Two-Unit Commercial Building Near
For Sale
$325,000
94 Albion Street, Bridgeport, CT 06605
Two-unit commercial building near I-95 in an Opportunity Zone.
Property Size1,560 SF
Price / SF$208.33
Days on Market129
Property Features for 94 Albion Street
General Information
Standard status
Active
Size
1,560 SF
Property subtype
COMMERCIAL
Taxes and HOA fees
Annual Taxes
$5,828
Building Details
Building Size
1,560 SF
Year Built
1950
Listing Agency:
William Raveis Real Estate
(203) 751-5099
Listed By:
Stephanie Rivera
(203) 751-5099
Source:
Higginsgroup
Added: Apr 24
Changed: Aug 28
Last Checked: Aug 29 at 4:03PM
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 Raveis Real Estate
Investment Insights
Based on property information with market context.
This two-unit commercial building offers an investment opportunity within an Opportunity Zone. The property is located near I-95, Stop & Shop, and the historic Black Rock district. The building provides approximately 1,560 square feet of commercial space, suitable for professional offices, retail, and service businesses. The layout is adaptable, allowing customization to suit operational needs. The property benefits from accessibility and visibility, with on-street parking for customers and a rear lot providing extra parking. The location has a bike score of 63, indicating it is bikeable, a walk score of 81, indicating it is very walkable, and a transit score of 47, indicating some transit options are available.
Key Highlights
- Prime location near I‑95, Stop & Shop, and the historic Black Rock district.
- Located within an Opportunity Zone, offering potential tax benefits.
- Versatile commercial space of approximately 1,560 square feet suitable for various business types.
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
$21,582
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
6.64%
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%
$431,640
$431.6K
Cap Rate 7%
$308,314
$308.3K
Cap Rate 9%
$239,800
$239.8K
Market Conditions
NOI Build-Up for 1,560 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
$34.3K $21.96/SF
− Vacancy
−$5.5K −$3.51/SF
EGI
$28.8K $18.45/SF
− OpEx
−$7.2K −$4.61/SF
NOI
$21.6K $13.83/SF
Area
Bridgeport, CT
Vacancy
16.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$431,640
Cap Rate 7%
$308,314
Cap Rate 9%
$239,800
Alternative Uses
Best Use
Office B
$308.3K
$269.8K – $359.7K
NOI $21,582 @ 7.0% cap · market cap 6.64%
Second Best
Retail
$268.2K
$234.6K – $312.9K
NOI $18,771 @ 7.0% cap · market cap 5.78%
Theoretical Best
Office A
$445.3K
$389.6K – $519.5K
NOI $31,168 @ 7.0% cap · market cap 9.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
914
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two-unit commercial building near I-95 in an Opportunity Zone.
Where is this retail space located?
The property is located at 94 Albion Street Bridgeport, CT.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Prime location near I‑95, Stop & Shop, and the historic Black Rock district.; Located within an Opportunity Zone, offering potential tax benefits.; Versatile commercial space of approximately 1,560 square feet suitable for various business types.
