Renovated Apartment
For Sale
$1,325,000
343 Pearl St, Bridgeport, CT 06608
Renovated multifamily building with six renovated 2-bedroom apartments on a residential block near major transportation routes.
Property Size4,554 SF
Days on Market67
Property Features for 343 Pearl St
General Information
Standard status
Active
Size
4,554 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
6
Building Details
Building Size
4,554 SF
Year Built
1919
Listing Agency:
Baldwin Pearson & Co., Inc
Listed By:
Daniel Shawah · License #RES.0829215
(203) 521-6348
Source:
Elliman
Added: Jul 3
Changed: Aug 23
Last Checked: Sep 6 at 6:46AM
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 Baldwin Pearson & Co., Inc
Investment Insights
Based on property information with market context.
343 Pearl Street is a renovated apartment building offered for sale, featuring six renovated 2-bedroom apartments. The property is described as being located on a well-maintained residential block just off Boston Avenue.
The offering highlights strong rental demand and convenient access to major transportation routes, employment centers, retail amenities, and public transit in Bridgeport’s East Side area. The building is presented as positioned for long-term occupancy.
Ownership includes a compact multifamily configuration designed around six renovated two-bedroom units.
The offering highlights strong rental demand and convenient access to major transportation routes, employment centers, retail amenities, and public transit in Bridgeport’s East Side area. The building is presented as positioned for long-term occupancy.
Ownership includes a compact multifamily configuration designed around six renovated two-bedroom units.
Key Highlights
- Renovated multifamily building built in 1919
- Contains six renovated 2‑bedroom apartments
- Located on a well‑maintained residential block just off Boston Avenue in Bridgeport’s East Side
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
$53,568
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
4.04%
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%
$1,071,360
$1.1M
Cap Rate 7%
$765,257
$765.3K
Cap Rate 9%
$595,200
$595.2K
Market Conditions
NOI Build-Up for 4,554 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
$102.7K $22.56/SF
− Vacancy
−$5.3K −$1.17/SF
EGI
$97.4K $21.39/SF
− OpEx
−$43.8K −$9.62/SF
NOI
$53.6K $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%
$1,071,360
Cap Rate 7%
$765,257
Cap Rate 9%
$595,200
Alternative Uses
Best Use
Apartment 5plus
$765.3K
$669.6K – $892.8K
NOI $53,568 @ 7.0% cap · market cap 4.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $90,987 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,822
Businesses Nearby
Explore this area
Business Placement
Demographics for 06608, CT
14,312
Population
4,915
Households
2.9
Avg Household Size
33
Median Age
7%
College-Educated
67%
High-School Grad
1.0 sq mi
ZIP Area
14,312
Density / Sq Mi
$43,008
Median Household Income
$30,524
Median Earnings
$1,311
Median Rent
$222,900
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?
Apartment building - Renovated multifamily building with six renovated 2-bedroom apartments on a residential block near major transportation routes.
Where is this apartment building located?
The property is located at 343 Pearl St Bridgeport, CT.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: Renovated multifamily building built in 1919; Contains six renovated 2‑bedroom apartments; Located on a well‑maintained residential block just off Boston Avenue in Bridgeport’s East Side
