
BRID-001438-000002A
Land Assessment
$240,380 (2024)
Improvements Assessment
$501,710 (2024)
Total Assessment
$742,090 (2024)
zoning
| Zoning Code | RC |
| RC |
Contacts
-
Edward Jordan -
Bradley Balletto -
Rich Edwards -
Jeff Wright -
Derek Mahabir -
Northeast Private Client Group
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120-148 Morgan Ave
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