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1841-1853 Stratford Avenue

Bridgeport, Connecticut 06607

Bishop Place Apartments The subject of this presentation, 1841-1853 Stratford Avenue, Bridgeport, CT, is a renovated multifamily attached 2 building structure comprised of 15 apartments and 1 utility office unit. The complex has a mix of seven 1-bedroom units and eight 2-bedroom units. The office unit is on the ground floor with 2 rooms and a half bath. As of July 1, 2012, all 15 residential units will be occupied. There is an on-site manager that is occupying a 1-bedroom apartment and managing the property for free-rent. His unit is estimated at $700/mo rent. This number is cancelled out by the management expense in the pro-forma. Units have been remodeled to above-market conditions and all include appliances. There is a separate first floor common laundry room with leased equipment. There has been an in-house maintenance crew that has completed repairs as they arise in the past. This has kept current repairs to a minimum. However, there are two roofs to the property, one of which is in need of repairs as it leaks during storms and is causing wall and floor damage to a number of units. Subject has separate electric service for each apartment paid by tenants. Common heat and hot water have been supplied by the owner. The primary financial analysis was conducted with a loan value based on the lesser of 1.25 DSCR or 75% LTV. The reversionary cap rate based on Y11 NOI was 9.5%. In order to compare purchase alternatives a DCF Analysis was performed without financing which can be found in a separate Excel Spreadsheet. The current asking price for this property is $995,000.

Property Info

Beds 9
Baths 9.5
Sqft (Living) 31370 sq ft.
Sqft (Lot) 24 acres sq ft.
Year Built 1910
Deal Type Wholesale
Property Type Multi-Family
ARV
Building Block Construction

Location