East Main Development Site

Investment Overview

Northeast Private Client Group is pleased to present 439 East Main Street, a fully approved, 74-unit 100% market-rate multifamily development site located in a Designated Opportunity Zone in Bridgeport, Connecticut. 439 East Main Street is currently a level, cleared lot comprising a total of 0.30 Acres. The site is zoning & coastal approved with plans and construction budget for a 74-unit apartment building with a ground floor retail suite. The designed unit mix features junior one-bedroom, one-bedroom, one-bedroom with den/office, and two-bedroom floor plans. Current ownership has completed environmental, construction drawings, geotechnical studies, site surveys, site plans, and structural engineering. Additionally, they have in hand a construction quote from an experienced general contractor who has completed other projects in Bridgeport. There is a seven-year tax abatement available, and ten or more-year tax fixes are also possible. A new owner will be able to file for a building permit and begin site work immediately while they wait for the building permit to be issued. 439 East Main Street can be built to a year one yield of 8.77% (not including any tax PILOT) providing for immediate cash flow. Bridgeport, Connecticut has one of the tightest occupancy rates in the state, with the submarket vacancy rate currently at 3.9% and stable rent growth. This project will immediately benefit from the continued growth of the city at large, and from the transformation of the adjacent Steelpointe Harbor.