Four-Story Brick Apartment
For Sale
Contact for pricing
223 Iranistan Avenue, Bridgeport, CT 06604
Market-rate apartments with upgrades to kitchens, bathrooms, flooring, and lighting.
Property Size40,742 SF
Lot Size0.63 Acres
Price / SF$220.90
Days on Market205
Property Features for 223 Iranistan Avenue
General Information
Standard status
Active
Size
40,742 SF
Net Rentable
40,742 SF
Lot size
0.63 Acres
Property subtype
Multifamily
Additional Details
Cap Rate
6%
Multifamily Units
60
Building Details
Year Built
1969
Buildings
1
Stories
4
Units
60
Construction
brick
Listing Agency:
NorthEast Private Client Group Shelton
Listed By:
Rich Edwards · License #RES.0802816
(203) 727-3212
Source:
Crexi
Added: Mar 26
Changed: Oct 3
Last Checked: Oct 14 at 8:02PM
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
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Investment Insights
Based on property information with market context.
Seabreeze Apartments is a 60-unit, four-story brick apartment property constructed in 1969. The building contains 40,742 square feet of rentable space on 0.63 acres at 223 Iranistan Avenue in Bridgeport, Connecticut. All units are market-rate, and prior improvements include updated kitchens, bathrooms, flooring, lighting, and exterior elements.
The property is positioned near local shopping and transportation, with commuting access to employment centers in New Haven, Stratford, Shelton, and Lower Fairfield County. The surrounding demand base includes universities, hospitals, a Metro-North station, M&T Bank headquarters, a deep-water port, and ferry service to Port Jefferson on Long Island. The in-place capitalization rate is 6.00%, while the Bridgeport submarket vacancy rate is reported at 3.9%.
The property is positioned near local shopping and transportation, with commuting access to employment centers in New Haven, Stratford, Shelton, and Lower Fairfield County. The surrounding demand base includes universities, hospitals, a Metro-North station, M&T Bank headquarters, a deep-water port, and ferry service to Port Jefferson on Long Island. The in-place capitalization rate is 6.00%, while the Bridgeport submarket vacancy rate is reported at 3.9%.
Key Highlights
- 60‑unit apartment property with 40,742 square feet of rentable space
- Four‑story brick building constructed in 1969
- Situated on 0.63 acres at 223 Iranistan Avenue, Bridgeport, CT 06604
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$479,239
Cap Rate
5.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,584,780
$9.6M
Cap Rate 7%
$6,846,271
$6.8M
Cap Rate 9%
$5,324,878
$5.3M
Market Conditions
NOI Build-Up for 40,742 SF
Gross rent
$919.1K $22.56/SF
− Vacancy
−$47.8K −$1.17/SF
EGI
$871.3K $21.39/SF
− OpEx
−$392.1K −$9.62/SF
NOI
$479.2K $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%
$9,584,780
Cap Rate 7%
$6,846,271
Cap Rate 9%
$5,324,878
Alternative Uses
Best Use
Apartment 5plus
$6.85M
$5.99M – $7.99M
NOI $479,239 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.63M
$10.18M – $13.57M
NOI $814,006 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
60
Residential units
Location Intelligence
Trade Area within ½ mile
659
Businesses Nearby
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Business Placement
Demographics for 06604, CT
30,003
Population
12,972
Households
2.3
Avg Household Size
35
Median Age
29%
College-Educated
74%
High-School Grad
3.2 sq mi
ZIP Area
9,376
Density / Sq Mi
$45,794
Median Household Income
$34,706
Median Earnings
$1,419
Median Rent
$231,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Market-rate apartments with upgrades to kitchens, bathrooms, flooring, and lighting.
Where is this apartment building located?
The property is located at 223 Iranistan Avenue Bridgeport, CT.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: 60‑unit apartment property with 40,742 square feet of rentable space; Four‑story brick building constructed in 1969; Situated on 0.63 acres at 223 Iranistan Avenue, Bridgeport, CT 06604
