Income-Generating Multifamily
For Sale
$680,000
498-500 Wilmot Avenue, Bridgeport, CT 06605
Multifamily property with 8 bedrooms and 3 baths, sold as-is, designed for income-producing residential use.
Property Size3,275 SF
Days on Market48
Property Features for 498-500 Wilmot Avenue
General Information
Standard status
Active
Size
3,275 SF
Property subtype
3 Family
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$8,432
Building Details
Building Size
3,275 SF
Year Built
1915
Listing Agency:
Century 21 Scala Group
(203) 570-8857
Listed By:
Amiyra Beauduy
(203) 570-8857
Source:
Higginsgroup
Added: Jul 9
Changed: Aug 24
Last Checked: Aug 23 at 8:09AM
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 Century 21 Scala Group
Investment Insights
Based on property information with market context.
This income-producing multifamily residence features a total of 8 bedrooms and 3 bathrooms. The property is described as having spacious units and numerous updates, and it is being sold as-is.
The address is 498–500 Wilmot Ave in Bridgeport, CT, with Walk Score and Transit Score values of 72 and 41 respectively, and a Bike Score of 56, indicating a walkable and bikeable setting with some transit access.
As offered, the property presents a straightforward residential income configuration with 8 bedrooms and 3 baths and is available for purchase on an as-is basis.
The address is 498–500 Wilmot Ave in Bridgeport, CT, with Walk Score and Transit Score values of 72 and 41 respectively, and a Bike Score of 56, indicating a walkable and bikeable setting with some transit access.
As offered, the property presents a straightforward residential income configuration with 8 bedrooms and 3 baths and is available for purchase on an as-is basis.
Key Highlights
- Multifamily income‑producing property at 498‑500 Wilmot Avenue
- 8 bedrooms and 3 baths in total
- Built in 1915
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
$38,523
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
5.67%
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%
$770,460
$770.5K
Cap Rate 7%
$550,329
$550.3K
Cap Rate 9%
$428,033
$428.0K
Market Conditions
NOI Build-Up for 3,275 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
$73.9K $22.56/SF
− Vacancy
−$3.8K −$1.17/SF
EGI
$70.0K $21.39/SF
− OpEx
−$31.5K −$9.62/SF
NOI
$38.5K $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%
$770,460
Cap Rate 7%
$550,329
Cap Rate 9%
$428,033
Alternative Uses
Best Use
Apartment 5plus
$550.3K
$481.5K – $642.1K
NOI $38,523 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$934.8K
$817.9K – $1.09M
NOI $65,433 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
915
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
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Frequently Asked Questions
What type of property is this?
Multifamily property - Multifamily property with 8 bedrooms and 3 baths, sold as-is, designed for income-producing residential use.
Where is this multifamily property located?
The property is located at 498-500 Wilmot Avenue Bridgeport, CT.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: Multifamily income‑producing property at 498‑500 Wilmot Avenue; 8 bedrooms and 3 baths in total; Built in 1915
