Morgan Apartments

120 Morgan Ave, Bridgeport, CT 06606

  • For Sale $2,660,000
  • Property Type Multi-Family
  • Property Size 12,752 SF
  • Units 19
  • Lot Size 0.42 Acre
  • Additional Rent Contact for pricing
  • Date Updated Oct 10, 2024
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 property. Bridgeport, Connecticut has one of the tightest occupancy rates in the state, with the submarket vacancy rate currently at 3.9%.

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Highlights

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

Contacts

broker

Brad Balletto

Northeast Private Client Group

Location

Getting Around

  • Walk Score ®

    79/100 Very Walkable
  • Transit Score ®

    41/100 Some Transit
  • Bike Score ®

    51/100 Bikeable
Powered by Walk Score ®
  • City Bridgeport, CT
  • Neighborhood Brooklawn - St. Vincent
  • Zip Code 06606
  • Market Bridgeport New Haven

Points of Interest

  • Connecticut Transportation Solutions, LLC

    1.21 miles

  • Fairfield Metro

    2.57 miles

  • Green's Farms

    7.36 miles

  • Westport

    9.91 miles

  • Freedom Premium Fuel

    0.49 miles

  • Shell

    0.50 miles

  • Mobil

    0.51 miles

  • Gas on the Go

    0.59 miles

  • Citgo

    0.75 miles

  • Hess

    1.06 miles

  • Freedom Premium Fuels

    1.07 miles

  • Gulf

    1.19 miles

  • Stratford Square

    4.39 miles

  • ChargePoint

    7.07 miles

  • Bridgeport Municipal Garage

    1.09 miles

  • Connecticut Park and Ride

    2.21 miles

  • Lake Mohegan Recreation Area Beach Parking Lot

    2.58 miles

  • Pleasure Beach Parking Lot

    2.59 miles

  • Lake Mohegan Recreation Area Cascades Parking Lot

    3.00 miles

  • Faculty & Commuter Parking

    3.15 miles

  • Great Meadows Trail Parking

    3.30 miles

  • Kelley Center Parking Garage

    3.33 miles

  • Holiday Inn

    1.19 miles

  • Black Rock Inn

    2.49 miles

  • Fairfield Circle Inn

    3.40 miles

  • HI-HO Motel

    3.53 miles

  • Quality Suites

    3.55 miles

  • Marriott

    4.29 miles

  • Residence Inn Marriott

    5.78 miles

  • Devon Motel

    5.96 miles

  • Extended Stay America

    6.05 miles

  • Residence Inn Milford

    6.12 miles

  • Subway

    0.27 miles

  • Terra Brasilis

    0.27 miles

  • Red Rooster

    0.29 miles

  • Family Pizza

    0.30 miles

  • Mainport Fish & Chips

    0.42 miles

  • New Colony II Diner

    0.47 miles

  • Nick's Diner

    0.48 miles

  • Domino's

    0.49 miles

  • Dunkin'

    0.50 miles

  • Howell's

    0.50 miles

  • Central High School

    0.14 miles

  • Thomas E. Carroll Nutrition Center

    0.39 miles

  • Geraldine W. Johnson School

    0.42 miles

  • Columbus School

    0.54 miles

  • Classical Studies Magnet Academy

    0.80 miles

  • Saint Augustine Academy

    0.82 miles

  • James Madison School

    0.88 miles

  • Kolbe Cathedral High School

    0.88 miles

  • James J. Curiale School

    0.94 miles

  • David F. Read School

    0.95 miles

  • Precious Memories Early Childhood Learning Center

    0.24 miles

  • KDM Family Daycare

    0.95 miles

  • ABCD Child Care Center

    1.10 miles

  • A Child's World

    1.16 miles

  • Precious Memories

    1.41 miles

  • Creative Minds Early Childhood Center LLC

    1.43 miles

  • Precious Gifts Preschool

    1.43 miles

  • All Our Kin

    1.44 miles

  • Teadybear Corner Daycare

    1.58 miles

  • Anna Baum Skane School

    1.95 miles

Frequently Asked Questions

How much does Morgan Apartments cost?

The space currently listed for sale at Morgan Apartments asks for $2,660,000.

What is the total square footage of Morgan Apartments?

Morgan Apartments totals 12,752 square feet.

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Contact Listing Broker

broker

Brad Balletto

Northeast Private Client Group