Why Bridgeport multifamily is so low priced?

Question

Any reasons?   crimes, no jobs, no colleges?    Any rent control from government or all free market?

I am comparing this to NJ prices.  I see many 4 family sell for about $300K.

Any experienced agents who can show properties ?   Let me know. Thanks.

Filipe Pereira · Answer

@Craig Bellot is the go to guy around here for all things Bridgeport CT in my opinion. Like others have voiced, Bridgeport suffers from high crime, high taxes and low quality tenants.

"Safer" markets can be found further north. East Hartford, Manchester, South Hartford, Vernon, etc. We have a buyer closing on a 3 family next week. 3k gross rents, 210K purchase price. Needs a roof. Right off the MLS!

Craig Bellot · Answer

There are many older properties with higher maintenance cost and property taxes.

Don't let the low price of entry fool you into not considering the monthly maintenance costs.

Dan Leyden · Answer

Average Bridgeport prices have almost doubled in the last 3 years. I personally own and have sold clients properties in Bridgeport. The mil rate is higher than other towns around, however there is still a lot of opportunity for great investments with cap rates above 10%.

A majority of the buyers are coming from NY, either owner occupied buyers that plan on renting out units or investors. The city is changing. I'd be happy to help you with any questions or with purchasing properties in CT.

Leo Don · Answer

hello

Bridgeport have high taxes and the majority of the location are high crime hence low quality tenant. I would do a very hard due delienge before making a decision to purchase there.

Dan Leyden · Answer

@Ethan Smith Bridgeport is one of the first affordable towns near NYC. Stamford and Norwalk has a lot less inventory for multifamily properties. Cap rates will be below 8%, usually 6-7% however the quality of tenants will typically be higher. Past Bridgeport it becomes a very long train ride to grand central, most buyers don't want to go past Bridgeport or maybe Stratford.

Jorge Cajamarca · Answer

@Jean Torchonis great. Is there a market for student room rentals?

Jean Torchon · Answer

@David Smith most multi families in Bridgeport will cash flow. Rents make up for the high taxes, you’ll have a large pool of tenants to choose from. Bridgeport is unique due to its geographic location and low barrier of entry for multi investments. If your strategy is to Section 8 the units out you can make a killing. I’m a local realtor and investor feel free to PM me if you want more info.

Paul Bergagna · Answer

Just really know what you're getting yourself in to.  Speak to as many brokers as you can to educate yourself as to the areas to avoid.  I still occasionally look in Bprt, but the numbers on paper don't tell the full story.

Craig Bellot · Answer

@Jordan Giha review the Trulia Crime maps for the Bridgeport address and make sure the area is clear of incidents for the last 6 months.

That should keep you out of the war zones.

Why Bridgeport multifamily is so low priced?

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