Multifamily Property with Separate
For Sale
$695,000
Pending
283 Salem Street, Bridgeport, CT 06606
Income property with units arranged on different floors, full basement, and forced-air heating.
Property Size3,559 SF
Days on Market23
Property Features for 283 Salem Street
General Information
Standard status
Pending
Size
3,559 SF
Property subtype
Residential Income
Zoning
RB
Taxes and HOA fees
Annual Taxes
$9,202
Amenities
Oil, Forced Air
Full
Electric Water Heater
Units on different Floors
Building Details
Building Size
3,559 SF
Year Built
1933
Listing Agency:
(203) 872-7170
Listed By:
Jason Piccirillo
(203) 872-7170
Source:
Evrealestate
Added: Jul 17
Changed: Aug 8
Last Checked: Aug 8 at 7:14AM
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 Jason Piccirillo
Investment Insights
Based on property information with market context.
This multifamily property at 283 Salem Street in Bridgeport, Connecticut, contains 3,559 square feet and was built in 1933. The units are arranged on separate floors, creating a vertically distributed residential configuration. Interior features include a full basement, oil-fired forced-air heating, and an electric water heater.
The property is located in Fairfield County, with access from Main Street to Salem Street. Zoning is RB, and the asset is offered for sale.
The property is located in Fairfield County, with access from Main Street to Salem Street. Zoning is RB, and the asset is offered for sale.
Key Highlights
- 3,559‑square‑foot multifamily property
- Units arranged on different floors
- Built in 1933
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
$41,864
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
6.02%
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%
$837,280
$837.3K
Cap Rate 7%
$598,057
$598.1K
Cap Rate 9%
$465,156
$465.2K
Market Conditions
NOI Build-Up for 3,559 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
$80.3K $22.56/SF
− Vacancy
−$4.2K −$1.17/SF
EGI
$76.1K $21.39/SF
− OpEx
−$34.3K −$9.62/SF
NOI
$41.9K $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%
$837,280
Cap Rate 7%
$598,057
Cap Rate 9%
$465,156
Alternative Uses
Best Use
Apartment 5plus
$598.1K
$523.3K – $697.7K
NOI $41,864 @ 7.0% cap · market cap 6.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$888.8K – $1.19M
NOI $71,107 @ 7.0% cap · market cap 10.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,664
Businesses Nearby
Explore this area
Business Placement
Demographics for 06606, CT
48,427
Population
19,002
Households
2.5
Avg Household Size
36
Median Age
23%
College-Educated
82%
High-School Grad
5.3 sq mi
ZIP Area
9,137
Density / Sq Mi
$68,538
Median Household Income
$35,128
Median Earnings
$1,434
Median Rent
$272,100
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?
Residential income property - Income property with units arranged on different floors, full basement, and forced-air heating.
Where is this residential income property located?
The property is located at 283 Salem Street Bridgeport, CT.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 3,559‑square‑foot multifamily property; Units arranged on different floors; Built in 1933
