120 Morgan Ave Bridgeport, CT 06606
- Commercial real estate
- 12,752 SF
Current Use by Public Records
- Commercial real estate
Property Details for 120 Morgan Ave
- Year built
- 1952
- Property size
- 12,752 SF
- Property type
- Commercial real estate
Description
This exceptional 19-unit apartment building, situated at 120 Morgan Ave in Bridgeport, CT's Brooklawn/St. Vincent's neighborhood, presents a compelling value-add opportunity. Built in 1952 on a 0.42-acre lot, the property comprises one studio and eighteen one-bedroom apartments. The complex boasts a current NOI of $187,852 and a 6.76% cap rate, with a pro-forma NOI of $228,227 and a pro-forma cap rate of 8.58%, indicating significant upside potential. Recent capital improvements include a new parking lot and drainage system, sidewalks, entrances, central boiler and hot water heater, laundry room, fencing, trash enclosure, windows, and landscaping. At least 14 units have received interior upgrades, including kitchens, bathrooms, flooring, and lighting. The property benefits from its prime location, offering easy access to local shopping, transportation, and major employment centers in New Haven, Stratford, Shelton, and Lower Fairfield County. Nearby amenities include universities, hospitals, a Metro North train station, M&T Bank headquarters, a deep-water port, and a ferry to Port Jefferson. Bridgeport currently enjoys a tight occupancy rate of 3.9%, creating a strong foundation for future growth. This offering presents a rare chance to acquire a well-maintained, value-add multifamily property with immediate cash flow and substantial upside potential. The asking price is $2,660,000. The property's 12,752 square feet provides ample space for its 19 units.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Bridgeport
- County
- Fairfield
- State
- Connecticut
- Longitude
- -73.2060378
- Latitude
- 41.1901529
