Updated Two-Family
For Sale
$499,999
Pending
66-68 Alexander Drive, Bridgeport, CT 06606
Two-family property with private driveways, separate backyards, and multiple recent mechanical and appliance updates.
Property Size1,590 SF
Days on Market111
Property Features for 66-68 Alexander Drive
General Information
Standard status
Pending
Size
1,590 SF
Property subtype
2 Family
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Multifamily Units
2
Amenities
fenced-in yard
private driveway
separate backyard space
dedicated basement storage area
Building Details
Year Built
1942
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
Listed By:
Brandon Gannon
(475) 342-3345
Source:
Lockandkeyre
Added: May 20
Changed: Aug 8
Last Checked: Jul 24 at 12:59PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This well-maintained two-family duplex includes two units, each with its own private driveway, separate backyard space, and dedicated basement storage area. Recent updates highlighted in the property information include new furnaces in both units, new hot water heaters, new appliances throughout, and new washer and dryer sets in both units. Unit 68 has been extensively updated with new flooring and a renovated kitchen.
The property is located near schools, shopping, restaurants, public transportation, and major commuter routes, providing convenient access to daily needs.
As a residential income asset, the layout supports two separate living spaces within one building, with individual outdoor and storage areas for each unit.
The property is located near schools, shopping, restaurants, public transportation, and major commuter routes, providing convenient access to daily needs.
As a residential income asset, the layout supports two separate living spaces within one building, with individual outdoor and storage areas for each unit.
Key Highlights
- 1942‑built 2‑family property with private driveways, separate backyards, and dedicated basement storage for each unit
- Recent updates include new furnaces in both units and new hot water heaters
- Appliance upgrades throughout, including new washer/dryer sets in both units
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
$20,605
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
4.12%
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%
$412,100
$412.1K
Cap Rate 7%
$294,357
$294.4K
Cap Rate 9%
$228,944
$228.9K
Market Conditions
NOI Build-Up for 1,590 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
$31.5K $19.80/SF
− Vacancy
−$2.0K −$1.29/SF
EGI
$29.4K $18.51/SF
− OpEx
−$8.8K −$5.55/SF
NOI
$20.6K $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%
$412,100
Cap Rate 7%
$294,357
Cap Rate 9%
$228,944
Alternative Uses
Best Use
Multifamily LT 5
$294.4K
$257.6K – $343.4K
NOI $20,605 @ 7.0% cap · market cap 4.12%
Second Best
Apartment 5plus
$267.2K
$233.8K – $311.7K
NOI $18,703 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$453.8K
$397.1K – $529.5K
NOI $31,767 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,149
Businesses Nearby
Explore this area
Business Placement
Demographics for 06606, CT
48,427
Population
19,002
Households
2.5
Avg Household Size
36
Median Age
23%
College-Educated
82%
High-School Grad
5.3 sq mi
ZIP Area
9,137
Density / Sq Mi
$68,538
Median Household Income
$35,128
Median Earnings
$1,434
Median Rent
$272,100
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-family property with private driveways, separate backyards, and multiple recent mechanical and appliance updates.
Where is this duplex located?
The property is located at 66-68 Alexander Drive Bridgeport, CT.
What is the asking price?
The asking price for this property is $499,999.
What are key features of this property?
This property features: 1942‑built 2‑family property with private driveways, separate backyards, and dedicated basement storage for each unit; Recent updates include new furnaces in both units and new hot water heaters; Appliance upgrades throughout, including new washer/dryer sets in both units
