Morgan Apartments

Situated eight minutes from downtown Bridgeport, Brooklawn-St. Vincent straddles the line between distinguished history and urban community. Originally a stylish turn-of-the-century development, the neighborhood borders the town of Fairfield, skirting the Brooklawn Country Club for which it was named. Here Bridgeport's business titans built their mansions, including Italianates and Colonials that now belong to the Stratfield Historical District at the neighborhood's south west edge. To the northeast, St. Vincent's Medical Center helps to fuel the local economy. Founded in 1903, the hospital serves as one of the city's major acute care centers and employs many area residents. Renters comprise more than half of the housing market here, letting newcomers choose from large apartment buildings, single-family houses, and historic properties. Locals businesses line Main Street and Route 1, where visitors also find Brooklawn's favorite eats. Terra Brasilis dishes up plates of buffet-style Brazilian, making it a favorite with big groups. Shandals Vegetarian Cafe does a brisk take-out business, with customers consistently coming back for its aromatic Rasta Pasta.Northeast Private Client Group is pleased to present Morgan Apartments, a 19-unit, 100% market-rate apartment building in Bridgeport, Connecticut. Constructed in 1952, Morgan Apartments consists of 1 studio and 18 one-bedroom apartments on 0.42 acres. The property is strategically located in Bridgeport's Brooklawn/St. Vincent’s 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 a new parking lot & drainage, new sidewalk, new front and side entrances, new central boiler and hot water heater, new laundry room, new fencing around the property and new trash enclosure, all new windows, landscaping upgrades along with continued unit upgrades to at least 14 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. Morgan Apartments, with an in-place capitalization rate of 6.76% 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%.