Multifamily Apartment Building with
For Sale
$699,900
59-61 Myrtle Avenue, Bridgeport, CT 06604
Rented-by-the-room apartment building with 13 bedrooms and detached 2-car garage, plus a backyard.
Property Size3,457 SF
Days on Market42
Property Features for 59-61 Myrtle Avenue
General Information
Standard status
Active
Size
3,457 SF
Total Parking Spaces
2
Property subtype
2 Family
Taxes and HOA fees
Annual Taxes
$8,662
Building Details
Building Size
3,457 SF
Year Built
1919
Tenancy
Multi
Listing Agency:
Rosana Melo Realty
(203) 374-9451
Listed By:
Rosania Melo (203) 545-1459 · License #REB.0795867
Source:
Higginsgroup
Added: Jul 19
Changed: Aug 28
Last Checked: Aug 26 at 1:19PM
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 Rosana Melo Realty
Investment Insights
Based on property information with market context.
This for-sale multifamily apartment building is configured with 13 bedrooms, 3 full bathrooms, and 2 half baths, and is currently rented by the room. The property also includes a detached 2-car garage and a backyard, providing additional outdoor and storage utility for residents.
Located in Bridgeport, the building is described as minutes from the University of Bridgeport campus and close to parks, transportation, and local amenities. Walk score is listed as 81 (Very Walkable), bike score as 63 (Bikeable), and transit score as 47 (Some Transit).
For investors or owner-operators seeking a larger residential income property with multiple bedrooms and shared-bath layout, this offering provides a room-rental configuration and on-site garage space within a walkable, transit-served area.
Located in Bridgeport, the building is described as minutes from the University of Bridgeport campus and close to parks, transportation, and local amenities. Walk score is listed as 81 (Very Walkable), bike score as 63 (Bikeable), and transit score as 47 (Some Transit).
For investors or owner-operators seeking a larger residential income property with multiple bedrooms and shared-bath layout, this offering provides a room-rental configuration and on-site garage space within a walkable, transit-served area.
Key Highlights
- 1919‑built multi‑family property with 13 bedrooms, 3 full bathrooms, and 2 half baths
- Rented‑by‑the‑room setup, with current income from individual room rentals
- Detached 2‑car garage on‑site
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
$40,664
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
5.81%
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%
$813,280
$813.3K
Cap Rate 7%
$580,914
$580.9K
Cap Rate 9%
$451,822
$451.8K
Market Conditions
NOI Build-Up for 3,457 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
$78.0K $22.56/SF
− Vacancy
−$4.1K −$1.17/SF
EGI
$73.9K $21.39/SF
− OpEx
−$33.3K −$9.62/SF
NOI
$40.7K $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%
$813,280
Cap Rate 7%
$580,914
Cap Rate 9%
$451,822
Alternative Uses
Best Use
Apartment 5plus
$580.9K
$508.3K – $677.7K
NOI $40,664 @ 7.0% cap · market cap 5.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$986.7K
$863.4K – $1.15M
NOI $69,069 @ 7.0% cap · market cap 9.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
526
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Rented-by-the-room apartment building with 13 bedrooms and detached 2-car garage, plus a backyard.
Where is this apartment building located?
The property is located at 59-61 Myrtle Avenue Bridgeport, CT.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 1919‑built multi‑family property with 13 bedrooms, 3 full bathrooms, and 2 half baths; Rented‑by‑the‑room setup, with current income from individual room rentals; Detached 2‑car garage on‑site
