Two-Unit Duplex
For Sale
$399,000
124 Cleveland Avenue, Bridgeport, CT 06605
Two separate residences provide flexible living arrangements with spacious bedrooms and two full bathrooms.
Property Size1,880 SF
Price / SF$192.10
Days on Market8
Property Features for 124 Cleveland Avenue
General Information
Standard status
Active
Size
1,880 SF
Property subtype
2 Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Building Size
1,880 SF
Year Built
1880
Listing Agency:
Social & Co Realty
(203) 718-3305
Listed By:
Thomas Mele · License #452508574
(203) 718-3305
Source:
Iverty
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 30 at 5:19PM
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 Social & Co Realty
Investment Insights
Based on property information with market context.
This duplex contains two separate residential units within approximately 2,077 square feet of living space. The property includes spacious bedrooms and two full bathrooms, supporting a range of household configurations across the two-unit layout. Built in 1880, the home offers an established residential structure with room for a buyer’s plans.
The property is located on Cleveland Avenue in Bridgeport, near schools, shopping, dining, public transportation, and major roadways. Its two-unit configuration can accommodate separate households or combined living arrangements, subject to applicable requirements.
The property is located on Cleveland Avenue in Bridgeport, near schools, shopping, dining, public transportation, and major roadways. Its two-unit configuration can accommodate separate households or combined living arrangements, subject to applicable requirements.
Key Highlights
- Two‑unit residential property at 124 Cleveland Avenue
- Approximately 2,077 square feet of living space
- Two full bathrooms
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
$26,916
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
6.75%
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%
$538,320
$538.3K
Cap Rate 7%
$384,514
$384.5K
Cap Rate 9%
$299,067
$299.1K
Market Conditions
NOI Build-Up for 2,077 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
$41.1K $19.80/SF
− Vacancy
−$2.7K −$1.29/SF
EGI
$38.5K $18.51/SF
− OpEx
−$11.5K −$5.55/SF
NOI
$26.9K $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%
$538,320
Cap Rate 7%
$384,514
Cap Rate 9%
$299,067
Alternative Uses
Best Use
Multifamily LT 5
$384.5K
$336.5K – $448.6K
NOI $26,916 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$349.0K
$305.4K – $407.2K
NOI $24,431 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$592.8K
$518.7K – $691.6K
NOI $41,497 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,443
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences provide flexible living arrangements with spacious bedrooms and two full bathrooms.
Where is this duplex located?
The property is located at 124 Cleveland Avenue Bridgeport, CT.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two‑unit residential property at 124 Cleveland Avenue; Approximately 2,077 square feet of living space; Two full bathrooms
