Two-Family Home with Covered
For Sale
$600,000
Pending
485 Hallett Street, Bridgeport, CT 06608
Multi-Family For Sale, Units on different Floors, Bridgeport, CT
Property Size1,913 SF
Lot Size0.11 Acres
Days on Market52
Property Features for 485 Hallett Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RC
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 3, Basement, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 5, Bedroom 6, Bedroom 4
Patio and Porch features
Deck
Exterior features
Covered Deck
Basement
Full
Lot features
Corner Lot, Level Lot
Elementary school
Waltersville
High school
Warren Harding
Directions
GPS Friendly
Subdivision
East Side
Standard status
Pending
Size
1,913 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6801
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1897
Architectural style
Other
Listing Agency:
mygoodagent
(888) 257-8265
Listed By:
Ariel Edery · License #RES.0818431
(203) 278-0910
Added: Jul 25
Changed: Sep 12
Last Checked: Sep 14 at 4:06AM
MLS# 24194204
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-family property at 485 Hallett Street includes 1,913 square feet of living space across two units. The home was built in 1897 and contains six bedrooms, three bathrooms, a basement, and a covered deck. Public water and public sewer serve the property, which is zoned RC.
The sale also includes the adjacent parcel at 519 Hallett St., with both parcels conveyed together through the probate process. The property is near schools, parks, shopping, restaurants, public transportation, and major highways. Sale is subject to Probate Court approval.
The sale also includes the adjacent parcel at 519 Hallett St., with both parcels conveyed together through the probate process. The property is near schools, parks, shopping, restaurants, public transportation, and major highways. Sale is subject to Probate Court approval.
Key Highlights
- Two‑family property with 1,913 square feet of living space
- Six bedrooms, three bathrooms, and a basement
- Adjacent parcel at 519 Hallett St. included in the sale
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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Current Use
Lease Details
2
Residential units
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with spacious rooms, a covered deck, and an adjacent parcel included in the 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 property with 1,913 square feet of living space; Six bedrooms, three bathrooms, and a basement; Adjacent parcel at 519 Hallett St. included in the sale
