Six-Bedroom
For Sale
$450,000
703-705 Connecticut Avenue, Bridgeport, CT 06607
Two-family property with commuter access, a newer roof, and potential for owner occupancy with rental income.
Property Size2,822 SF
Price / SF$159.46
Days on Market8
Property Features for 703-705 Connecticut Avenue
General Information
Standard status
Active
Size
2,822 SF
Property subtype
2 Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1908
Buildings
1
Listing Agency:
RE/MAX Right Choice
(203) 568-5727
Listed By:
Jaquan Jones · License #RES.0807642
(203) 568-5727
Source:
Lockandkeyre
Added: Aug 1
Changed: Aug 8
Last Checked: Aug 8 at 10:01AM
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 RE/MAX Right Choice
Investment Insights
Based on property information with market context.
This two-family property contains approximately 2,822 square feet with six bedrooms and two full bathrooms. The first floor includes two bedrooms and one bathroom, while the combined second and third floors provide four bedrooms and one bathroom. A newer roof is also in place. The property is being sold as-is.
Situated on Connecticut Avenue in Bridgeport, the property is minutes from I-95 and offers access to shopping, schools, downtown Bridgeport, public transportation, and Metro-North rail service. Greater Bridgeport Transit bus routes also serve Connecticut Avenue. The two-family configuration supports an owner-occupant arrangement with one unit occupied and the other producing rental income, as described in the property information.
Situated on Connecticut Avenue in Bridgeport, the property is minutes from I-95 and offers access to shopping, schools, downtown Bridgeport, public transportation, and Metro-North rail service. Greater Bridgeport Transit bus routes also serve Connecticut Avenue. The two-family configuration supports an owner-occupant arrangement with one unit occupied and the other producing rental income, as described in the property information.
Key Highlights
- Approximately 2,822 square feet of living space
- Six bedrooms and two full bathrooms
- Two bedrooms and one bathroom on the first floor
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
$36,571
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
8.13%
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%
$731,420
$731.4K
Cap Rate 7%
$522,443
$522.4K
Cap Rate 9%
$406,344
$406.3K
Market Conditions
NOI Build-Up for 2,822 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
$55.9K $19.80/SF
− Vacancy
−$3.6K −$1.29/SF
EGI
$52.2K $18.51/SF
− OpEx
−$15.7K −$5.55/SF
NOI
$36.6K $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%
$731,420
Cap Rate 7%
$522,443
Cap Rate 9%
$406,344
Alternative Uses
Best Use
Multifamily LT 5
$522.4K
$457.1K – $609.5K
NOI $36,571 @ 7.0% cap · market cap 8.13%
Second Best
Apartment 5plus
$474.2K
$414.9K – $553.3K
NOI $33,195 @ 7.0% cap · market cap 7.38%
Theoretical Best
Office A
$805.5K
$704.8K – $939.7K
NOI $56,382 @ 7.0% cap · market cap 12.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,844
Businesses Nearby
Explore this area
Business Placement
Demographics for 06607, CT
8,690
Population
2,696
Households
3.2
Avg Household Size
33
Median Age
7%
College-Educated
75%
High-School Grad
1.2 sq mi
ZIP Area
7,242
Density / Sq Mi
$49,555
Median Household Income
$32,000
Median Earnings
$1,398
Median Rent
$218,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-family property with commuter access, a newer roof, and potential for owner occupancy with rental income.
Where is this duplex located?
The property is located at 703-705 Connecticut Avenue Bridgeport, CT.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Approximately 2,822 square feet of living space; Six bedrooms and two full bathrooms; Two bedrooms and one bathroom on the first floor
