Three-Family Property with Detached
For Sale
$699,900
32-34 Elmwood Avenue, Bridgeport, CT 06605
Fully rented triplex with flexible lease terms, a partially finished lower level, and RB zoning.
Property Size3,149 SF
Price / SF$222.26
Days on Market159
Property Features for 32-34 Elmwood Avenue
General Information
Standard status
Active
Size
3,149 SF
Total Parking Spaces
2
Property subtype
Multi-Family / 3 Family
Zoning
RB
Occupancy
100%
Net Operating Income
$53,965
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,935
Amenities
No
Hot Air
14
None. Possible hook ups in basement
Not Applicable
Building Details
Year Built
1915
Buildings
1
Tenancy
Multi
Listing Agency:
Preston Gray Real Estate
(475) 269-5100
Listed By:
Gina F Williams · License #RES.0814726
(475) 269-5100
Source:
Compass
Added: Mar 26
Changed: Aug 30
Last Checked: Aug 30 at 5:03PM
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 Preston Gray Real Estate
Investment Insights
Based on property information with market context.
This 1915 triplex contains 3,149 square feet above the partially finished lower level, with 8 bedrooms and 4 full baths. A detached two-car garage provides additional on-site functionality. Each floor includes a full bath, and the property is equipped with hot-air heating. The lower level also generates additional rental income and is occupied on a month-to-month arrangement.
The property is fully rented, with month-to-month occupancy on the first and second floors and a one-year lease on the third floor. Located at 32-34 Elmwood Avenue in Bridgeport’s West End, the home is near Fairfield, shopping centers, restaurants, parks, major highways, and Metro-North service. RB zoning is in place.
The property is fully rented, with month-to-month occupancy on the first and second floors and a one-year lease on the third floor. Located at 32-34 Elmwood Avenue in Bridgeport’s West End, the home is near Fairfield, shopping centers, restaurants, parks, major highways, and Metro-North service. RB zoning is in place.
Key Highlights
- Triplex with 3,149 square feet, 8 bedrooms, and 4 full baths
- Detached two‑car garage included with the property
- Partially finished lower level provides additional rental income
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
$40,808
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%
$816,160
$816.2K
Cap Rate 7%
$582,971
$583.0K
Cap Rate 9%
$453,422
$453.4K
Market Conditions
NOI Build-Up for 3,149 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
$62.4K $19.80/SF
− Vacancy
−$4.1K −$1.29/SF
EGI
$58.3K $18.51/SF
− OpEx
−$17.5K −$5.55/SF
NOI
$40.8K $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%
$816,160
Cap Rate 7%
$582,971
Cap Rate 9%
$453,422
Alternative Uses
Best Use
Multifamily LT 5
$583.0K
$510.1K – $680.1K
NOI $40,808 @ 7.0% cap · market cap 5.83%
Second Best
Apartment 5plus
$529.2K
$463.0K – $617.4K
NOI $37,041 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$898.8K
$786.5K – $1.05M
NOI $62,916 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,507
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Fully rented triplex with flexible lease terms, a partially finished lower level, and RB zoning.
Where is this triplex located?
The property is located at 32-34 Elmwood Avenue Bridgeport, CT.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Triplex with 3,149 square feet, 8 bedrooms, and 4 full baths; Detached two‑car garage included with the property; Partially finished lower level provides additional rental income
