Corner-Lot Triplex with
For Sale
$719,500
203-207 Wayne Street, Bridgeport, CT 06606
Three-bedroom layouts, independent utilities, and lower-level service space support separate household occupancy.
Property Size3,423 SF
Price / SF$210.20
Days on Market159
Property Features for 203-207 Wayne Street
General Information
Standard status
Active
Size
3,423 SF
Property subtype
Multi-Family / 3 Family
Zoning
3 Family
Taxes and HOA fees
Annual Taxes
$9,666
Amenities
Yes
Hot Air, Hot Water, Radiator
16
Ceiling Fans
Unfinished, Access Via Hatch
Basement Hook-Up(s)
Lower Level
Porch-Enclosed, Balcony, Sidewalk, Porch, Deck, Gutters, Garden Area, Lighting, Patio
Beach Rights
Building Details
Year Built
1935
Listing Agency:
William Raveis Real Estate
(203) 543-2697
Listed By:
John Hackett · License #REB.0750283
(203) 543-2697
Source:
Compass
Added: Mar 26
Changed: Aug 30
Last Checked: Aug 30 at 1:01AM
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 3,423-square-foot triplex, built in 1935, contains three residential units, including three-bedroom layouts on the first and second floors. Each unit has separate heat, hot water, and electric service. The lower walk-out level provides laundry and storage areas, while the property also includes an enclosed porch, balcony, deck, patio, and garden area.
Set on an oversized corner lot at 203-207 Wayne Street, the property offers a 2-car garage and off-street parking. It is zoned 3 Family and is near schools, Sacred Heart University, retail and shopping, parks and recreation, the bus line, and St. Vincent's Medical Center. Access to Metro-North train stations, I-95, Route 25/8, and the Merritt Parkway is also noted.
Set on an oversized corner lot at 203-207 Wayne Street, the property offers a 2-car garage and off-street parking. It is zoned 3 Family and is near schools, Sacred Heart University, retail and shopping, parks and recreation, the bus line, and St. Vincent's Medical Center. Access to Metro-North train stations, I-95, Route 25/8, and the Merritt Parkway is also noted.
Key Highlights
- 3,423‑square‑foot triplex on an oversized corner lot
- Three‑bedroom units on the first and second floors
- Separate heat, hot water, and electric for each unit
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
$44,359
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
6.17%
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%
$887,180
$887.2K
Cap Rate 7%
$633,700
$633.7K
Cap Rate 9%
$492,878
$492.9K
Market Conditions
NOI Build-Up for 3,423 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
$67.8K $19.80/SF
− Vacancy
−$4.4K −$1.29/SF
EGI
$63.4K $18.51/SF
− OpEx
−$19.0K −$5.55/SF
NOI
$44.4K $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%
$887,180
Cap Rate 7%
$633,700
Cap Rate 9%
$492,878
Alternative Uses
Best Use
Multifamily LT 5
$633.7K
$554.5K – $739.3K
NOI $44,359 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$575.2K
$503.3K – $671.1K
NOI $40,264 @ 7.0% cap · market cap 5.60%
Theoretical Best
Office A
$977.0K
$854.9K – $1.14M
NOI $68,390 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,450
Businesses Nearby
Explore this area
Business Placement
Demographics for 06606, CT
48,427
Population
19,002
Households
2.5
Avg Household Size
36
Median Age
23%
College-Educated
82%
High-School Grad
5.3 sq mi
ZIP Area
9,137
Density / Sq Mi
$68,538
Median Household Income
$35,128
Median Earnings
$1,434
Median Rent
$272,100
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?
Triplex - Three-bedroom layouts, independent utilities, and lower-level service space support separate household occupancy.
Where is this triplex located?
The property is located at 203-207 Wayne Street Bridgeport, CT.
What is the asking price?
The asking price for this property is $719,500.
What are key features of this property?
This property features: 3,423‑square‑foot triplex on an oversized corner lot; Three‑bedroom units on the first and second floors; Separate heat, hot water, and electric for each unit
