Renovated Multifamily
For Sale
$779,900
318-316 Grovers Ave, Bridgeport, CT 06605
Updated apartments feature refreshed kitchens, bathrooms, and major building systems near coastal amenities and transportation.
Property Size2,807 SF
Days on Market125
Property Features for 318-316 Grovers Ave
General Information
Standard status
Active
Size
2,807 SF
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Building Details
Building Size
2,807 SF
Year Built
1878
Listing Agency:
RE/MAX Right Choice
(203) 913-9504
Listed By:
Steven M. Ferreira · License #RES.0756087
(203) 913-9504
Source:
Elliman
Added: Apr 28
Changed: Aug 29
Last Checked: Aug 29 at 2:01PM
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 RE/MAX Right Choice
Investment Insights
Based on property information with market context.
This multifamily property, built in 1878, includes renovated first- and second-floor apartments with updated kitchens and bathrooms. Significant building-system work includes replacement of waste piping, PVC plumbing, furnaces, water heaters, and electrical components. The apartments are described as bright and spacious, with layouts intended for practical daily living.
The property is located near Seabright Beach, the harbor, St. Mary by the Sea, and Harborview Market. Shopping, Starbucks, D & D, and restaurants are 0.9 miles away. Access to the Merritt Parkway is 7.75 miles, Route 8 is 8.2 miles, I-95 North and South ramps are 1.8 miles, and Fairfield train station is 1.2 miles. WalkScore is 75, BikeScore is 55, and TransitScore is 48.
The property is located near Seabright Beach, the harbor, St. Mary by the Sea, and Harborview Market. Shopping, Starbucks, D & D, and restaurants are 0.9 miles away. Access to the Merritt Parkway is 7.75 miles, Route 8 is 8.2 miles, I-95 North and South ramps are 1.8 miles, and Fairfield train station is 1.2 miles. WalkScore is 75, BikeScore is 55, and TransitScore is 48.
Key Highlights
- Renovated first- and second‑floor apartments with updated kitchens and bathrooms
- Infrastructure improvements include waste pipe, PVC plumbing, furnaces, water heaters, and electrical
- Built in 1878
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
$33,018
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
4.23%
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%
$660,360
$660.4K
Cap Rate 7%
$471,686
$471.7K
Cap Rate 9%
$366,867
$366.9K
Market Conditions
NOI Build-Up for 2,807 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
$63.3K $22.56/SF
− Vacancy
−$3.3K −$1.17/SF
EGI
$60.0K $21.39/SF
− OpEx
−$27.0K −$9.62/SF
NOI
$33.0K $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%
$660,360
Cap Rate 7%
$471,686
Cap Rate 9%
$366,867
Alternative Uses
Best Use
Apartment 5plus
$471.7K
$412.7K – $550.3K
NOI $33,018 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$801.2K
$701.0K – $934.7K
NOI $56,083 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
502
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?
Multifamily property - Updated apartments feature refreshed kitchens, bathrooms, and major building systems near coastal amenities and transportation.
Where is this multifamily property located?
The property is located at 318-316 Grovers Ave Bridgeport, CT.
What is the asking price?
The asking price for this property is $779,900.
What are key features of this property?
This property features: Renovated first- and second‑floor apartments with updated kitchens and bathrooms; Infrastructure improvements include waste pipe, PVC plumbing, furnaces, water heaters, and electrical; Built in 1878
