Duplex with Detached Two-Car
For Sale
$589,000
Pending
690 William Street, Bridgeport, CT 06608
Legal two-family home with a finished basement, porch, and off-street parking.
Property Size3,493 SF
Days on Market210
Property Features for 690 William Street
General Information
Standard status
Pending
Size
3,493 SF
Property subtype
Multi-Family / 2 Family
Zoning
RC
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,147
Amenities
Yes
Hot Air
14
Heated, Finished, Floored, Walk-up
Porch
Not Applicable
Building Details
Year Built
1897
Listing Agency:
William Pitt Sotheby's Int'l
(203) 258-1831
Listed By:
Erika Portanova Songer · License #RES.0764485
(203) 258-1831
Source:
Compass
Added: Feb 2
Changed: Aug 30
Last Checked: Aug 30 at 7:48AM
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 William Pitt Sotheby's Int'l
Investment Insights
Based on property information with market context.
Located at 690 William Street in Bridgeport, this 3,493-square-foot legal two-family home was built in 1897. The first-floor apartment includes two bedrooms, one full bath, a kitchen, dining room, and living room, while the second-floor apartment mirrors that layout. The third floor is finished and has served as a separate apartment, and the full basement is finished, floored, heated, and walk-up.
The property includes a two-car detached garage with a dedicated driveway, additional off-street parking, and a porch. Heating is provided by hot air. One apartment is occupied by tenants, while the second-floor unit is vacant. The home is offered as-is, where-is, with no laundry hookups on site and RC zoning.
The property includes a two-car detached garage with a dedicated driveway, additional off-street parking, and a porch. Heating is provided by hot air. One apartment is occupied by tenants, while the second-floor unit is vacant. The home is offered as-is, where-is, with no laundry hookups on site and RC zoning.
Key Highlights
- Legal 2‑family home with 3,493 SF
- First‑floor unit has 2 bedrooms and 1 full bath
- Second‑floor apartment mirrors the first‑floor 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
$45,266
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
7.69%
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%
$905,320
$905.3K
Cap Rate 7%
$646,657
$646.7K
Cap Rate 9%
$502,956
$503.0K
Market Conditions
NOI Build-Up for 3,493 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
$69.2K $19.80/SF
− Vacancy
−$4.5K −$1.29/SF
EGI
$64.7K $18.51/SF
− OpEx
−$19.4K −$5.55/SF
NOI
$45.3K $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%
$905,320
Cap Rate 7%
$646,657
Cap Rate 9%
$502,956
Alternative Uses
Best Use
Multifamily LT 5
$646.7K
$565.8K – $754.4K
NOI $45,266 @ 7.0% cap · market cap 7.69%
Second Best
Apartment 5plus
$587.0K
$513.6K – $684.8K
NOI $41,087 @ 7.0% cap · market cap 6.98%
Theoretical Best
Office A
$997.0K
$872.4K – $1.16M
NOI $69,788 @ 7.0% cap · market cap 11.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,418
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?
Duplex - Legal two-family home with a finished basement, porch, and off-street parking.
Where is this duplex located?
The property is located at 690 William Street Bridgeport, CT.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: Legal 2‑family home with 3,493 SF; First‑floor unit has 2 bedrooms and 1 full bath; Second‑floor apartment mirrors the first‑floor layout
