168 Elsworth Street · Black Rock, Bridgeport, CT

Build on the
Bridgeport
waterfront.
Keep the upside.
Skip the land cost.

168 Elsworth Street, Black Rock — open to developer partners under ground lease or equity.

$553K Black Rock median home price
60 min to Manhattan on Metro-North
$2.5–3.2K monthly rental range

Two structures. Same land. Pick your structure.

Luca will entertain either of the following deal types. Numbers are drawn from the Black Rock new-build pro-forma (median rent $2,375/mo, new-build construction costs, Fairfield County comp data). Negotiate from here.

Term Ground Lease Equity Partnership
Annual to landowner $18,000–$30,000/yr
$1,500–$2,500/mo ground rent, fixed + CPI
$8,000–$14,000/yr
20–40% of net rental income at stabilization
Developer capital vs. buying land ~$200K–$320K saved
No land purchase — redirect to construction capital
~$160K–$270K saved
Land equity counts as your partner's contribution
Lease / hold term 30–99 years
Improvements revert to landowner at end
Indefinite co-ownership
Exit via sale or refinance by mutual agreement
Upside at stabilization Capped (ground rent only)
Predictable, passive, index-linked income stream
Proportional to equity split
20–40% of appreciation + cash flow on sale/refi
Landowner risk Minimal
Developer absorbs construction + operating risk
Proportional
Shared risk / shared reward model

Based on Black Rock pro-forma: median new-build rent $2,375/mo, construction cost $250–$350/sq ft (CT avg), land value $200K–$320K (Fairfield County comps). Not a binding offer — actual terms by negotiation.

168 Elsworth Street, Black Rock

  • Lot dimensions: approx. 75 ft × 145 ft (~0.25 acres)
  • Zoning: R-1 Residential — single-family; duplex eligible with variance
  • Allowed units: 1–2 by right; up to 4 with approvals under CT ADU law
  • Distance to harbor: 0.5 miles to Fayerweather Island / Black Rock Harbor
  • Walk Score: 87 — Walker's Paradise
  • Commute to Manhattan: ~60 min, Bridgeport Metro-North → Grand Central
  • County: Fairfield County — CT's highest-income county
  • Neighborhood: Black Rock — walkable, coastal, sub-$600K median
  • Utilities: City water, sewer, gas — all stubbed to street
Lot Size
~0.25 ac
Zoning
R-1
Walk Score
87
NYC Commute
60 min
Harbor Distance
0.5 mi
Express interest →

168 Elsworth Street,
Black Rock

Black Rock is one of Connecticut's most sought-after coastal neighborhoods — a walkable, waterfront enclave in Bridgeport, 60 minutes door-to-door to Grand Central on Metro-North. Professionals priced out of NYC are arriving in force. The neighborhood median is $553K and rising, rental demand is strong, and active building permits hit 229 in 2025 alone.

168 Elsworth Street is a 0.25-acre infill lot zoned R-1. Half a mile from Fayerweather Island, minutes from Yellow Horse Bistro and the marina. The lot is shovel-ready and the landowner is actively seeking a developer partner — not a buyer. The land stays in the family.

R-1 Residential ~0.25 acres 0.5 mi to harbor Walk Score 87 Fairfield County
Neighborhood Median
$553K
Rental Range (3–4BR SFH)
$2,500–$3,200/mo
Transit
60 min NYC
Active Permits (2025)
229
Lot
0.25 ac · R-1

Two models. One asset.

Pick your comfort level — both structures work on 168 Elsworth.

Option A

Ground Lease

The landowner retains title. You lease the land long-term, build, operate, and manage. Monthly ground rent flows to the landowner — passive and predictable.

Developer gets
  • No land purchase — capital freed for build
  • 25–35% lower total project cost
  • Long-term control (30–99 yr lease)
  • Full operating authority
  • Clear reversion terms at close
Landowner gets
  • Keeps the land
  • Monthly ground rent
  • Zero construction risk
  • Improvements revert at lease end
  • No capital contribution needed
Target ground rent
$1,500–$2,500/mo
Lease term
30–99 years
Option B

Equity Partnership

The landowner contributes land as equity. You bring construction capital. Ownership splits proportionally — rental income and exit proceeds divided by agreed percentages.

Developer gets
  • Aligned co-investor with skin in the game
  • Land valued at project cost — no cash transfer
  • Shared upside on value creation
  • Simpler cap stack (no ground rent payments)
  • Joint decision rights on major exits
Landowner gets
  • 20–40% equity in the project
  • Share of rental income
  • Upside on appreciation
  • Co-ownership with professional manager
  • Negotiated exit at refinance or sale
Typical land equity
20–40%
Est. annual income
$8K–$14K/yr

Hybrid structures (partial ground rent + small equity stake) are negotiable. BridgeVest facilitates; you and the landowner set the final terms.

Why this pencils for a developer.

Line Item Ground Lease Equity Partnership
Land cost to developer $0 (leased) $0 (contributed as equity)
Estimated land value $180K–$320K $180K–$320K
Est. construction cost (1,800–2,200 sq ft) $450K–$770K $450K–$770K
Supportable build cost (DCR 1.25×) $400K–$550K $400K–$550K
Monthly gross rent (comp range) $2,500–$3,200 $2,500–$3,200
Monthly ground rent / distribution $1,500–$2,500 (to landowner) 20–40% of net (to landowner)
Developer net monthly (est.) $500–$1,200 $1,500–$2,400

Rental comps: Zillow, Apartments.com, active listings (2025). Construction: CT market avg $250–$350/sq ft. Land: Black Rock teardown comps. All figures are estimates. Formal appraisal required before deal close.

Key insight

A developer building here without a ground lease must find $180K–$320K in land capital before breaking ground. BridgeVest eliminates that. The economics shift from "hard to pencil" to "possible."

25–35% typical land as share of total project cost

Interested in 168 Elsworth?

No pitch deck required. No brokers. Just drop your name, firm, and what you're thinking — Luca will respond within 24 hours.

Or email directly
luca@bridgevest.com
Download deal memo
View full deal memo →