50 Wood Avenue Listing Details & Market Data

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 “50 Wood Ave”, a mixed-use apartment building located in the West End of Bridgeport CT. The property is comprised of twelve (12) apartments and four (4) retail suites totaling 16-units. This asset proves to be a strong value-add opportunity. A new owner can continue the already implemented apartment renovation program to earn further rental premiums and reach new high-water marks which the current ownership has already established and has proof of concept. Bridgeport is Connecticut’s largest city and is one of the fastest growing municipalities in the state located in of the wealthiest counties in the country. Largely due to the high rental premiums being achieved down county in markets like Fairfield, Westport, Stamford, and Norwalk - the Bridgeport market has been an attractive alternative to cost conscious renters who don’t want to sacrifice commutability and local amenities. As a result, Bridgeport has historically high occupancy and has a lot of runway in regard to future rent potential. The property is located less than 1 mile from Steelpointe Harbor, a transformative development that will include national retailers, market-rate multifamily apartments, a deep-water marina and several new manufacturing businesses. It is also 1 mile from the Bridgeport Metro North Station and Downtown Bridgeport.