Well-Maintained Two-Family
For Sale
$575,000
Pending
359-361 Pacific Street, Bridgeport, CT 06604
Two units each offer 2 bedrooms and 1 bath, with shared basement laundry and off-street parking via an oversized driveway.
Property Size3,325 SF
Days on Market52
Property Features for 359-361 Pacific Street
General Information
Standard status
Pending
Size
3,325 SF
Property subtype
2 Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,818
Building Details
Building Size
3,325 SF
Year Built
1966
Listing Agency:
William Raveis Real Estate
(203) 912-1931
Listed By:
Renee Macklin
(203) 912-1931
Source:
Higginsgroup
Added: Jul 5
Changed: Aug 25
Last Checked: Aug 24 at 1:26PM
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 William Raveis Real Estate
Investment Insights
Based on property information with market context.
This very well-maintained two-family duplex is set up as a clean, income-producing residential property. Each unit features 2 bedrooms and 1 bathroom and includes beautiful hardwood floors. Laundry is located in the basement for both units, and the first-floor unit has full access to the basement for additional space, along with another full bathroom for added convenience.
The home sits on a level lot with a private backyard, plus a shed/garage that provides convenient extra storage. An oversized driveway offers plenty of off-street parking for multiple vehicles.
For everyday access, the property is located near the Fairfield line and is described as being close to bus, train, and shopping.
The home sits on a level lot with a private backyard, plus a shed/garage that provides convenient extra storage. An oversized driveway offers plenty of off-street parking for multiple vehicles.
For everyday access, the property is located near the Fairfield line and is described as being close to bus, train, and shopping.
Key Highlights
- Two‑family home built in 1966 with each unit offering 2 bedrooms and 1 bath
- Shared laundry in the basement for both units
- First‑floor unit has full access to the basement and includes an additional full bathroom
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
$43,089
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
7.49%
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%
$861,780
$861.8K
Cap Rate 7%
$615,557
$615.6K
Cap Rate 9%
$478,767
$478.8K
Market Conditions
NOI Build-Up for 3,325 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
$65.8K $19.80/SF
− Vacancy
−$4.3K −$1.29/SF
EGI
$61.6K $18.51/SF
− OpEx
−$18.5K −$5.55/SF
NOI
$43.1K $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%
$861,780
Cap Rate 7%
$615,557
Cap Rate 9%
$478,767
Alternative Uses
Best Use
Multifamily LT 5
$615.6K
$538.6K – $718.2K
NOI $43,089 @ 7.0% cap · market cap 7.49%
Second Best
Apartment 5plus
$558.7K
$488.9K – $651.9K
NOI $39,111 @ 7.0% cap · market cap 6.80%
Theoretical Best
Office A
$949.0K
$830.4K – $1.11M
NOI $66,432 @ 7.0% cap · market cap 11.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
890
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two units each offer 2 bedrooms and 1 bath, with shared basement laundry and off-street parking via an oversized driveway.
Where is this duplex located?
The property is located at 359-361 Pacific Street Bridgeport, CT.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑family home built in 1966 with each unit offering 2 bedrooms and 1 bath; Shared laundry in the basement for both units; First‑floor unit has full access to the basement and includes an additional full bathroom
