77-Unit Apartment
New
For Sale
$2,750,000
525 John St, Bridgeport, CT 06604
Administrative approval supports conversion of an existing commercial building to multifamily housing.
Property Size16,042 SF
Price / SF$171.43
Days on Market2
Property Features for 525 John St
General Information
Standard status
Active
Size
16,042 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$28,887
Building Details
Year Built
1966
Listing Agency:
Davis Owen Real Estate
(413) 333-7776
Listed By:
Darren Owen
(203) 400-7531
Source:
Ma-cthomes
Added: Sep 29
Last Checked: Sep 29 at 2:39PM
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 Davis Owen Real Estate
Investment Insights
Based on property information with market context.
At 525 John St in downtown Bridgeport, the redevelopment plan converts a two-story commercial office building into a five-story residential property. The existing building dates to 1966 and contains 16,042 square feet. The proposed development calls for 77 apartments and approximately 67,750 square feet of total building area.
The project received administrative approval through the Design Review & Zoning Office. It repurposes the existing developed site for multifamily residential use.
The project received administrative approval through the Design Review & Zoning Office. It repurposes the existing developed site for multifamily residential use.
Key Highlights
- Proposed residential development includes 77 units
- Five‑story plan with approximately 67,750 square feet of total building area
- Existing commercial office building contains 16,042 square feet and has two stories
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
$221,938
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
8.07%
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%
$4,438,760
$4.4M
Cap Rate 7%
$3,170,543
$3.2M
Cap Rate 9%
$2,465,978
$2.5M
Market Conditions
NOI Build-Up for 16,042 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
$352.3K $21.96/SF
− Vacancy
−$56.4K −$3.51/SF
EGI
$295.9K $18.45/SF
− OpEx
−$74.0K −$4.61/SF
NOI
$221.9K $13.83/SF
Area
Bridgeport, CT
Vacancy
16.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$4,438,760
Cap Rate 7%
$3,170,543
Cap Rate 9%
$2,465,978
Alternative Uses
Best Use
Office B
$3.17M
$2.77M – $3.70M
NOI $221,938 @ 7.0% cap · market cap 8.07%
Second Best
Apartment 5plus
$2.70M
$2.36M – $3.14M
NOI $188,699 @ 7.0% cap · market cap 6.86%
Theoretical Best
Office A
$4.58M
$4.01M – $5.34M
NOI $320,511 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,486
Businesses Nearby
Explore this area
Business Placement
Demographics for 06604, CT
30,003
Population
12,972
Households
2.3
Avg Household Size
35
Median Age
29%
College-Educated
74%
High-School Grad
3.2 sq mi
ZIP Area
9,376
Density / Sq Mi
$45,794
Median Household Income
$34,706
Median Earnings
$1,419
Median Rent
$231,300
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Administrative approval supports conversion of an existing commercial building to multifamily housing.
Where is this apartment building located?
The property is located at 525 John St Bridgeport, CT.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Proposed residential development includes 77 units; Five‑story plan with approximately 67,750 square feet of total building area; Existing commercial office building contains 16,042 square feet and has two stories
