All Forum Posts by: Michael Kovac

Well maintained East Norwalk two family in a very convenient location. Excellent opportunity for owner occupant or great investment property with strong financials. All mechanicals and roof are in great shape, many updates throughout both units. Additional living space in partially finished basement provides an additional bedroom and recreational room for 1st floor. Both units have separate electric meters, common water and common oil burner. Additionally, both units feature gas hot water, gas stoves, radiators for heat and ceiling fans. Oil burner replaced in 2003, roof replaced in 2004, some vinyl replacement windows throughout both units. See attached pro forma for rent roll and operating expenses.

Please see attached pro forma for rent roll and expenses.

Click Here for pro forma

If you have any questions please contact Michael directly:

(203) 610-2867

[email protected]

@Tarun Bhalla

Thanks for the inquiry.

All rent rolls, income and expenses are included in the pro forma, please see the second post.

Best,

Michael

Bump for pictures.

https://www.dropbox.com/sh/rbq49xp51njlcbb/AAANW6u...

Additionally, all 5 tenants have been occupying the property since the rehab back in 2011. Great long term history.

Price is negotiable!!!

Originally posted by @Claudette K.:

How long have the tenants been there?

Claudette, thank you for your inquiry. All five tenants have been there for at least a year as the paper leases have expired and they are all month to month. I will have to inquire to find out specifics, tomorrow I should have more information as I am going to take pictures. 

Please Click for Pro Forma

We are bringing a turn-key, fully occupied 5 unit multifamily in Bridgeport, CT to market with excellent financials. It was purchased by an investor that I am working with over 5 years ago and he completely renovated the entire building top to bottom.

154 Jefferson St.

Bridgeport, CT

$320,000

At 80% LTV with prime rate this property can see over 40% cash on cash return.

Over 13% CAP

100% occupied

100% turn key

New vinyl siding, windows, interior walls, electric, mechanicals, roof, plumbing etc.

5 Units with good tenant mix. All units have forced air heat, central air, dishwasher, refrigerator, range and microwave.

Unit 1 3bd/1ba $1250

Unit 2 2bd/1ba $1100

Unit 3 2bd/1ba $1000

Unit 4 2bd/1ba $1000

Unit 5 2bd/1ba $1000

2 Car Garage - $500

Coin-Op in basement - $100

All tenants are on paper leases, month to month. Property includes surveillance system and I can provide management to be completely passive. I work closely with a small cap loan provider that can provide market interest rates and quick close on multifamily property. Please see attached Pro Forma for expense report and all numbers.

Please call/text/email Michael at

(203) 610-2867

[email protected]

@Christopher Collins

Bridgeport is a great cashflow market, welcome. 

The outskirts of the city that are closer to Trumbull and Fairfield are the areas you want to be as mentioned before. North End, Black Rock, and the West End are generally considered to be the "good" areas.

I would be more than happy to show you some listings if you are interested. Please feel free to reach out at any time.

Best,

Michael

While all is true with the above posts if GRM is an important metric to you, I like to see numbers under 4.00 in Bridgeport. With high fixed and holding costs it is necessary to be aggressive with your figures, especially in the neighborhoods which see higher vacancy rates.

@Account Closed let me know if you ever need help in the Bridgeport area with multifamily, I would be more than happy to help.

Listen to Jonathan Makovsky !!! Great post and many great reasons why the 2% rule doesn't always work...