Value-Add Apartment
20 Read Street Bridgeport, CT 06607
20 Read Street, Bridgeport, CT, 06607
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For Sale
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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 Market82
Property Features for 20 Read Street
General Information
- Standard status
- Active
- Size
- 93,402 SF
- Lot size
- 4.23 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1969
Listing agency
NorthEast Private Client Group Shelton
(203) 727-3212
Listed by
Rich Edwards · License #RES.0802816
Source
Crexi
Added: May 1 Updated: Jul 21 at 1:34AM Checked: Jul 21 at 6:05AM
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 Shelton
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $2.11M | $22.56 |
| − Vacancy | −$109.6k | −$1.17 |
| EGI | $2.00M | $21.39 |
| − OpEx | −$898.9k | −$9.62 |
| NOI | $1.10M | $11.76 |
93,402 SF · lease $22.56/SF/yr · vacancy 5.20% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
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
