Turnkey Corner Multifamily
For Sale
$1,499,999
1220 Pembroke Street, Bridgeport, CT 06608
Fully renovated building with six apartments and an additional basement unit that may be rented for extra income.
Property Size6,762 SF
Days on Market57
Property Features for 1220 Pembroke Street
General Information
Standard status
Active
Size
6,762 SF
Property subtype
5 Family+
Additional Details
Business Included
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$11,758
Building Details
Building Size
6,762 SF
Year Built
1882
Listing Agency:
Baldwin Pearson & Co., Inc
(203) 335-5117
Listed By:
Daniel Shawah · License #RES.0829215
Source:
Higginsgroup
Added: Jul 4
Changed: Aug 28
Last Checked: Aug 26 at 2:27PM
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 Baldwin Pearson & Co., Inc
Investment Insights
Based on property information with market context.
1220 Pembroke Street is a fully renovated, turnkey multifamily corner property in Bridgeport, Connecticut. The building has been completely updated throughout and is arranged as six apartments with three- and four-bedroom layouts, designed to appeal to family households and long-term renters. In addition to the main units, the property includes an extra basement unit with the potential to be rented, offering an added way to increase utilization.
As a corner asset, it presents a straightforward, low-maintenance configuration for an operator looking for a ready-to-run residential income property. The available mobility metrics indicate the area is bikeable and very walkable, with some transit.
For buyers seeking a stabilized, renovation-complete multifamily, the current apartment mix and turnkey condition are key considerations. The presence of an additional basement unit that may be rented can also support a practical plan to further improve occupancy and overall unit count. Given the property’s updated interior and existing unit configuration, it may fit well for investors and owner-operators looking to deploy with minimal initial capital tied up in renovations.
As a corner asset, it presents a straightforward, low-maintenance configuration for an operator looking for a ready-to-run residential income property. The available mobility metrics indicate the area is bikeable and very walkable, with some transit.
For buyers seeking a stabilized, renovation-complete multifamily, the current apartment mix and turnkey condition are key considerations. The presence of an additional basement unit that may be rented can also support a practical plan to further improve occupancy and overall unit count. Given the property’s updated interior and existing unit configuration, it may fit well for investors and owner-operators looking to deploy with minimal initial capital tied up in renovations.
Key Highlights
- Fully renovated multifamily corner property built in 1882 at 1220 Pembroke Street
- Six spacious apartments with three- and four‑bedroom layouts
- Additional basement unit included, with potential to be rented for extra income
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
$79,540
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
5.30%
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%
$1,590,800
$1.6M
Cap Rate 7%
$1,136,286
$1.1M
Cap Rate 9%
$883,778
$883.8K
Market Conditions
NOI Build-Up for 6,762 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
$152.6K $22.56/SF
− Vacancy
−$7.9K −$1.17/SF
EGI
$144.6K $21.39/SF
− OpEx
−$65.1K −$9.62/SF
NOI
$79.5K $11.76/SF
Area
Bridgeport, CT
Vacancy
5.20%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
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%
$1,590,800
Cap Rate 7%
$1,136,286
Cap Rate 9%
$883,778
Alternative Uses
Best Use
Apartment 5plus
$1.14M
$994.3K – $1.33M
NOI $79,540 @ 7.0% cap · market cap 5.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.93M
$1.69M – $2.25M
NOI $135,102 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,788
Businesses Nearby
Explore this area
Business Placement
Demographics for 06608, CT
14,312
Population
4,915
Households
2.9
Avg Household Size
33
Median Age
7%
College-Educated
67%
High-School Grad
1.0 sq mi
ZIP Area
14,312
Density / Sq Mi
$43,008
Median Household Income
$30,524
Median Earnings
$1,311
Median Rent
$222,900
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?
Apartment building - Fully renovated building with six apartments and an additional basement unit that may be rented for extra income.
Where is this apartment building located?
The property is located at 1220 Pembroke Street Bridgeport, CT.
What is the asking price?
The asking price for this property is $1,499,999.
What are key features of this property?
This property features: Fully renovated multifamily corner property built in 1882 at 1220 Pembroke Street; Six spacious apartments with three- and four‑bedroom layouts; Additional basement unit included, with potential to be rented for extra income
