Four-Story Brick Apartment
For Sale
Contact for pricing
223 Iranistan Ave, Bridgeport, CT 06604
Market-rate apartments with upgrades to kitchens, bathrooms, flooring, and lighting.
Property Size40,742 SF
Lot Size0.63 Acres
Price / SF$220.90
Days on Market159
Property Features for 223 Iranistan Ave
General Information
Standard status
Active
Size
40,742 SF
Net Rentable
40,742 SF
Lot size
0.63 Acres
Property subtype
Multifamily
Additional Details
Cap Rate
6%
Multifamily Units
60
Building Details
Year Built
1969
Buildings
1
Stories
4
Units
60
Construction
brick
Listing Agency:
NorthEast Private Client Group Shelton
(203) 727-3212
Listed By:
Rich Edwards · License #RES.0802816
Source:
Crexi
Added: Mar 26
Changed: Aug 31
Last Checked: Aug 31 at 1:42AM
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 NorthEast Private Client Group Shelton
Investment Insights
Based on property information with market context.
Seabreeze Apartments is a 60-unit, four-story brick apartment property constructed in 1969. The building contains 40,742 square feet of rentable space on 0.63 acres at 223 Iranistan Avenue in Bridgeport, Connecticut. All units are market-rate, and prior improvements include updated kitchens, bathrooms, flooring, lighting, and exterior elements.
The property is positioned near local shopping and transportation, with commuting access to employment centers in New Haven, Stratford, Shelton, and Lower Fairfield County. The surrounding demand base includes universities, hospitals, a Metro-North station, M&T Bank headquarters, a deep-water port, and ferry service to Port Jefferson on Long Island. The in-place capitalization rate is 6.00%, while the Bridgeport submarket vacancy rate is reported at 3.9%.
The property is positioned near local shopping and transportation, with commuting access to employment centers in New Haven, Stratford, Shelton, and Lower Fairfield County. The surrounding demand base includes universities, hospitals, a Metro-North station, M&T Bank headquarters, a deep-water port, and ferry service to Port Jefferson on Long Island. The in-place capitalization rate is 6.00%, while the Bridgeport submarket vacancy rate is reported at 3.9%.
Key Highlights
- 60‑unit apartment property with 40,742 square feet of rentable space
- Four‑story brick building constructed in 1969
- Situated on 0.63 acres at 223 Iranistan Avenue, Bridgeport, CT 06604
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
$479,239
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
5.32%
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%
$9,584,780
$9.6M
Cap Rate 7%
$6,846,271
$6.8M
Cap Rate 9%
$5,324,878
$5.3M
Market Conditions
NOI Build-Up for 40,742 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
$919.1K $22.56/SF
− Vacancy
−$47.8K −$1.17/SF
EGI
$871.3K $21.39/SF
− OpEx
−$392.1K −$9.62/SF
NOI
$479.2K $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%
$9,584,780
Cap Rate 7%
$6,846,271
Cap Rate 9%
$5,324,878
Alternative Uses
Best Use
Apartment 5plus
$6.85M
$5.99M – $7.99M
NOI $479,239 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.63M
$10.18M – $13.57M
NOI $814,006 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
60
Residential units
Location Intelligence
Trade Area within ½ mile
659
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?
Apartment building - Market-rate apartments with upgrades to kitchens, bathrooms, flooring, and lighting.
Where is this apartment building located?
The property is located at 223 Iranistan Ave Bridgeport, CT.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: 60‑unit apartment property with 40,742 square feet of rentable space; Four‑story brick building constructed in 1969; Situated on 0.63 acres at 223 Iranistan Avenue, Bridgeport, CT 06604
