Bridgeport mixed-use property breaks record for price per unit sale

An eight-unit mixed-use property at 3142 Fairfield Ave. in the Black Rock section of Bridgeport sold for $1.825 million, a $228,125 per unit transaction. This is the highest price per unit transaction for a multifamily or mixed-use property in Bridgeport’s real estate history, breaking the previous record of $202,985 per unit at the 67-unit 333 State St. in 2021.

The subject property is on a 0.18-acre site. The three-story 7,368-square-foot building was constructed in 1917 and is comprised of eight units divided into four two-bedroom apartments, one three-bedroom apartment, one large one-bedroom unit, and two ground-level retail stores.

The property last changed hands in October 2022, when it sold for $1.34 million. During the past year, the property has been significantly upgraded.

Matt Cawley, president of National Multifamily Corp., represented the seller, 3142 Fairfield Ave. LLC, and procured the buyer, an unnamed New Jersey investor.

“We are pleased to have represented the seller in the record-breaking sale of 3142 Fairfield Ave.,” said Cawley. “With multiple offers on the property in the first week, it shows that there is still a very strong demand for investment properties in both Bridgeport and Fairfield County as a whole. We expect the buyer to do tremendously well at the property as the Black Rock neighborhood continues to rise in popularity with its waterfront and restaurants.”