Updated Two-Family
For Sale
$719,000
244 Bennett Street, Bridgeport, CT 06605
Three finished levels, refreshed interiors, and a detached garage support flexible residential use in Bridgeport’s Black Rock area.
Property Size3,234 SF
Price / SF$222.33
Days on Market11
Property Features for 244 Bennett Street
General Information
Standard status
Active
Size
3,234 SF
Property subtype
2 Family
Building Details
Year Built
1955
Listing Agency:
William Raveis Real Estate
Listed By:
Kaitlyn Walsh
(203) 231-1950
Source:
Lockandkeyre
Added: Sep 16
Changed: Sep 24
Last Checked: Sep 26 at 9:47AM
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.
Built in 1955, this 3,234-square-foot duplex spans three finished levels and has undergone extensive updates, including flooring, cabinetry, countertops, appliances, bathroom fixtures, recessed lighting, sheetrock, trim, HVAC, and electrical work. The first-floor apartment is ready for occupancy and features an open layout, leathered granite countertops, a vessel sink, custom storage, and central air.
Exterior improvements include low-maintenance crushed-stone landscaping with mature perennial and evergreen plantings. A detached two-car garage provides options for parking or storage and may support additional income. The property is within walking distance of shopping, restaurants, live music, Fairfield Metro train station, and the St. Mary’s By the Sea waterfront.
Exterior improvements include low-maintenance crushed-stone landscaping with mature perennial and evergreen plantings. A detached two-car garage provides options for parking or storage and may support additional income. The property is within walking distance of shopping, restaurants, live music, Fairfield Metro train station, and the St. Mary’s By the Sea waterfront.
Key Highlights
- Two‑family property with three finished levels
- 3,234 square feet; built in 1955
- Extensive updates to kitchens, baths, flooring, HVAC, electrical, and finishes
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
$41,910
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
5.83%
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%
$838,200
$838.2K
Cap Rate 7%
$598,714
$598.7K
Cap Rate 9%
$465,667
$465.7K
Market Conditions
NOI Build-Up for 3,234 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
$64.0K $19.80/SF
− Vacancy
−$4.2K −$1.29/SF
EGI
$59.9K $18.51/SF
− OpEx
−$18.0K −$5.55/SF
NOI
$41.9K $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%
$838,200
Cap Rate 7%
$598,714
Cap Rate 9%
$465,667
Alternative Uses
Best Use
Multifamily LT 5
$598.7K
$523.9K – $698.5K
NOI $41,910 @ 7.0% cap · market cap 5.83%
Second Best
Apartment 5plus
$543.4K
$475.5K – $634.0K
NOI $38,041 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$923.1K
$807.7K – $1.08M
NOI $64,614 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,298
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
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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?
Duplex - Three finished levels, refreshed interiors, and a detached garage support flexible residential use in Bridgeport’s Black Rock area.
Where is this duplex located?
The property is located at 244 Bennett Street Bridgeport, CT.
What is the asking price?
The asking price for this property is $719,000.
What are key features of this property?
This property features: Two‑family property with three finished levels; 3,234 square feet; built in 1955; Extensive updates to kitchens, baths, flooring, HVAC, electrical, and finishes
