Building Details

Year Built 1966

Listing Agency: Davis Owen Real Estate Show Phone

Listed By: Darren Owen Show Phone

Source: Ma-cthomes

Added: Sep 29 Changed: Oct 15 Last Checked: Oct 16 at 8:22AM

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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

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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.

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 / Yr

$221,938

Cap Rate

8.07%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,438,760 $4.4M

Cap Rate 7%

$3,170,543 $3.2M

Cap Rate 9%

$2,465,978 $2.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 16,042 SF

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 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 (±1% cap)

NOI $221,938 @ 7.0% cap · market cap 8.07%

Second Best

Apartment 5plus

$2.70M

$2.36M – $3.14M (±1% cap)

NOI $188,699 @ 7.0% cap · market cap 6.86%

Theoretical Best

Office A

$4.58M

$4.01M – $5.34M (±1% cap)

NOI $320,511 @ 7.0% cap · market cap 11.65%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Atlantic Consulting & Engineering Structural Engineer Land Engineering & Surveying Land Surveyor The Quill Group Structural Engineer Fairfield Testing Laboratories Soil Testing Service Fuller & Co Architect

Suggested Use

Top Pick Real Estate Agency Dental Office Gym & Fitness Center Skin Care Clinic Spa & Massage Center HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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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