Three-Family Property in Bridgeport,
For Sale
$630,000
Pending
203 Lenox Ave, Bridgeport, CT 06605
Three-family property with recent renovations in a walkable location.
Property Size3,047 SF
Days on Market127
Property Features for 203 Lenox Ave
General Information
Standard status
Pending
Size
3,047 SF
Property subtype
Multi Family
Building Details
Building Size
3,047 SF
Year Built
1920
Listing Agency:
(203) 212-6249
Listed By:
Ruth-Ann Mitchell
(203) 212-6249
Source:
Elliman
Added: Apr 27
Changed: Aug 13
Last Checked: Aug 30 at 4:37PM
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 Ruth-Ann Mitchell
Investment Insights
Based on property information with market context.
This three-family property is mainly occupied, with the third floor having been recently renovated. The property is located in a very walkable area, with a walk score of 85. The bike score is 51, indicating it is bikeable. The transit score is 48, suggesting some transit options are available. The property is being sold AS IS.
Key Highlights
- Very Walkable (Walk Score: 85) - Enjoy the convenience of nearby amenities.
- Three‑family property - Great investment opportunity.
- Third floor recently renovated - Move‑in ready or rent out immediately.
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
$39,486
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
6.27%
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%
$789,720
$789.7K
Cap Rate 7%
$564,086
$564.1K
Cap Rate 9%
$438,733
$438.7K
Market Conditions
NOI Build-Up for 3,047 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
$60.3K $19.80/SF
− Vacancy
−$3.9K −$1.29/SF
EGI
$56.4K $18.51/SF
− OpEx
−$16.9K −$5.55/SF
NOI
$39.5K $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%
$789,720
Cap Rate 7%
$564,086
Cap Rate 9%
$438,733
Alternative Uses
Best Use
Multifamily LT 5
$564.1K
$493.6K – $658.1K
NOI $39,486 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$512.0K
$448.0K – $597.4K
NOI $35,841 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$869.7K
$761.0K – $1.01M
NOI $60,878 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,126
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-family property with recent renovations in a walkable location.
Where is this triplex located?
The property is located at 203 Lenox Ave Bridgeport, CT.
What is the asking price?
The asking price for this property is $630,000.
What are key features of this property?
This property features: Very Walkable (Walk Score: 85) - Enjoy the convenience of nearby amenities.; Three‑family property - Great investment opportunity.; Third floor recently renovated - Move‑in ready or rent out immediately.
