439 Main St Bridgeport, CT 06608

This exceptional 0.3-acre development site in Bridgeport, Connecticut, presents a unique opportunity for investors. Located at 439 East Main Street, the property is zoned IHI and comes with approved plans and a construction budget for a 74-unit apartment building, including a ground-floor retail suite. The planned unit mix offers a variety of floor plans, catering to diverse renter needs. Extensive due diligence has already been completed, including environmental studies, geotechnical surveys, site plans, and structural engineering. A detailed construction quote from a local general contractor is also available. The site benefits from a prime location, offering immediate access to Steel Pointe Harbor's vibrant amenities and major employment centers, including downtown Bridgeport, the Bridgeport Metro North train station, and several corporate headquarters. A seven-year tax abatement is available, with potential for longer-term tax incentives. The project boasts a projected 8.35% year-one yield (excluding potential tax benefits), capitalizing on Bridgeport's tight occupancy rate (3.9% vacancy) and stable rent growth. The site's proximity to Interstate 95 ensures easy access to major employment hubs in surrounding areas. While a new owner will need to complete the coastal review process, secure permits, and engage the contractor, this project is poised to benefit significantly from Bridgeport's ongoing growth and the transformation of Steel Pointe Harbor. The asking price is $1,595,000.