Value-Add Apartment
For Sale
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20 Read Street, Bridgeport, CT 06607
88-unit, 100% market-rate multifamily portfolio across three properties on a combined 4.23 acres.
Property Size93,402 SF
Lot Size4.23 Acres
Price / SF$171.30
Days on Market175
Property Features for 20 Read Street
General Information
Standard status
Active
Size
93,402 SF
Lot size
4.23 Acres
Property subtype
Multifamily
Occupancy
95%
Investment Type
Value Add
Net Operating Income
$1,245,772
Additional Details
Multifamily Units
88
Building Details
Year Built
1969
Buildings
3
Units
88
Tenancy
Multi
Listing Agency:
NorthEast Private Client Group Newton
Listed By:
Rich Edwards · License #RES.0802816
(203) 727-3212
Source:
Crexi
Added: May 1
Changed: Oct 21
Last Checked: Oct 20 at 5:59PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NorthEast Private Client Group Newton
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Investment Insights
Based on property information with market context.
Bridgeport 88 is an 88-unit, 100% market-rate apartment portfolio consisting of three properties on a total of 4.23 acres. The buildings were constructed between 1969 and 1990. Ownership has completed significant capital projects including exterior enhancements such as new parking lots, new roofs, new siding, and new landscaping, along with continued unit upgrades in the majority of apartments, including updates to kitchens, bathrooms, flooring, and lighting.
The portfolio is located throughout Bridgeport, Connecticut, with immediate access to local shopping and transportation and ease of access to downtown Bridgeport. The offering also notes commuter access to major employment drivers in New Haven, Stratford, Shelton, and Lower Fairfield County.
As presented, Bridgeport 88 is positioned as a value-add opportunity based on ownership’s track record of unit and exterior improvements and the ability to adjust rents across the properties.
The portfolio is located throughout Bridgeport, Connecticut, with immediate access to local shopping and transportation and ease of access to downtown Bridgeport. The offering also notes commuter access to major employment drivers in New Haven, Stratford, Shelton, and Lower Fairfield County.
As presented, Bridgeport 88 is positioned as a value-add opportunity based on ownership’s track record of unit and exterior improvements and the ability to adjust rents across the properties.
Key Highlights
- 88‑unit, 100% market‑rate multifamily portfolio across three properties on 4.23 acres in Bridgeport, CT
- Constructed between 1969 and 1990, providing a sizable workforce housing asset with in‑place operating history
- Ownership has completed major capital projects including new parking lots, many new roofs, new siding, and new landscaping
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$1,098,668
Cap Rate
6.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$21,973,360
$22.0M
Cap Rate 7%
$15,695,257
$15.7M
Cap Rate 9%
$12,207,422
$12.2M
Market Conditions
NOI Build-Up for 93,402 SF
Gross rent
$2.11M $22.56/SF
− Vacancy
−$109.6K −$1.17/SF
EGI
$2.00M $21.39/SF
− OpEx
−$898.9K −$9.62/SF
NOI
$1.10M $11.76/SF
Area
Bridgeport, CT
Vacancy
5.20%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$21,973,360
Cap Rate 7%
$15,695,257
Cap Rate 9%
$12,207,422
Alternative Uses
Best Use
Apartment 5plus
$15.70M
$13.73M – $18.31M
NOI $1,098,668 @ 7.0% cap · market cap 6.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$26.66M
$23.33M – $31.10M
NOI $1,866,127 @ 7.0% cap · market cap 11.66%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
88
Residential units
Location Intelligence
Trade Area within ½ mile
1,057
Businesses Nearby
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Business Placement
Demographics for 06607, CT
8,690
Population
2,696
Households
3.2
Avg Household Size
33
Median Age
7%
College-Educated
75%
High-School Grad
1.2 sq mi
ZIP Area
7,242
Density / Sq Mi
$49,555
Median Household Income
$32,000
Median Earnings
$1,398
Median Rent
$218,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - 88-unit, 100% market-rate multifamily portfolio across three properties on a combined 4.23 acres.
Where is this apartment building located?
The property is located at 20 Read Street Bridgeport, CT.
What is the asking price?
The asking price for this property is $16,000,000.
What are key features of this property?
This property features: 88‑unit, 100% market‑rate multifamily portfolio across three properties on 4.23 acres in Bridgeport, CT; Constructed between 1969 and 1990, providing a sizable workforce housing asset with in‑place operating history; Ownership has completed major capital projects including new parking lots, many new roofs, new siding, and new landscaping
