273 Colorado Avenue

• 100% Market Rate
• Value-Add Opportunity
• Significant Recent Capital Expenditures
• Compelling Entry Pricing
• Exceptional Submarket Fundamentals
• Prime Commuter Location

Property Description

Northeast Private Client Group is pleased to present Colorado Apartments, a 20-unit, 100% market-rate apartment building in Bridgeport, Connecticut. Constructed between 1958, Colorado Apartments consists of 8 studio and 12 one-bedroom apartments on 0.30 acres. The property is strategically located in Bridgeport's West End Neighborhood, and features immediate access to local shopping and transportation. Additionally, downtown Bridgeport and major area employment drivers in New Haven, Stratford, Shelton, and Lower Fairfield County are easily commutable. Additional demand drivers include several Universities and two Hospitals, a Metro North train Station, M&T Bank Headquarters, a deep-water port, and a ferry to Port Jefferson in Long Island. Current ownership has maintained and continually upgraded the property with significant capital projects including exterior enhancements to elevate curb appeal, a new parking lots, new roof, new siding, new landscaping, along with continued unit upgrades to at least 10 units including updates to kitchens, bathrooms, flooring, and lighting. Additionally, they have proven the ability to add significant value through improved operational focus by setting new high rents at all properties, leaving a new owner the opportunity to harvest loss-to lease in under-rented units. Colorado Apartments, with an in-place capitalization rate of 6.75% provides for immediate strong, stable cash flow with significant upside that can be captured in the near-term. This is an attractive opportunity to acquire a well-located value-add, workforce, multifamily housing portfolio with immediate scale. Bridgeport, Connecticut has one of the tightest occupancy rates in the state, with the submarket vacancy rate currently at 3.9%.