Six-Family Apartment
For Sale
$1,425,000
Pending
1389 Pembroke St, Bridgeport, CT 06608
Occupied multifamily property with renovated units, updated mechanical systems, and dedicated driveway parking for residents.
Property Size6,578 SF
Days on Market175
Property Features for 1389 Pembroke St
General Information
Standard status
Pending
Size
6,578 SF
Property subtype
Multi-Family
Building Details
Year Built
1912
Listing Agency:
Top Tier Realty Group, LLC
(203) 521-5339
Listed By:
Lisa Nussbaum (203) 521-5339 (203) 521-5339 · License #REB.0794757
Source:
Centralconnecticuthomefinder
Added: Mar 10
Changed: Aug 29
Last Checked: Aug 29 at 11:24PM
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 Top Tier Realty Group, LLC
Investment Insights
Based on property information with market context.
This 6,578-square-foot apartment property contains six residential units with a mix of two- and three-bedroom floor plans. The units feature generous layouts and have been updated or renovated. The building is currently occupied, providing an existing tenant base, while updated mechanical systems support the property’s ongoing operations. A new roof was installed in 2022.
Positioned on a corner lot, the property includes dedicated off-street driveway parking for each unit. Its location near schools, shopping, and other local amenities adds practical convenience for residents. Built in 1912, the building combines established multifamily construction with recent capital improvements and updated interiors.
Positioned on a corner lot, the property includes dedicated off-street driveway parking for each unit. Its location near schools, shopping, and other local amenities adds practical convenience for residents. Built in 1912, the building combines established multifamily construction with recent capital improvements and updated interiors.
Key Highlights
- Six‑unit apartment property totaling 6,578 square feet
- Unit mix includes two- and three‑bedroom apartments
- Units have been updated or renovated
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
$77,376
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
5.43%
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%
$1,547,520
$1.5M
Cap Rate 7%
$1,105,371
$1.1M
Cap Rate 9%
$859,733
$859.7K
Market Conditions
NOI Build-Up for 6,578 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
$148.4K $22.56/SF
− Vacancy
−$7.7K −$1.17/SF
EGI
$140.7K $21.39/SF
− OpEx
−$63.3K −$9.62/SF
NOI
$77.4K $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%
$1,547,520
Cap Rate 7%
$1,105,371
Cap Rate 9%
$859,733
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$967.2K – $1.29M
NOI $77,376 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M
NOI $131,425 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,822
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Occupied multifamily property with renovated units, updated mechanical systems, and dedicated driveway parking for residents.
Where is this apartment building located?
The property is located at 1389 Pembroke St Bridgeport, CT.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: Six‑unit apartment property totaling 6,578 square feet; Unit mix includes two- and three‑bedroom apartments; Units have been updated or renovated
