Updated Triplex with Walk-Out
New
For Sale
$649,000
981 William St, Bridgeport, CT 06608
Three separate units provide six bedrooms, three full bathrooms, and off-street parking in Bridgeport.
Property Size2,234 SF
Days on Market4
Property Features for 981 William St
General Information
Standard status
Active
Size
2,234 SF
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Amenities
off-street parking
full walk-out basement
oversized backyard
Building Details
Building Size
2,234 SF
Year Built
1925
Buildings
1
Listing Agency:
Five Stars Realty
(917) 902-0350
Listed By:
Minerva Vega Lozano · License #RES.0825064
(917) 902-0350
Source:
Elliman
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 23 at 10:40AM
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 Five Stars Realty
Investment Insights
Based on property information with market context.
This legal three-family property at 981 William St in Bridgeport includes three separate units with a combined six bedrooms and three full bathrooms. A full walk-out basement adds storage, while the property also provides an oversized level backyard and off-street parking. Recent updates include heating systems, hot water heaters, the roof, vinyl siding, thermopane windows, kitchens, and bathrooms.
The property is near schools, shopping, restaurants, parks, public transportation, and major highways. Access to I-95, Route 15, and the Route 25/8 Connector adds regional connectivity. Built in 1925, the triplex offers a multifamily layout with updated building components and separate residential units.
The property is near schools, shopping, restaurants, parks, public transportation, and major highways. Access to I-95, Route 15, and the Route 25/8 Connector adds regional connectivity. Built in 1925, the triplex offers a multifamily layout with updated building components and separate residential units.
Key Highlights
- Legal three‑family property with 3 separate units
- Six bedrooms and 3 full bathrooms
- Full walk‑out basement for additional storage
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
$28,951
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
4.46%
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%
$579,020
$579.0K
Cap Rate 7%
$413,586
$413.6K
Cap Rate 9%
$321,678
$321.7K
Market Conditions
NOI Build-Up for 2,234 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
$44.2K $19.80/SF
− Vacancy
−$2.9K −$1.29/SF
EGI
$41.4K $18.51/SF
− OpEx
−$12.4K −$5.55/SF
NOI
$29.0K $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%
$579,020
Cap Rate 7%
$413,586
Cap Rate 9%
$321,678
Alternative Uses
Best Use
Multifamily LT 5
$413.6K
$361.9K – $482.5K
NOI $28,951 @ 7.0% cap · market cap 4.46%
Second Best
Apartment 5plus
$375.4K
$328.5K – $438.0K
NOI $26,278 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$637.6K
$557.9K – $743.9K
NOI $44,634 @ 7.0% cap · market cap 6.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,368
Businesses Nearby
Explore this area
Business Placement
Demographics for 06608, CT
14,312
Population
4,915
Households
2.9
Avg Household Size
33
Median Age
7%
College-Educated
67%
High-School Grad
1.0 sq mi
ZIP Area
14,312
Density / Sq Mi
$43,008
Median Household Income
$30,524
Median Earnings
$1,311
Median Rent
$222,900
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?
Triplex - Three separate units provide six bedrooms, three full bathrooms, and off-street parking in Bridgeport.
Where is this triplex located?
The property is located at 981 William St Bridgeport, CT.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Legal three‑family property with 3 separate units; Six bedrooms and 3 full bathrooms; Full walk‑out basement for additional storage
