Two-Family Income
For Sale
$565,000
87-89 Elmwood Ave, Bridgeport, CT 06605
Two-family home with a finished walk-up attic, detached two-car garage, and covered porch, sold as-is subject to probate approval.
Property Size3,563 SF
Price / SF$158.57
Days on Market103
Property Features for 87-89 Elmwood Ave
General Information
Standard status
Active
Size
3,563 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
Coldwell Banker Realty
Listed By:
Cassandra Williams
(203) 615-1115
Source:
Homesbyshoshana
Added: Jul 12
Changed: Oct 4
Last Checked: Oct 7 at 5:20PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This two-family residence offers expanded living space with a huge finished walk-up attic, providing additional usable room beyond the main floors. The home also includes an unfinished basement and a detached two-car garage, along with a covered second-floor front porch. With approximately 3,363 square feet of finished space (excluding the unfinished basement and attic), the layout supports multiple ways to configure day-to-day space while keeping the existing two-family structure intact.
The property is located near local amenities, public transportation, and major highways. Walk and transit accessibility are described as somewhat walkable and somewhat transit-oriented, with bikeability also rated as somewhat bikeable.
Some repairs and updates are needed, and the property is being sold AS IS, WHERE IS. There is also a possibility to convert the property to a three-family home, subject to all required permits and approvals, and sale is subject to Probate Court approval.
The property is located near local amenities, public transportation, and major highways. Walk and transit accessibility are described as somewhat walkable and somewhat transit-oriented, with bikeability also rated as somewhat bikeable.
Some repairs and updates are needed, and the property is being sold AS IS, WHERE IS. There is also a possibility to convert the property to a three-family home, subject to all required permits and approvals, and sale is subject to Probate Court approval.
Key Highlights
- Two‑family home built in 1920 with approximately 3,363 SF of finished space (excluding unfinished basement and attic).
- Finished walk‑up attic adds additional living space with possibility of conversion to a three‑family property, subject to required permits and approvals.
- Detached two‑car garage for off‑street parking.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,173
Cap Rate
8.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$923,460
$923.5K
Cap Rate 7%
$659,614
$659.6K
Cap Rate 9%
$513,033
$513.0K
Market Conditions
NOI Build-Up for 3,563 SF
Gross rent
$70.5K $19.80/SF
− Vacancy
−$4.6K −$1.29/SF
EGI
$66.0K $18.51/SF
− OpEx
−$19.8K −$5.55/SF
NOI
$46.2K $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 Rate 5%
$923,460
Cap Rate 7%
$659,614
Cap Rate 9%
$513,033
Alternative Uses
Best Use
Multifamily LT 5
$659.6K
$577.2K – $769.6K
NOI $46,173 @ 7.0% cap · market cap 8.17%
Second Best
Apartment 5plus
$598.7K
$523.9K – $698.5K
NOI $41,911 @ 7.0% cap · market cap 7.42%
Theoretical Best
Office A
$1.02M
$889.8K – $1.19M
NOI $71,187 @ 7.0% cap · market cap 12.60%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,315
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
Frequently Asked Questions
What type of property is this?
Duplex - Two-family home with a finished walk-up attic, detached two-car garage, and covered porch, sold as-is subject to probate approval.
Where is this duplex located?
The property is located at 87-89 Elmwood Ave Bridgeport, CT.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Two‑family home built in 1920 with approximately 3,363 SF of finished space (excluding unfinished basement and attic).; Finished walk‑up attic adds additional living space with possibility of conversion to a three‑family property, subject to required permits and approvals.; Detached two‑car garage for off‑street parking.
