November 19, 2021 – Tom Connor and Stavros Fillipidis of Horvath & Tremblay have arranged the sale of a ten-unit mixed-use building in Bridgeport, Connecticut. Hines exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,175,000.
The mixed-use investment property is located at 2714-2716 Fairfield Avenue in Bridgeport, Connecticut. The Property is 100% leased and contains three street-level retail units and seven residential units in 9,310 square feet of gross leasable area on a 0.16-acre corner parcel. The Property also contains off-street parking and a separate garage with four, income-producing, garage bays. The brick building has been very well-maintained. Recent capital improvements include upgraded kitchens and bathrooms, new sprinkler system, upgraded electrical system, new fire doors and a new ejector pump. The roof was last replaced in 2009. The highly-visible Property is located on the four-lane Fairfield Avenue in Bridgeport’s desirable Black Rock neighborhood located on the city’s southwestern coast near the Fairfield town line. Bridgeport is the largest city in Connecticut with an estimated 2017 population of 151,267. The Black Rock neighborhood is known for its picturesque waterfront, vibrant nightlife and desirable real estate. Black Rock’s yacht clubs and marinas provide for endless enjoyment on Long Island Sound while the restaurants, bars, & live music on Fairfield Avenue afford numerous dining and entertainment options.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.