Renovated Two-Family
For Sale
$550,000
57-59 Milne Street, Bridgeport, CT 06605
Two three-bedroom units feature updated kitchens, appliances, and renovated full bathrooms.
Property Size2,924 SF
Price / SF$188.10
Days on Market113
Property Features for 57-59 Milne Street
General Information
Standard status
Active
Size
2,924 SF
Property subtype
2 Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1887
Buildings
1
Listing Agency:
BHGRE Gaetano Marra Homes
(203) 520-2305
Listed By:
Stephanie Ferreira
(203) 520-2305
Source:
Lockandkeyre
Added: May 11
Changed: Aug 29
Last Checked: Aug 30 at 4:56PM
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 BHGRE Gaetano Marra Homes
Investment Insights
Based on property information with market context.
This 2,924-square-foot duplex, built in 1887, contains two separate three-bedroom units. Both apartments include eat-in kitchens with newer appliances, living rooms, and renovated full bathrooms. Recent property updates include hardwood flooring, roofing, windows, doors, and interior paint. The first-floor residence is arranged for straightforward occupancy, while the second-floor unit includes stairs to a large unfinished attic. A large unfinished basement provides additional storage or utility space.
The property is located near downtown Bridgeport, Webster Arena, Port Jefferson ferry access, major highways, universities, and the train station. Its two-unit configuration supports either an owner-occupant arrangement or continued residential income use, as described in the property information.
The property is located near downtown Bridgeport, Webster Arena, Port Jefferson ferry access, major highways, universities, and the train station. Its two-unit configuration supports either an owner-occupant arrangement or continued residential income use, as described in the property information.
Key Highlights
- 2,924‑square‑foot duplex built in 1887
- Two three‑bedroom residential units
- Updated eat‑in kitchens with new appliances
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
$37,892
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
6.89%
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%
$757,840
$757.8K
Cap Rate 7%
$541,314
$541.3K
Cap Rate 9%
$421,022
$421.0K
Market Conditions
NOI Build-Up for 2,924 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
$57.9K $19.80/SF
− Vacancy
−$3.8K −$1.29/SF
EGI
$54.1K $18.51/SF
− OpEx
−$16.2K −$5.55/SF
NOI
$37.9K $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%
$757,840
Cap Rate 7%
$541,314
Cap Rate 9%
$421,022
Alternative Uses
Best Use
Multifamily LT 5
$541.3K
$473.7K – $631.5K
NOI $37,892 @ 7.0% cap · market cap 6.89%
Second Best
Apartment 5plus
$491.3K
$429.9K – $573.2K
NOI $34,394 @ 7.0% cap · market cap 6.25%
Theoretical Best
Office A
$834.6K
$730.3K – $973.7K
NOI $58,420 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,596
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom units feature updated kitchens, appliances, and renovated full bathrooms.
Where is this duplex located?
The property is located at 57-59 Milne Street Bridgeport, CT.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2,924‑square‑foot duplex built in 1887; Two three‑bedroom residential units; Updated eat‑in kitchens with new appliances
