Triplex with Third-Floor Accessory
For Sale
$599,900
576-78 Midland St, Bridgeport, CT 06605
Three-unit home with fireplaces and dining areas, including a third-floor accessory apartment.
Property Size3,166 SF
Price / SF$189.48
Days on Market53
Property Features for 576-78 Midland St
General Information
Standard status
Active
Size
3,166 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Amenities
fireplaces
porches
Building Details
Year Built
1957
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Berkshire Hathaway NE Prop.
Listed By:
John Kleps
(203) 255-2800
Source:
Homesbyshoshana
Added: Jul 29
Changed: Sep 19
Last Checked: Sep 18 at 10:40AM
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 Berkshire Hathaway NE Prop.
Investment Insights
Based on property information with market context.
This legal two-family home includes a third-floor accessory apartment, creating a three-unit layout within the same structure. The first and second floor apartments each feature large living rooms with fireplaces and a dining area, along with two bedrooms. One bedroom on the upper level has access to an additional third bedroom/nursery or home office. A basement is included with a freezer, washer, and dryer, along with other listed appliances.
The property at 576-78 Midland St, Bridgeport, CT 06605 is within walking distance to the Black Rock Train Station, restaurants, pubs, music venues, waterfront social clubs, and St. Mary’s By The Sea, and it is minutes to I-95. The property is sold in “As Is” condition.
Noted condition items include fireplaces that need liners, exterior paint needs, and masonry repair needed for the front and back porches. A new garage door has been ordered. The home was built in 1957.
The property at 576-78 Midland St, Bridgeport, CT 06605 is within walking distance to the Black Rock Train Station, restaurants, pubs, music venues, waterfront social clubs, and St. Mary’s By The Sea, and it is minutes to I-95. The property is sold in “As Is” condition.
Noted condition items include fireplaces that need liners, exterior paint needs, and masonry repair needed for the front and back porches. A new garage door has been ordered. The home was built in 1957.
Key Highlights
- Legal two‑family home with a third‑floor accessory apartment
- First and second floors include large living rooms with fireplaces and a dining area
- Upper‑level bedroom provides access to a third bedroom/nursery or home office
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
$41,029
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
6.84%
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%
$820,580
$820.6K
Cap Rate 7%
$586,129
$586.1K
Cap Rate 9%
$455,878
$455.9K
Market Conditions
NOI Build-Up for 3,166 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
$62.7K $19.80/SF
− Vacancy
−$4.1K −$1.29/SF
EGI
$58.6K $18.51/SF
− OpEx
−$17.6K −$5.55/SF
NOI
$41.0K $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%
$820,580
Cap Rate 7%
$586,129
Cap Rate 9%
$455,878
Alternative Uses
Best Use
Multifamily LT 5
$586.1K
$512.9K – $683.8K
NOI $41,029 @ 7.0% cap · market cap 6.84%
Second Best
Apartment 5plus
$532.0K
$465.5K – $620.7K
NOI $37,241 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$903.6K
$790.7K – $1.05M
NOI $63,255 @ 7.0% cap · market cap 10.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
961
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?
Triplex - Three-unit home with fireplaces and dining areas, including a third-floor accessory apartment.
Where is this triplex located?
The property is located at 576-78 Midland St Bridgeport, CT.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Legal two‑family home with a third‑floor accessory apartment; First and second floors include large living rooms with fireplaces and a dining area; Upper‑level bedroom provides access to a third bedroom/nursery or home office
