Four-Unit Waterfront
For Sale
$649,900
373-375 - 377 Midland Street, Bridgeport, CT 06605
Separate apartments near Seabright Beach, the harbor, shopping, commuter rail, and major road connections.
Property Size3,204 SF
Price / SF$202.84
Days on Market203
Property Features for 373-375 - 377 Midland Street
General Information
Standard status
Active
Size
3,204 SF
Property subtype
Multi-Family / 3 Family
Zoning
RB
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$13,264
Amenities
No
Hot Air
13
Sidewalk, Porch, Gutters, Lighting
L. I. Sound Frontage, Walk to Water, Water Community
Building Details
Year Built
1929
Listing Agency:
RE/MAX Right Choice
(203) 209-8111
Listed By:
Paul Ferreira · License #RES.0756087
(203) 209-8111
Source:
Compass
Added: Feb 8
Changed: Aug 30
Last Checked: Aug 30 at 11:42AM
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 RE/MAX Right Choice
Investment Insights
Based on property information with market context.
This 3,204-square-foot quadplex, built in 1929, contains four separately configured apartments. The first floor includes one one-bedroom, one-bath apartment with three rooms and a two-bedroom, one-bath apartment with three rooms. The second floor offers a two-bedroom, one-bath residence with five rooms, while the third floor provides an open-plan one-bedroom, one-bath apartment with two rooms. Interior features include hot-air heating, and the property includes a porch, gutters, lighting, and sidewalks.
The property is located in the Black Rock area near Seabright Beach, the harbor, St. Mary by the Sea, and Harborview Market. Major shopping, Starbucks, D&D, and restaurants are 0.9 miles away. Access points include the Merritt Parkway at 7.75 miles, Route 8 at 8.2 miles, I-95 north and south ramps at 1.8 miles, and Fairfield train station at 1.2 miles. The property is zoned RB and includes L. I. Sound frontage and walk-to-water access.
The property is located in the Black Rock area near Seabright Beach, the harbor, St. Mary by the Sea, and Harborview Market. Major shopping, Starbucks, D&D, and restaurants are 0.9 miles away. Access points include the Merritt Parkway at 7.75 miles, Route 8 at 8.2 miles, I-95 north and south ramps at 1.8 miles, and Fairfield train station at 1.2 miles. The property is zoned RB and includes L. I. Sound frontage and walk-to-water access.
Key Highlights
- Four separately configured apartments within a 3,204‑square‑foot quadplex
- Apartment mix includes two 1‑bedroom units and two 2‑bedroom units
- Built in 1929; zoned RB
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
$41,521
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
6.39%
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%
$830,420
$830.4K
Cap Rate 7%
$593,157
$593.2K
Cap Rate 9%
$461,344
$461.3K
Market Conditions
NOI Build-Up for 3,204 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
$63.4K $19.80/SF
− Vacancy
−$4.1K −$1.29/SF
EGI
$59.3K $18.51/SF
− OpEx
−$17.8K −$5.55/SF
NOI
$41.5K $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%
$830,420
Cap Rate 7%
$593,157
Cap Rate 9%
$461,344
Alternative Uses
Best Use
Multifamily LT 5
$593.2K
$519.0K – $692.0K
NOI $41,521 @ 7.0% cap · market cap 6.39%
Second Best
Apartment 5plus
$538.4K
$471.1K – $628.1K
NOI $37,688 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$914.5K
$800.2K – $1.07M
NOI $64,014 @ 7.0% cap · market cap 9.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
772
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Separate apartments near Seabright Beach, the harbor, shopping, commuter rail, and major road connections.
Where is this quadplex located?
The property is located at 373-375 - 377 Midland Street Bridgeport, CT.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Four separately configured apartments within a 3,204‑square‑foot quadplex; Apartment mix includes two 1‑bedroom units and two 2‑bedroom units; Built in 1929; zoned RB
