Rock Ridge Place | 575 Ellsworth St
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Rock Ridge Place 575 Ellsworth St
66 Unit Apartment Building $15,000,000 ($227,273/Unit) 6.52% Cap Rate Bridgeport, CT 06605
Investment Highlights
- Immediate and Easily Obtainable Value-Add Opportunity
- Turn-Key Property with Significant Recent Capital Improvements
- Burgeoning Submarket - Black Rock
- Multiple Strategies to Capture Remaining Upside
- Highly Amenitized
- Significant Rent-Growth Tailwinds
Executive Summary
Rock Ridge Place is a 66-unit apartment community located in the heart of Black Rock, Bridgeport, CT. Rock Ridge Place has recently received over $2,000,000 in capital improvements and features an array of high-end amenities and finishes that cater to a desirable tenant base of young professionals, affluent commuters, students & faculty, and sophisticated empty-nesters.
Rock Ridge Place includes sixty-three (63) one-bedroom and three (3) two-bedroom apartments. Each apartment features new shaker-style cabinets, stone countertops, stainless steel appliances, in-unit laundry, tile bathrooms, modern lighting, and new flooring. Tenant amenities include a dog park, tenant lounge, elevator, package rooms, sun deck, and covered parking. The property is walkable to many area amenities including the Fairfield Metro Train Station, Captain’s Cove Marina, various parks, Saint Mary’s by the Sea Waterfront, and shopping, dining, arts, and nightlife on Fairfield Avenue.
Rock Ridge Place offers a new owner the opportunity to acquire a turn-key property with remaining value-add potential in one of the most exciting submarkets in Connecticut.
Rock Ridge Place includes sixty-three (63) one-bedroom and three (3) two-bedroom apartments. Each apartment features new shaker-style cabinets, stone countertops, stainless steel appliances, in-unit laundry, tile bathrooms, modern lighting, and new flooring. Tenant amenities include a dog park, tenant lounge, elevator, package rooms, sun deck, and covered parking. The property is walkable to many area amenities including the Fairfield Metro Train Station, Captain’s Cove Marina, various parks, Saint Mary’s by the Sea Waterfront, and shopping, dining, arts, and nightlife on Fairfield Avenue.
Rock Ridge Place offers a new owner the opportunity to acquire a turn-key property with remaining value-add potential in one of the most exciting submarkets in Connecticut.
Financial Summary (Actual - 2022) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$854,080
|
$18.51
|
Financial Summary (Actual - 2022)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $854,080 |
| Annual Per SF | $18.51 |
Property Facts
| Price | $15,000,000 | Apartment Style | Low Rise |
| Price Per Unit | $227,273 | Building Class | B |
| Sale Type | Investment | Lot Size | 1.02 AC |
| Cap Rate | 6.52% | Building Size | 46,143 SF |
| No. Units | 66 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1974/2020 |
| Property Subtype | Apartment | Parking Ratio | 1.25/1,000 SF |
| Price | $15,000,000 |
| Price Per Unit | $227,273 |
| Sale Type | Investment |
| Cap Rate | 6.52% |
| No. Units | 66 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 1.02 AC |
| Building Size | 46,143 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1974/2020 |
| Parking Ratio | 1.25/1,000 SF |
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Heating
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Range
- Walk-In Closets
- Smoke Free
- Wheelchair Accessible (Rooms)
Site Amenities
- Laundry Facilities
- Waterfront
- Corporate Suites
- Furnished Units Available
- Pet Play Area
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 63 | - | 555 - 680 |
| 2+1 | 3 | - | 850 |
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Walk Score ®
Very Walkable (84)
PROPERTY TAXES
| Parcel Number | BRID-000217-000021A | Improvements Assessment | $3,505,820 (2024) |
| Land Assessment | $1,744,180 (2024) | Total Assessment | $5,250,000 (2024) |
PROPERTY TAXES
Parcel Number
BRID-000217-000021A
Land Assessment
$1,744,180 (2024)
Improvements Assessment
$3,505,820 (2024)
Total Assessment
$5,250,000 (2024)
zoning
| Zoning Code | RC (Commercial Residential) |
| RC (Commercial Residential) |
Contacts
-
Edward Jordan -
Bradley Balletto -
Rich Edwards -
Jeff Wright -
Robert Paterno -
Nicole Adams -
Northeast Private Client Group
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Rock Ridge Place | 575 Ellsworth St
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