Hallett Apartments

The City of Bridgeport is located in Fairfield County, and is approximately 20 miles west of New Haven, approximately 23 miles east of Stamford and approximately 60 miles east of New York City. Bridgeport has approximately 146,570 residents, making it the most populous city in Connecticut, and the fifth-most populous city in New England. Historically, the City of Bridgeport was a manufacturing industry powerhouse from the 1800's until the immediate years following WWII. Since the early 2000’s Bridgeport has implemented substantial economic, urban planning, and business development strategies. Bridgeport presents an investor with the potential for near-term revenue growth as rents continue to climb due to relative affordability to lower Fairfield County Submarkets like Norwalk and Stamford. Many tenants choose to live in Bridgeport and commute down-county in light of rent spreads for similar quality rental options of $1,100/month or more. As these rents continue to grow in Norwalk and Stamford, Bridgeport will continue to draft off this pricing. Additionally, Bridgeport is a maturing market with a significant redevelopment downtown in the Main Street North Corridor, the creation of a new shopping and entertainment district at Steel Point Harbor with a New Bass Pro Shop, rumors of an MGM Casino, and plans to add a second Metro North train station on the city’s East Side. Bridgeport is considered by many industry professionals to have substantial revitalization potential owing to its centralized location between Stamford and New Haven, as well as its existing deep water harbor.Northeast Private Client Group is pleased to exclusively present for sale The Hallett Apartments, an 11-Unit Multifamily Property located at 800-806 Hallett Street, Bridgeport, CT. The Hallett Apartments is comprised of six (6) 1-Bedroom apartments and five (5) 2-Bedroom apartments across two (2) adjacent buildings which are one parcel. Conveniently located, The Hallett Apartments are just 1 mile from Route 95, 1.5 miles to Route 8, and 1.8 miles to the Metro North train station. The Hallett Apartments are also just 1.5 miles from the 200-million-dollar mixed-use Steelpointe Development taking place right on Bridgeport’s coastline. The Hallett Apartments present a value-add opportunity, with major loss to lease to market rents. For 2024, Fair Market Rent is $1,591 for a 1-bedroom and $1,967 for a 2-bedroom apartment, which are $309 and $497 more than in-place average rents respectively.