Two-Family Home with Finished
For Sale
$600,000
Pending
485 Hallett Street, Bridgeport, CT 06608
Two-family home with a fully finished basement, offered with an adjacent lot as a two-parcel sale.
Property Size1,897 SF
Days on Market52
Property Features for 485 Hallett Street
General Information
Standard status
Pending
Size
1,897 SF
Property subtype
2 Family
Additional Details
Business Included
No
Highway Access
Yes
Multifamily Units
2
Building Details
Building Size
1,897 SF
Year Built
1897
Listing Agency:
mygoodagent
Listed By:
Ariel Edery · License #RES.0818431
(203) 278-0910
Source:
Iverty
Added: Jul 25
Changed: Sep 13
Last Checked: Sep 13 at 10:31AM
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 mygoodagent
Investment Insights
Based on property information with market context.
This well-maintained two-family home features spacious rooms in both units. A fully finished basement is currently used as an extension of the first-floor unit with an in-law-style setup, and it offers the possibility of conversion to a third unit, subject to required municipal approvals. The sale includes the adjacent lot at 519 Hallett St, making it a two-parcel offering that provides additional value and flexibility for the next owner.
The property is located in Bridgeport’s East End with convenient access to schools, parks, shopping, restaurants, public transportation, and major highways.
For buyers seeking a multi-family residence with on-site flexibility, the current configuration provides two units plus a finished lower level that may be repurposed in the future, subject to local requirements.
The property is located in Bridgeport’s East End with convenient access to schools, parks, shopping, restaurants, public transportation, and major highways.
For buyers seeking a multi-family residence with on-site flexibility, the current configuration provides two units plus a finished lower level that may be repurposed in the future, subject to local requirements.
Key Highlights
- Two‑family home built in 1897 in Bridgeport’s East End
- Offered in a two‑parcel sale with the adjacent lot at 519 Hallett St
- Fully finished basement used as an extension of the first‑floor unit with an in‑law‑style setup
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
$24,791
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
4.13%
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%
$495,820
$495.8K
Cap Rate 7%
$354,157
$354.2K
Cap Rate 9%
$275,456
$275.5K
Market Conditions
NOI Build-Up for 1,913 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
$37.9K $19.80/SF
− Vacancy
−$2.5K −$1.29/SF
EGI
$35.4K $18.51/SF
− OpEx
−$10.6K −$5.55/SF
NOI
$24.8K $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%
$495,820
Cap Rate 7%
$354,157
Cap Rate 9%
$275,456
Alternative Uses
Best Use
Multifamily LT 5
$354.2K
$309.9K – $413.2K
NOI $24,791 @ 7.0% cap · market cap 4.13%
Second Best
Apartment 5plus
$321.5K
$281.3K – $375.0K
NOI $22,502 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$546.0K
$477.8K – $637.0K
NOI $38,221 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,784
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family home with a fully finished basement, offered with an adjacent lot as a two-parcel sale.
Where is this duplex located?
The property is located at 485 Hallett Street Bridgeport, CT.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Two‑family home built in 1897 in Bridgeport’s East End; Offered in a two‑parcel sale with the adjacent lot at 519 Hallett St; Fully finished basement used as an extension of the first‑floor unit with an in‑law‑style setup
