Two-Unit Home with Finished
For Sale
$669,900
487 Salem Street, Bridgeport, CT 06606
Two residential units offer practical layouts, private outdoor space, and off-street parking near everyday services and transit.
Property Size1,962 SF
Price / SF$348.91
Days on Market11
Property Features for 487 Salem Street
General Information
Standard status
Active
Size
1,962 SF
Property subtype
2 Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
finished basement
private fenced-in backyard
off-street parking
Building Details
Building Size
1,962 SF
Year Built
1962
Buildings
1
Listing Agency:
Rosana Melo Realty
Listed By:
Rosania Melo · License #REB.0795867
(203) 545-1459
Source:
Iverty
Added: Sep 16
Changed: Sep 24
Last Checked: Sep 26 at 9:33AM
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 Rosana Melo Realty
Investment Insights
Based on property information with market context.
This two-unit residential property, built in 1962, contains 1,920 square feet. Each unit includes an eat-in kitchen, living room, two bedrooms, and one full bathroom. The building also provides a finished basement, a fenced backyard, and a driveway for off-street parking.
The property is located near hospitals, pharmacies, grocery stores, restaurants, and public transportation. Its two-unit configuration and separate residential layouts support both owner-occupant and investment use, as described in the property information.
The property is located near hospitals, pharmacies, grocery stores, restaurants, and public transportation. Its two-unit configuration and separate residential layouts support both owner-occupant and investment use, as described in the property information.
Key Highlights
- Two‑unit residential property with 1,920 square feet
- Each unit includes an eat‑in kitchen, living room, two bedrooms, and one full bathroom
- Finished basement provides additional interior space
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
$24,881
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
3.71%
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%
$497,620
$497.6K
Cap Rate 7%
$355,443
$355.4K
Cap Rate 9%
$276,456
$276.5K
Market Conditions
NOI Build-Up for 1,920 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
$38.0K $19.80/SF
− Vacancy
−$2.5K −$1.29/SF
EGI
$35.5K $18.51/SF
− OpEx
−$10.7K −$5.55/SF
NOI
$24.9K $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%
$497,620
Cap Rate 7%
$355,443
Cap Rate 9%
$276,456
Alternative Uses
Best Use
Multifamily LT 5
$355.4K
$311.0K – $414.7K
NOI $24,881 @ 7.0% cap · market cap 3.71%
Second Best
Apartment 5plus
$322.6K
$282.3K – $376.4K
NOI $22,585 @ 7.0% cap · market cap 3.37%
Theoretical Best
Office A
$548.0K
$479.5K – $639.4K
NOI $38,361 @ 7.0% cap · market cap 5.73%
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
1,637
Businesses Nearby
Explore this area
Business Placement
Demographics for 06606, CT
48,427
Population
19,002
Households
2.5
Avg Household Size
36
Median Age
23%
College-Educated
82%
High-School Grad
5.3 sq mi
ZIP Area
9,137
Density / Sq Mi
$68,538
Median Household Income
$35,128
Median Earnings
$1,434
Median Rent
$272,100
Median Home Value
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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 residential units offer practical layouts, private outdoor space, and off-street parking near everyday services and transit.
Where is this duplex located?
The property is located at 487 Salem Street Bridgeport, CT.
What is the asking price?
The asking price for this property is $669,900.
What are key features of this property?
This property features: Two‑unit residential property with 1,920 square feet; Each unit includes an eat‑in kitchen, living room, two bedrooms, and one full bathroom; Finished basement provides additional interior space
