Two-Family Income
For Sale
$565,000
87-89 Elmwood Avenue, 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$168
Days on Market45
Property Features for 87-89 Elmwood Avenue
General Information
Standard status
Active
Size
3,563 SF
Total Parking Spaces
2
Property subtype
2 Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,493
Building Details
Building Size
3,563 SF
Year Built
1920
Listing Agency:
Coldwell Banker Realty
(203) 615-1115
Listed By:
Cassandra Williams
(203) 615-1115
Source:
Higginsgroup
Added: Jul 12
Changed: Aug 23
Last Checked: Aug 24 at 2:08PM
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 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 = 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
$43,581
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
7.71%
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%
$871,620
$871.6K
Cap Rate 7%
$622,586
$622.6K
Cap Rate 9%
$484,233
$484.2K
Market Conditions
NOI Build-Up for 3,363 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
$66.6K $19.80/SF
− Vacancy
−$4.3K −$1.29/SF
EGI
$62.3K $18.51/SF
− OpEx
−$18.7K −$5.55/SF
NOI
$43.6K $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%
$871,620
Cap Rate 7%
$622,586
Cap Rate 9%
$484,233
Alternative Uses
Best Use
Multifamily LT 5
$622.6K
$544.8K – $726.4K
NOI $43,581 @ 7.0% cap · market cap 7.71%
Second Best
Apartment 5plus
$565.1K
$494.5K – $659.3K
NOI $39,558 @ 7.0% cap · market cap 7.00%
Theoretical Best
Office A
$959.9K
$839.9K – $1.12M
NOI $67,191 @ 7.0% cap · market cap 11.89%
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
1,315
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
Questions? Ask Rey
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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 Avenue 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.
