Well-Maintained Multifamily Property Near Steelpointe
For Sale
$625,000
Pending
98-100 Carroll Avenue, Bridgeport, CT 06607
Three-family house near Steelpointe Harbor, ideal for investors or owner-occupants.
Property Size3,183 SF
Days on Market164
Property Features for 98-100 Carroll Avenue
General Information
Standard status
Pending
Size
3,183 SF
Property subtype
Multi-Family / 3 Family
Zoning
ILI
Taxes and HOA fees
Annual Taxes
$7,115
Amenities
No
Hot Air
12
Ceiling Fans, Window Unit
Not Applicable
Building Details
Year Built
1917
Listing Agency:
Jason Mitchell Real Estate Connecticut LLC
(203) 260-9300
Listed By:
Velma Taylor · License #RES.0805355
(203) 260-9300
Source:
Compass
Added: Mar 19
Changed: Aug 8
Last Checked: Aug 8 at 5:40AM
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 Jason Mitchell Real Estate Connecticut LLC
Investment Insights
Based on property information with market context.
This well-maintained three-family house is located minutes from Steelpointe Harbor. The first and second floors each feature a living room, dining room, two bedrooms, and a bathroom. The third floor includes one bedroom and a bathroom. This multifamily property is suitable for investors looking to expand their portfolio or for owner-occupants. The property is being sold as-is and is currently tenant-occupied. The second-floor tenant will vacate upon the sale of the property. The first and third-floor tenants will remain with the property. The property size is 3183 square feet.
Key Highlights
- Located minutes away from Steelpointe Harbor.
- Three‑family house, suitable for investors or owner‑occupants.
- Second floor tenant will move out upon sale, providing immediate occupancy.
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
$41,249
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
6.60%
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%
$824,980
$825.0K
Cap Rate 7%
$589,271
$589.3K
Cap Rate 9%
$458,322
$458.3K
Market Conditions
NOI Build-Up for 3,183 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
$63.0K $19.80/SF
− Vacancy
−$4.1K −$1.29/SF
EGI
$58.9K $18.51/SF
− OpEx
−$17.7K −$5.55/SF
NOI
$41.2K $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 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%
$824,980
Cap Rate 7%
$589,271
Cap Rate 9%
$458,322
Alternative Uses
Best Use
Multifamily LT 5
$589.3K
$515.6K – $687.5K
NOI $41,249 @ 7.0% cap · market cap 6.60%
Second Best
Apartment 5plus
$534.9K
$468.0K – $624.0K
NOI $37,441 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$908.5K
$794.9K – $1.06M
NOI $63,595 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
825
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?
Triplex - Three-family house near Steelpointe Harbor, ideal for investors or owner-occupants.
Where is this triplex located?
The property is located at 98-100 Carroll Avenue Bridgeport, CT.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Located minutes away from Steelpointe Harbor.; Three‑family house, suitable for investors or owner‑occupants.; Second floor tenant will move out upon sale, providing immediate occupancy.
