Turnkey Two-Family
For Sale
$439,990
Pending
651 Iranistan Avenue, Bridgeport, CT 06605
Turnkey 2-family with a renovated 1-bedroom first unit and a 3-bedroom upper unit, plus newer furnace and water heaters.
Property Size1,958 SF
Days on Market110
Property Features for 651 Iranistan Avenue
General Information
Standard status
Pending
Size
1,958 SF
Property subtype
2 Family
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1887
Tenancy
Multi
Listing Agency:
Serhant Connecticut, LLC
Listed By:
Jithu Sajeevan · License #REB.0795779
(860) 801-7630
Source:
Lockandkeyre
Added: May 20
Changed: Aug 25
Last Checked: Aug 24 at 5:48AM
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 Serhant Connecticut, LLC
Investment Insights
Based on property information with market context.
This turnkey two-family residence is set up for rental income with a practical, split configuration. The first-floor unit features a spacious 1-bedroom layout with a renovated kitchen, an updated bathroom, and newer flooring. The upper-level unit offers a generous 3-bedroom duplex-style arrangement. Major improvements include a newer furnace and newer water heaters.
The property is located in Bridgeport, with convenient access to downtown, shopping, restaurants, public transportation, major highways, and local amenities including a library and nearby beaches/parks.
With separate units and supported updates to key mechanical systems, the building is designed to provide comfortable, ready-to-occupy living space for a range of ownership and rental strategies.
The property is located in Bridgeport, with convenient access to downtown, shopping, restaurants, public transportation, major highways, and local amenities including a library and nearby beaches/parks.
With separate units and supported updates to key mechanical systems, the building is designed to provide comfortable, ready-to-occupy living space for a range of ownership and rental strategies.
Key Highlights
- 2‑family property at 651 Iranistan Avenue, built in 1887
- First‑floor 1‑bedroom unit with renovated kitchen, updated bathroom, and newer flooring
- Upper‑level duplex with a 3‑bedroom layout
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
$25,374
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
5.77%
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%
$507,480
$507.5K
Cap Rate 7%
$362,486
$362.5K
Cap Rate 9%
$281,933
$281.9K
Market Conditions
NOI Build-Up for 1,958 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
$38.8K $19.80/SF
− Vacancy
−$2.5K −$1.29/SF
EGI
$36.2K $18.51/SF
− OpEx
−$10.9K −$5.55/SF
NOI
$25.4K $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%
$507,480
Cap Rate 7%
$362,486
Cap Rate 9%
$281,933
Alternative Uses
Best Use
Multifamily LT 5
$362.5K
$317.2K – $422.9K
NOI $25,374 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$329.0K
$287.9K – $383.9K
NOI $23,032 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$558.9K
$489.0K – $652.0K
NOI $39,120 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,854
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 - Turnkey 2-family with a renovated 1-bedroom first unit and a 3-bedroom upper unit, plus newer furnace and water heaters.
Where is this duplex located?
The property is located at 651 Iranistan Avenue Bridgeport, CT.
What is the asking price?
The asking price for this property is $439,990.
What are key features of this property?
This property features: 2‑family property at 651 Iranistan Avenue, built in 1887; First‑floor 1‑bedroom unit with renovated kitchen, updated bathroom, and newer flooring; Upper‑level duplex with a 3‑bedroom layout
