Multifamily Income
For Sale
$1,000,000
Pending
23-27 Bishop Avenue, Bridgeport, CT 06607
Well-maintained multifamily building with units featuring 4 bedrooms, updated kitchens and baths, and in-unit laundry hookups.
Property Size5,274 SF
Days on Market54
Property Features for 23-27 Bishop Avenue
General Information
Standard status
Pending
Size
5,274 SF
Property subtype
3 Family
Additional Details
Business Included
Yes
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$11,932
Building Details
Building Size
5,274 SF
Year Built
1913
Listing Agency:
US Asset Realty
(800) 913-1936
Listed By:
Alexia Andrade · License #RES.0815052
(203) 383-9986
Source:
Higginsgroup
Added: Jul 9
Changed: Aug 28
Last Checked: Aug 25 at 12:27PM
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 US Asset Realty
Investment Insights
Based on property information with market context.
This well-maintained multifamily property offers multiple spacious units, each featuring four bedrooms and one full bathroom. Unit interiors include updated kitchens and updated bathrooms, along with hardwood flooring and in-unit laundry hookups for added convenience.
The property also includes a finished basement, which provides additional usable space with flexible possibilities that require buyer due diligence.
Located on Bridgeport’s East Side, the property provides convenient access to I-95, Route 8, and Route 25. Residents are described as being minutes from Downtown Bridgeport and the Metro-North train station, as well as the Bridgeport Ferry, Seaside Park, shopping and grocery options, restaurants, schools, healthcare facilities, and public transportation.
The property also includes a finished basement, which provides additional usable space with flexible possibilities that require buyer due diligence.
Located on Bridgeport’s East Side, the property provides convenient access to I-95, Route 8, and Route 25. Residents are described as being minutes from Downtown Bridgeport and the Metro-North train station, as well as the Bridgeport Ferry, Seaside Park, shopping and grocery options, restaurants, schools, healthcare facilities, and public transportation.
Key Highlights
- Built in 1913, well‑maintained multifamily property on Bridgeport’s East Side
- Each unit offers 4 bedrooms and 1 full bathroom, plus updated kitchens and updated bathrooms
- Beautiful hardwood flooring throughout and in‑unit laundry hookups for tenant convenience
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
$62,037
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
6.20%
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%
$1,240,740
$1.2M
Cap Rate 7%
$886,243
$886.2K
Cap Rate 9%
$689,300
$689.3K
Market Conditions
NOI Build-Up for 5,274 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
$119.0K $22.56/SF
− Vacancy
−$6.2K −$1.17/SF
EGI
$112.8K $21.39/SF
− OpEx
−$50.8K −$9.62/SF
NOI
$62.0K $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%
$1,240,740
Cap Rate 7%
$886,243
Cap Rate 9%
$689,300
Alternative Uses
Best Use
Apartment 5plus
$886.2K
$775.5K – $1.03M
NOI $62,037 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,372 @ 7.0% cap · market cap 10.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,844
Businesses Nearby
Explore this area
Business Placement
Demographics for 06607, CT
8,690
Population
2,696
Households
3.2
Avg Household Size
33
Median Age
7%
College-Educated
75%
High-School Grad
1.2 sq mi
ZIP Area
7,242
Density / Sq Mi
$49,555
Median Household Income
$32,000
Median Earnings
$1,398
Median Rent
$218,500
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?
Multifamily property - Well-maintained multifamily building with units featuring 4 bedrooms, updated kitchens and baths, and in-unit laundry hookups.
Where is this multifamily property located?
The property is located at 23-27 Bishop Avenue Bridgeport, CT.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Built in 1913, well‑maintained multifamily property on Bridgeport’s East Side; Each unit offers 4 bedrooms and 1 full bathroom, plus updated kitchens and updated bathrooms; Beautiful hardwood flooring throughout and in‑unit laundry hookups for tenant convenience
