Updated Four-Unit
For Sale
$699,999
83-87 Madison Ave, Bridgeport, CT 06604
Four updated residential units are complemented by basement storage and utility space in a walkable Bridgeport setting.
Property Size5,259 SF
Days on Market9
Property Features for 83-87 Madison Ave
General Information
Standard status
Active
Size
5,259 SF
Property subtype
Multi Family
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
4
Building Details
Building Size
5,259 SF
Year Built
1902
Listing Agency:
eXp Realty
Listed By:
Michael Sangapore
(203) 430-6874
Source:
Elliman
Added: Sep 19
Last Checked: Sep 26 at 8:44AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This four-unit residential property at 83-87 Madison Ave in Bridgeport, CT, includes updated apartments, a full basement, and a newer roof. The basement provides storage and utility areas, adding functional support space to the building. Constructed in 1902, the property offers a compact multifamily configuration with four residential units under one roof.
The location provides access to major roads, public transportation, shopping, and dining. Walk Score is 85, rated Very Walkable; Transit Score is 49, rated Some Transit; and Bike Score is 51, rated Bikeable. The property is positioned for residential use with convenient access to surrounding services and transportation options.
The location provides access to major roads, public transportation, shopping, and dining. Walk Score is 85, rated Very Walkable; Transit Score is 49, rated Some Transit; and Bike Score is 51, rated Bikeable. The property is positioned for residential use with convenient access to surrounding services and transportation options.
Key Highlights
- Four updated residential units
- Full basement with storage and utility space
- Newer roof
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
$61,860
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
8.84%
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%
$1,237,200
$1.2M
Cap Rate 7%
$883,714
$883.7K
Cap Rate 9%
$687,333
$687.3K
Market Conditions
NOI Build-Up for 5,259 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
$118.6K $22.56/SF
− Vacancy
−$6.2K −$1.17/SF
EGI
$112.5K $21.39/SF
− OpEx
−$50.6K −$9.62/SF
NOI
$61.9K $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%
$1,237,200
Cap Rate 7%
$883,714
Cap Rate 9%
$687,333
Alternative Uses
Best Use
Multifamily LT 5
$973.6K
$851.9K – $1.14M
NOI $68,152 @ 7.0% cap · market cap 9.74%
Second Best
Apartment 5plus
$883.7K
$773.3K – $1.03M
NOI $61,860 @ 7.0% cap · market cap 8.84%
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $105,072 @ 7.0% cap · market cap 15.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,900
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 - Four updated residential units are complemented by basement storage and utility space in a walkable Bridgeport setting.
Where is this quadplex located?
The property is located at 83-87 Madison Ave Bridgeport, CT.
What is the asking price?
The asking price for this property is $699,999.
What are key features of this property?
This property features: Four updated residential units; Full basement with storage and utility space; Newer roof
