Multi-Family Apartment
For Sale
Contact for pricing
Pending
651-657 Maple Street, Bridgeport, CT 06608
Apartment portfolio with 23 total units offering a mix of 1-, 2-, and 3-bedroom layouts.
Property Size32,806 SF
Lot Size0.34 Acres
Days on Market69
Property Features for 651-657 Maple Street
General Information
Standard status
Pending
Size
32,806 SF
Lot size
0.34 Acres
Property subtype
Multifamily
Zoning
NX2
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
27
Building Details
Year Built
1902
Buildings
3
Units
27
Tenancy
Multi
Listing Agency:
Horvath & Tremblay
(781) 776-4002
Listed By:
Stavros Filippidis · License #CT 0816666
Source:
Crexi
Added: Jun 5
Changed: Aug 8
Last Checked: Jul 24 at 9:43AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
Caroline & Maple Apartments is a multi-family investment portfolio comprising properties at 651-657 Maple Street and 85-87 Caroline Street, along with 103-109 Caroline Street. The portfolio totals 32,806 square feet of gross area and contains 23 units, including six 3-bedroom/1-bath units, six 2-bedroom/1-bath units, and fifteen 1-bedroom/1-bath units. The properties sit on 0.34 acres and include on-street parking.
The portfolio is located within Bridgeport’s established residential corridor, with convenient connectivity to downtown Bridgeport. It is described as minutes from downtown and provides access to Interstate 95 via nearby Exits 27 and 28. The offering also notes direct access to Route 8 / Route 25 for north-south travel through Fairfield County.
For buyers seeking a consolidated residential income portfolio, this opportunity provides a structured unit mix across one-, two-, and three-bedroom floor plans, all within a single ownership group. On-street parking supports day-to-day tenant access, while the stated proximity to major employment centers, neighborhood retail amenities, and regional transportation infrastructure may be useful for maintaining consistent leasing demand.
The portfolio is located within Bridgeport’s established residential corridor, with convenient connectivity to downtown Bridgeport. It is described as minutes from downtown and provides access to Interstate 95 via nearby Exits 27 and 28. The offering also notes direct access to Route 8 / Route 25 for north-south travel through Fairfield County.
For buyers seeking a consolidated residential income portfolio, this opportunity provides a structured unit mix across one-, two-, and three-bedroom floor plans, all within a single ownership group. On-street parking supports day-to-day tenant access, while the stated proximity to major employment centers, neighborhood retail amenities, and regional transportation infrastructure may be useful for maintaining consistent leasing demand.
Key Highlights
- Apartment portfolio across 651‑657 Maple St, 85‑87 Caroline St, and 103‑109 Caroline St in Bridgeport, CT
- 23 total units: fifteen 1BD/1BA, six 2BD/1BA, and six 3BD/1BA
- 23,523 SF gross living area within 32,806 SF gross building area
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
$385,890
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
7.21%
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%
$7,717,800
$7.7M
Cap Rate 7%
$5,512,714
$5.5M
Cap Rate 9%
$4,287,667
$4.3M
Market Conditions
NOI Build-Up for 32,806 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
$740.1K $22.56/SF
− Vacancy
−$38.5K −$1.17/SF
EGI
$701.6K $21.39/SF
− OpEx
−$315.7K −$9.62/SF
NOI
$385.9K $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%
$7,717,800
Cap Rate 7%
$5,512,714
Cap Rate 9%
$4,287,667
Alternative Uses
Best Use
Apartment 5plus
$5.51M
$4.82M – $6.43M
NOI $385,890 @ 7.0% cap · market cap 7.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.36M
$8.19M – $10.92M
NOI $655,448 @ 7.0% cap · market cap 12.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
27
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,243
Businesses Nearby
Explore this area
Business Placement
Demographics for 06608, CT
14,312
Population
4,915
Households
2.9
Avg Household Size
33
Median Age
7%
College-Educated
67%
High-School Grad
1.0 sq mi
ZIP Area
14,312
Density / Sq Mi
$43,008
Median Household Income
$30,524
Median Earnings
$1,311
Median Rent
$222,900
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 - Apartment portfolio with 23 total units offering a mix of 1-, 2-, and 3-bedroom layouts.
Where is this apartment building located?
The property is located at 651-657 Maple Street Bridgeport, CT.
What is the asking price?
The asking price for this property is $5,350,000.
What are key features of this property?
This property features: Apartment portfolio across 651‑657 Maple St, 85‑87 Caroline St, and 103‑109 Caroline St in Bridgeport, CT; 23 total units: fifteen 1BD/1BA, six 2BD/1BA, and six 3BD/1BA; 23,523 SF gross living area within 32,806 SF gross building area
