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    199 Congress St Bridgeport, CT 06604

    Sponsored
    For Sale
    $38,000,000

    Luxury apartments & retail, high NOI.

    Property size:
    74,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 74,000 square foot mixed-use property in Bridgeport, Connecticut, presents a compelling investment opportunity. The five-story building, completed in 2024, features 97 units – a blend of 92 residential apartments (offering a variety of one, two, and three-bedroom layouts) and five retail spaces. Conveniently located at 199 Congress St, 06604, this property enjoys a prime location near major highways, the Stratford train line, and universities. Currently, 25 residential units are already leased, ensuring immediate income generation. The building boasts modern amenities including underground parking, central air conditioning, and gas heating. A significant advantage is the existing Temporary Certificate of Occupancy (TCO), eliminating the need for further inspections or renovations. The property benefits from a five-year tax abatement, valued at approximately $135,000 annually. All retail spaces are available for lease, offering flexibility for potential tenants to rent individually or occupy the entire space. With a pro-forma Net Operating Income (NOI) of $1,904,954 and a permitted DCB zoning classification, this turnkey investment is priced at $38,000,000. This represents a rare opportunity to acquire a high-performing, modern asset in a desirable Fairfield County location.

    Property Features for 199 Congress St

    General Information

    Property type
    Multifamily properties
    Square Feet
    74,000 SF

    Building Details

    Year Built
    2024
    Stories
    5
    Units
    97

    HighLights

    • $38,000,000 Asking Price
    • Brand new, 2024 construction, 5‑story mixed‑use building in Bridgeport, CT
    • 74,000 square feet, 97 units (92 residential, 5 retail)
    • $1,904,954 Pro‑Forma NOI
    • Located at 199 Congress St, Bridgeport, CT, in Fairfield County, near major highways and universities. Features underground parking, central AC, and gas. 25 units currently rented. Five years remaining on a tax abatement (approx. $135,000 annually). Temporary Certificate of Occupancy (TCO) secured.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bridgeport
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.1911216
    Latitude
    41.1816859

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    FAQs

    What type of property is this?
    Multifamily property - Luxury apartments & retail, high NOI.
    Where is this multifamily property located?
    The property is located at 199 Congress St Bridgeport, CT.
    What is the asking price?
    The asking price for this property is $38,000,000.
    What are key features of this property?
    This property features: $38,000,000 Asking Price; Brand new, 2024 construction, 5-story mixed-use building in Bridgeport, CT; 74,000 square feet, 97 units (92 residential, 5 retail)
    Request Owner's contact information
    199 Congress St Bridgeport, CT 06604
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    199 Congress St Bridgeport, CT 06604
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