Multifamily Property with Finished
For Sale
$1,000,000
23-27 Bishop Avenue, Bridgeport, CT 06607
Multi-Family For Sale, Units on different Floors, Bridgeport, CT
Property Size5,274 SF
Lot Size0.11 Acres
Price / SF$189.61
Days on Market87
Property Features for 23-27 Bishop Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
ORS
Bedrooms
16
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 15, Bathroom 4, Bathroom 5, Bedroom 6, Bedroom 9, Bedroom 3, Bathroom 2, Bedroom 4, Bedroom 13, Bedroom 12, Bedroom 1, Bedroom 11, Bathroom 1, Bedroom 5, Bedroom 7, Bedroom 14, Bedroom 10, Bathroom 3, Bedroom 16, Bedroom 2, Basement, Bedroom 8
Parking
5
Exterior features
Balcony
Basement
Partially Finished, Full
Lot features
Level Lot
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
GPS Accesible
Standard status
Active
Size
5,274 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
11932
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Amenities
in-unit laundry hookups
finished basement
Building Details
Year built
1913
Architectural style
Other
Listing Agency:
US Asset Realty
(800) 913-1936
Listed By:
Alexia Andrade · License #RES.0815052
(203) 383-9986
Added: Jul 8
Changed: Sep 30
Last Checked: Oct 2 at 12:06PM
MLS# 24189853
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,274-square-foot multifamily property sits on a 0.11-acre lot and was built in 1913. The building has a finished basement, balcony, updated kitchens and bathrooms, hardwood flooring, and laundry hookups within the units. Baseboard heat serves the property, with public water and sewer connections. The listed zoning designation is ORS.
The property is on Bridgeport’s East Side, with access to I-95, Route 8, and Route 25. Nearby destinations identified include Downtown Bridgeport, Metro-North service, the Bridgeport Ferry, Seaside Park, shopping, schools, healthcare, and public transportation.
The property is on Bridgeport’s East Side, with access to I-95, Route 8, and Route 25. Nearby destinations identified include Downtown Bridgeport, Metro-North service, the Bridgeport Ferry, Seaside Park, shopping, schools, healthcare, and public transportation.
Key Highlights
- 5,274‑square‑foot multifamily property on a 0.11‑acre lot
- Finished basement and balcony
- Updated kitchens and bathrooms, hardwood flooring, and in‑unit laundry hookups
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
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Current Use
Lease Details
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Updated kitchens and bathrooms, hardwood floors, and in-unit laundry hookups are among the building’s residential features.
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: 5,274‑square‑foot multifamily property on a 0.11‑acre lot; Finished basement and balcony; Updated kitchens and bathrooms, hardwood flooring, and in‑unit laundry hookups
