305 PARROTT AVE BRIDGEPORT CT 06606
16 Unit Corner, Brick Apartment Building in Bridgeport, CT
Marketing description
Baldwin Pearson & Co., Inc. is pleased to exclusively present 305 Parrott Avenue, a rare multifamily offering in one of Connecticut's most dynamic real estate markets. This corner brick building commands a highly visible presence at the intersection of heavily trafficked Capitol Avenue and Parrott Avenue in Bridgeport's North End, comprising 16 residential units, 13 one-bedroom apartments and 3 studios. The unit mix is perfect for today's rental market where smaller unit demand continues to outpace supply. With strong day-one returns already in place and multiple pathways to grow the rent roll, including strategic lease-up at market rents, targeted interior upgrades, and operational efficiencies, 305 Parrott Avenue represents an outstanding opportunity with genuine value-add upside in a market supported by major employment anchors and limited new supply.
Investment highlights
- Solid Brick Construction (Built 1941): A well-maintained,brick apartment building situated in Fairfield County, offering the durability and curb appeal of classic mid-century construction.
- Diverse Unit Mix: A 16-unit building comprising 13 one-bedroom apartments and 3 studio apartments, providing a balanced mix that appeals to a very large renter pool.
- Value-Add Opportunity: With a large number of below-market rents and short term leases in place, 305 Parrott is an excellent opportunity to incrementally increase rents upon unit turnover and pursue additional cosmetic upgrades to drive NOI growth and force appreciation over time.
- Updated Mechanicals & High Occupancy: The building is equipped with a new high-efficiency gas furnace, the majority of units have been upgraded, and the property has maintained 100% occupancy, a strong indicator of stable rental demand.
- Prime Location Near Major Employers & Amenities: The property is situatedin the coveted North End, with easy access to highways, shopping, restaurants, and downtown, making it desirable to a variety of tenant profiles.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
