December 1, 2021 – Stavros Fillipidis and Tom Connor 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 $325,000.
The multi-family investment property is located at 1685 Central Avenue in Bridgeport, Connecticut. The Property contains four (4) apartments in 3,711 square feet of living area in 5,622 total gross square feet on a 0.17-acre corner parcel with off-street parking. The unit mix includes three (3), 1-bedroom/1-bathroom units and one (1) 2-Bedroom/1-Bathroom unit. 1685 Central Avenue offers convenient access to regional highways and is also in close proximity to public transportation, with Greater Bridgeport Transit bus services within walking distance, and the Bridgeport Train Station just 2 miles away. The location is walkable to numerous shopping, dining, and entertainment amenities along both Boston Avenue (US Route 1) and Barnum Avenue. Bridgeport is the largest city in Connecticut with an estimated 2017 population of 151,267. Bridgeport is a high-demand, supply-constrained, real estate market consisting of many smaller, densely populated lots, and is among the more affordable communities in Fairfield County and as such has a higher percentage of renters versus Fairfield County overall. Rising rents in southwestern Fairfield County continues to push renters up the coastline to the Bridgeport area. The city continues to benefit from residents looking for rent relief from the most expensive shoreline markets in the state. This flight to Bridgeport has been reflected in the increasing rental rates throughout the city.
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.