Two-Unit Duplex with Updated Mechanical
For Sale
$439,990
Pending
651 Iranistan Avenue, Bridgeport, CT 06605
MULTI_FAMILY - Bridgeport, CT
Property Size1,958 SF
Lot Size0.09 Acres
Days on Market54
Property Features for 651 Iranistan Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RC
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 4, Basement, Bedroom 2, Bedroom 3, Bathroom 2
Basement
Full, Unfinished
Lot features
Level Lot
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
See Apple Maps. Google Maps
Standard status
Pending
Size
1,958 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5663
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1887
Architectural style
Other
Listing Agency:
Serhant Connecticut, LLC
(203) 489-7800
Listed By:
Jithu Sajeevan · License #REB.0795779
(860) 801-7630
Added: Jun 22
Changed: Aug 4
Last Checked: Aug 14 at 5:06AM
MLS# 24185932
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit duplex is well maintained and built in 1887. The first-floor unit has been nicely renovated with updated finishes, and the major mechanicals have been updated within the last five years, including newer water heaters. Both units have functional layouts with spacious bedrooms and plenty of natural light.
The property sits on a 0.09-acre lot and totals 1,958 square feet. It is served by public water and public sewer. The asset is zoned RC.
Designed for flexibility, the duplex can support an owner-occupant arrangement while also offering rental potential through a second unit.
The property sits on a 0.09-acre lot and totals 1,958 square feet. It is served by public water and public sewer. The asset is zoned RC.
Designed for flexibility, the duplex can support an owner-occupant arrangement while also offering rental potential through a second unit.
Key Highlights
- Renovated first‑floor unit with updated finishes
- Major mechanicals updated within the last five years, including newer water heaters
- 0.09‑acre lot and 1,958 SF total duplex size
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,374
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.77%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$507,480
$507.5K
Cap Rate 7%
$362,486
$362.5K
Cap Rate 9%
$281,933
$281.9K
Market Conditions
NOI Build-Up for 1,958 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$38.8K $19.80/SF
− Vacancy
−$2.5K −$1.29/SF
EGI
$36.2K $18.51/SF
− OpEx
−$10.9K −$5.55/SF
NOI
$25.4K $12.96/SF
Area
Bridgeport, CT
Vacancy
6.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$507,480
Cap Rate 7%
$362,486
Cap Rate 9%
$281,933
Alternative Uses
Best Use
Multifamily LT 5
$362.5K
$317.2K – $422.9K
NOI $25,374 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$329.0K
$287.9K – $383.9K
NOI $23,032 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$558.9K
$489.0K – $652.0K
NOI $39,120 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,854
Businesses Nearby
Explore this area
Business Placement
Demographics for 06605, CT
23,867
Population
10,799
Households
2.2
Avg Household Size
35
Median Age
33%
College-Educated
80%
High-School Grad
2.3 sq mi
ZIP Area
10,377
Density / Sq Mi
$59,673
Median Household Income
$40,276
Median Earnings
$1,423
Median Rent
$273,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit duplex in RC zoning with public water and public sewer, featuring a renovated first-floor unit and recent mechanical updates.
Where is this duplex located?
The property is located at 651 Iranistan Avenue Bridgeport, CT.
What is the asking price?
The asking price for this property is $439,990.
What are key features of this property?
This property features: Renovated first‑floor unit with updated finishes; Major mechanicals updated within the last five years, including newer water heaters; 0.09‑acre lot and 1,958 SF total duplex size
