3-Unit Triplex with Three-Bedroom
For Sale
$720,000
32-34 Park Terrace, Bridgeport, CT 06604
Three apartments offer living rooms, eat-in kitchens, and full baths in a multifamily configuration.
Property Size3,159 SF
Price / SF$227.92
Days on Market18
Property Features for 32-34 Park Terrace
General Information
Standard status
Active
Size
3,159 SF
Property subtype
Multi-Family
Building Details
Year Built
1910
Listing Agency:
BHGRE Gaetano Marra Homes
(203) 520-2305
Listed By:
Stephanie Ferreira · License #RES.0821641
Source:
Themialeteam
Added: Aug 14
Changed: Aug 29
Last Checked: Aug 29 at 2:06PM
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 BHGRE Gaetano Marra Homes
Investment Insights
Based on property information with market context.
This three-family property contains three separate apartments with a practical residential layout. The first and second units each include three bedrooms, a living room, an eat-in kitchen, and a full bathroom. The top-floor apartment provides two bedrooms along with its own living room, eat-in kitchen, and full bathroom. The property was built in 1910.
The building is positioned near Seaside Park, the University of Bridgeport, Total Mortgage Arena, downtown Bridgeport, and the Metro-North train station. Shopping, dining, public transportation, and major highways are also located nearby, placing a range of daily services and regional connections within the surrounding area.
The building is positioned near Seaside Park, the University of Bridgeport, Total Mortgage Arena, downtown Bridgeport, and the Metro-North train station. Shopping, dining, public transportation, and major highways are also located nearby, placing a range of daily services and regional connections within the surrounding area.
Key Highlights
- Three‑family property with 3 separate apartments
- Unit mix includes 3 bedrooms, 3 bedrooms, and 2 bedrooms
- Each apartment has a living room, eat‑in kitchen, and full bath
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
$40,938
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
5.69%
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%
$818,760
$818.8K
Cap Rate 7%
$584,829
$584.8K
Cap Rate 9%
$454,867
$454.9K
Market Conditions
NOI Build-Up for 3,159 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
$62.5K $19.80/SF
− Vacancy
−$4.1K −$1.29/SF
EGI
$58.5K $18.51/SF
− OpEx
−$17.5K −$5.55/SF
NOI
$40.9K $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%
$818,760
Cap Rate 7%
$584,829
Cap Rate 9%
$454,867
Alternative Uses
Best Use
Multifamily LT 5
$584.8K
$511.7K – $682.3K
NOI $40,938 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$530.8K
$464.5K – $619.3K
NOI $37,159 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$901.6K
$788.9K – $1.05M
NOI $63,115 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
918
Businesses Nearby
Explore this area
Business Placement
Demographics for 06604, CT
30,003
Population
12,972
Households
2.3
Avg Household Size
35
Median Age
29%
College-Educated
74%
High-School Grad
3.2 sq mi
ZIP Area
9,376
Density / Sq Mi
$45,794
Median Household Income
$34,706
Median Earnings
$1,419
Median Rent
$231,300
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?
Triplex - Three apartments offer living rooms, eat-in kitchens, and full baths in a multifamily configuration.
Where is this triplex located?
The property is located at 32-34 Park Terrace Bridgeport, CT.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: Three‑family property with 3 separate apartments; Unit mix includes 3 bedrooms, 3 bedrooms, and 2 bedrooms; Each apartment has a living room, eat‑in kitchen, and full bath
