Two-Family Duplex With Newer
New
For Sale
$450,000
703-705 Connecticut Avenue, Bridgeport, CT 06607
Two residential units offer a mix of first-floor and upper-level living space.
Property Size2,822 SF
Price / SF$160.71
Days on Market2
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
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 4BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,135
Building Details
Building Size
2,822 SF
Year Built
1908
Buildings
1
Listing Agency:
RE/MAX Right Choice
Listed By:
Jaquan Jones · License #RES.0807642
(203) 568-5727
Source:
Higginsgroup
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:04AM
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.
Built in 1908, this two-family property provides approximately 2,800 square feet across a three-level configuration. The first floor includes two bedrooms and one full bathroom, while the combined second- and third-floor residence contains four bedrooms and one full bathroom. A newer roof adds a recent building improvement, and the property is being sold as-is.
The home is located minutes from I-95, with access to shopping, schools, public transportation, downtown Bridgeport, Metro-North rail service, and Greater Bridgeport Transit bus routes. Its Connecticut Avenue location also provides access to commuter routes serving New York City and Fairfield County.
The home is located minutes from I-95, with access to shopping, schools, public transportation, downtown Bridgeport, Metro-North rail service, and Greater Bridgeport Transit bus routes. Its Connecticut Avenue location also provides access to commuter routes serving New York City and Fairfield County.
Key Highlights
- Approximately 2,800 square feet of living space
- Two‑family layout with 6 bedrooms and 2 full bathrooms
- First floor includes 2 bedrooms and 1 full bathroom
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
$36,285
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
8.06%
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%
$725,700
$725.7K
Cap Rate 7%
$518,357
$518.4K
Cap Rate 9%
$403,167
$403.2K
Market Conditions
NOI Build-Up for 2,800 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
$55.4K $19.80/SF
− Vacancy
−$3.6K −$1.29/SF
EGI
$51.8K $18.51/SF
− OpEx
−$15.6K −$5.55/SF
NOI
$36.3K $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%
$725,700
Cap Rate 7%
$518,357
Cap Rate 9%
$403,167
Alternative Uses
Best Use
Multifamily LT 5
$518.4K
$453.6K – $604.8K
NOI $36,285 @ 7.0% cap · market cap 8.06%
Second Best
Apartment 5plus
$470.5K
$411.7K – $548.9K
NOI $32,936 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$799.2K
$699.3K – $932.4K
NOI $55,943 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,723
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer a mix of first-floor and upper-level living space.
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 2,800 square feet of living space; Two‑family layout with 6 bedrooms and 2 full bathrooms; First floor includes 2 bedrooms and 1 full bathroom
