Two-Family Home with Development
For Sale
$589,000
319 Carroll Avenue, Bridgeport, CT 06607
Updated two-family home paired with a city-approved buildable parcel and plans for future multifamily development.
Property Size2,302 SF
Price / SF$255.86
Days on Market73
Property Features for 319 Carroll Avenue
General Information
Standard status
Active
Size
2,302 SF
Property subtype
2 Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1892
Listing Agency:
Century 21 Scala Group
(203) 243-7648
Listed By:
Sara Barnaba
(203) 243-7648
Source:
Lockandkeyre
Added: May 28
Changed: Aug 8
Last Checked: Jul 16 at 6:28AM
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 Century 21 Scala Group
Investment Insights
Based on property information with market context.
This rare package deal includes a spacious two-family home and a city-approved buildable parcel sold together. The home features updated kitchens, a finished attic, and a roomy layout designed to support strong residential income while maintaining flexibility for the next stage of growth. With the included parcel comes a survey and approved plans already in place, providing a clear path toward future multifamily development.
The property is offered at 319 Carroll Avenue, Bridgeport, CT 06607. Because the parcel is approved for future multi-family use, the acquisition offers both immediate ownership value and a head start on development planning.
For owner-occupants, this setup can allow you to live in the home while benefiting from rental income from the second unit. Investors may be drawn to the combination of existing income potential and expansion upside through the adjacent development plans. Developers and value-add operators will appreciate that the groundwork is already documented with a survey and city-approved plans, reducing early-cycle uncertainty and enabling a more straightforward progression from acquisition to future buildout.
The property is offered at 319 Carroll Avenue, Bridgeport, CT 06607. Because the parcel is approved for future multi-family use, the acquisition offers both immediate ownership value and a head start on development planning.
For owner-occupants, this setup can allow you to live in the home while benefiting from rental income from the second unit. Investors may be drawn to the combination of existing income potential and expansion upside through the adjacent development plans. Developers and value-add operators will appreciate that the groundwork is already documented with a survey and city-approved plans, reducing early-cycle uncertainty and enabling a more straightforward progression from acquisition to future buildout.
Key Highlights
- 1892‑built updated two‑family home with updated kitchens and a spacious layout
- Sold together with a city‑approved buildable parcel
- Parcel includes a survey and approved plans for future multifamily development
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
$29,832
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
5.06%
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%
$596,640
$596.6K
Cap Rate 7%
$426,171
$426.2K
Cap Rate 9%
$331,467
$331.5K
Market Conditions
NOI Build-Up for 2,302 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
$45.6K $19.80/SF
− Vacancy
−$3.0K −$1.29/SF
EGI
$42.6K $18.51/SF
− OpEx
−$12.8K −$5.55/SF
NOI
$29.8K $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%
$596,640
Cap Rate 7%
$426,171
Cap Rate 9%
$331,467
Alternative Uses
Best Use
Multifamily LT 5
$426.2K
$372.9K – $497.2K
NOI $29,832 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$386.8K
$338.5K – $451.3K
NOI $27,078 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$657.0K
$574.9K – $766.6K
NOI $45,993 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
832
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?
Duplex - Updated two-family home paired with a city-approved buildable parcel and plans for future multifamily development.
Where is this duplex located?
The property is located at 319 Carroll Avenue Bridgeport, CT.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: 1892‑built updated two‑family home with updated kitchens and a spacious layout; Sold together with a city‑approved buildable parcel; Parcel includes a survey and approved plans for future multifamily development
