4-Unit
For Sale
$650,000
118-120 Pequonnock Street, Bridgeport, CT 06604
Three apartments are occupied, while one unit is currently vacant.
Property Size3,056 SF
Price / SF$212.70
Days on Market126
Property Features for 118-120 Pequonnock Street
General Information
Standard status
Active
Size
3,056 SF
Property subtype
4 Family
Building Details
Year Built
1877
Listing Agency:
Century 21 Scala Group
(203) 952-5691
Listed By:
Valeria Amarante
(203) 952-5691
Source:
Lockandkeyre
Added: Apr 28
Changed: Aug 30
Last Checked: Aug 30 at 6:28PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Century 21 Scala Group
Investment Insights
Based on property information with market context.
This four-unit multifamily property contains 3,056 square feet and was built in 1877. Each apartment offers two bedrooms and one bathroom. Three units are rented, and one is vacant. The property is being offered in as-is condition.
The building is located at 118-120 Pequonnock Street in Bridgeport, Connecticut 06604.
The building is located at 118-120 Pequonnock Street in Bridgeport, Connecticut 06604.
Key Highlights
- Four apartments, each configured with 2 bedrooms and 1 bathroom
- 3 of 4 units are rented; 1 unit is vacant
- 3,056‑square‑foot multifamily property
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
$39,603
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
6.09%
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%
$792,060
$792.1K
Cap Rate 7%
$565,757
$565.8K
Cap Rate 9%
$440,033
$440.0K
Market Conditions
NOI Build-Up for 3,056 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
$60.5K $19.80/SF
− Vacancy
−$3.9K −$1.29/SF
EGI
$56.6K $18.51/SF
− OpEx
−$17.0K −$5.55/SF
NOI
$39.6K $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%
$792,060
Cap Rate 7%
$565,757
Cap Rate 9%
$440,033
Alternative Uses
Best Use
Multifamily LT 5
$565.8K
$495.0K – $660.1K
NOI $39,603 @ 7.0% cap · market cap 6.09%
Second Best
Apartment 5plus
$513.5K
$449.3K – $599.1K
NOI $35,947 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$872.2K
$763.2K – $1.02M
NOI $61,057 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,596
Businesses Nearby
Explore this area
Business Placement
Demographics for 06604, CT
30,003
Population
12,972
Households
2.3
Avg Household Size
35
Median Age
29%
College-Educated
74%
High-School Grad
3.2 sq mi
ZIP Area
9,376
Density / Sq Mi
$45,794
Median Household Income
$34,706
Median Earnings
$1,419
Median Rent
$231,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Three apartments are occupied, while one unit is currently vacant.
Where is this quadplex located?
The property is located at 118-120 Pequonnock Street Bridgeport, CT.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Four apartments, each configured with 2 bedrooms and 1 bathroom; 3 of 4 units are rented; 1 unit is vacant; 3,056‑square‑foot multifamily property
