Two-Family Residential Income
For Sale
$445,000
Pending
149 Shelton Street, Bridgeport, CT 06608
Renovated first-floor unit with off-street parking in a two-family property with a full basement.
Property Size2,156 SF
Days on Market63
Property Features for 149 Shelton Street
General Information
Standard status
Pending
Size
2,156 SF
Property subtype
2 Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
Serhant Connecticut, LLC
(860) 801-7630
Listed By:
Jithu Sajeevan · License #REB.0795779
(860) 801-7630
Source:
Lockandkeyre
Added: Jun 24
Changed: Aug 7
Last Checked: Jul 23 at 5:29AM
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 Serhant Connecticut, LLC
Investment Insights
Based on property information with market context.
149-151 Shelton Street presents a well-maintained two-family residential income property suited to both owner-occupants and investors. The first-floor unit has been fully renovated and is in excellent condition, with new flooring and updated finishes throughout, along with a functional layout designed for immediate occupancy. The property includes approximately 2,156 square feet of living space, featuring 4 bedrooms and 2 full bathrooms, plus a full basement for additional storage and utility needs. Off-street parking is also available.
The property is located near shopping, dining, parks, schools, and public transportation, with Metro-North access and major commuter routes nearby. This convenience supports day-to-day accessibility for residents and helps make the location practical for a range of tenant lifestyles.
From a tenant and buyer fit standpoint, the move-in-ready first-floor condition can reduce near-term updates for an owner-occupant while still supporting rental use for the second unit. The combination of updated interior improvements, a newer roof, and off-street parking adds to the overall livability and day-to-day ease of operating this two-family asset.
The property is located near shopping, dining, parks, schools, and public transportation, with Metro-North access and major commuter routes nearby. This convenience supports day-to-day accessibility for residents and helps make the location practical for a range of tenant lifestyles.
From a tenant and buyer fit standpoint, the move-in-ready first-floor condition can reduce near-term updates for an owner-occupant while still supporting rental use for the second unit. The combination of updated interior improvements, a newer roof, and off-street parking adds to the overall livability and day-to-day ease of operating this two-family asset.
Key Highlights
- Two‑family home built in 1920 with approximately 2,156 SF of living space, 4 bedrooms, and 2 full bathrooms
- First‑floor unit is fully renovated with new flooring and updated finishes throughout—move‑in ready
- Significant capital improvements include a newer roof to help minimize future maintenance
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
$27,940
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
6.28%
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%
$558,800
$558.8K
Cap Rate 7%
$399,143
$399.1K
Cap Rate 9%
$310,444
$310.4K
Market Conditions
NOI Build-Up for 2,156 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
$42.7K $19.80/SF
− Vacancy
−$2.8K −$1.29/SF
EGI
$39.9K $18.51/SF
− OpEx
−$12.0K −$5.55/SF
NOI
$27.9K $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%
$558,800
Cap Rate 7%
$399,143
Cap Rate 9%
$310,444
Alternative Uses
Best Use
Multifamily LT 5
$399.1K
$349.3K – $465.7K
NOI $27,940 @ 7.0% cap · market cap 6.28%
Second Best
Apartment 5plus
$362.3K
$317.0K – $422.7K
NOI $25,361 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$615.4K
$538.5K – $717.9K
NOI $43,076 @ 7.0% cap · market cap 9.68%
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
1,698
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?
Duplex - Renovated first-floor unit with off-street parking in a two-family property with a full basement.
Where is this duplex located?
The property is located at 149 Shelton Street Bridgeport, CT.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Two‑family home built in 1920 with approximately 2,156 SF of living space, 4 bedrooms, and 2 full bathrooms; First‑floor unit is fully renovated with new flooring and updated finishes throughout—move‑in ready; Significant capital improvements include a newer roof to help minimize future maintenance
