48 Amsterdam Avenue
- Established North End Multifamily Asset
- Performing Day One Cash Flow
- Demonstrated Mark-To-Market Upside
- Meaningful NOI Growth Potential
- Unmodeled Renovation Optionality
Property Description
Northeast Private Client Group is pleased to exclusively present Norell Apartments, a twenty-six (26) unit multifamily investment property at 48 Amsterdam Avenue in Bridgeport, Connecticut. The three-story brick-and-steel building sits on a 0.29-acre parcel in the city's North End and holds twenty-six one-bedroom apartments — thirteen standard and thirteen corner layouts — served by a gated off-street parking lot for twenty-five vehicles, a portion covered, and an on-site community laundry room. The offering is stabilized and professionally managed: a 7.55% going-in capitalization rate on in-place income, with a defined path to 9.31% through routine mark-to-market and ancillary income capture — and further upside beyond that. Average rents have already climbed from $936 to $1,594 per month since 2022, a 70% increase achieved through management and market strength alone rather than a capital program. A new owner acquires performing income on day one, not a business plan to execute. Critically, the pro forma requires no speculation. Both rent ceilings are already in place in unrenovated condition — a corner unit leased at $1,850 under a signed forward renewal and a standard one-bedroom at $1,800 — establishing achievable rents with executed contracts rather than projections. The remaining spread of roughly $232 per unit per month is captured through ordinary turnover. The building has never received a true unit-level renovation; interiors remain largely original, and the rents above are what original product commands here today. A full interior program — kitchens, baths, flooring and finishes — offers a premium that sits entirely above the stated pro forma. That demand is anchored by the North End, Bridgeport's most sought-after rental submarket, where tree-lined, low-density streets read far more suburban than urban and rents hold above the citywide average. The neighborhood pairs that setting with a rare amenity base: the 125-acre Olmsted-designed Beardsley Park, Connecticut's only AZA-accredited zoo, and Sacred Heart University at its edge, which sustains steady graduate, faculty and staff renter demand. Downtown Bridgeport is roughly eleven minutes away via Route 8, the Merritt Parkway and I-95, with Metro-North's New Haven Line serving New York commuters. For a buyer seeking durable, low-volatility cash flow with a genuine renovation lever still untouched, Norell Apartments presents a rare combination of yield, simplicity and upside.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $4,195,000 |
| No. of Units: | 26 |
| Year Built: | 1968 |
| Lot Size: | 0.30 Acres |
| Opportunity Zone: | No |
| Price per unit: | $161,346 |
| Property Website | Click Here |
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