Duplex with Off-Street
For Sale
$215,000
Pending
26 Phelps Place, East Hartford, CT 06108
Multi-Family For Sale, Units on different Floors, East Hartford, CT
Property Size1,331 SF
Lot Size0.14 Acres
Days on Market60
Property Features for 26 Phelps Place
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B-5
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 2, Bedroom 1, Bathroom 1, Bathroom 2
Basement
Full
Lot features
Level Lot
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
GPS Friendly
Standard status
Pending
Size
1,331 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
5380
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
off-street parking
Building Details
Year built
1900
Architectural style
Other
Listing Agency:
Century 21 AllPoints Realty · Century 21 Real Estate
(860) 521-0021
Listed By:
Robert Perriello · License #REB.0795076
(860) 935-6588
Added: Jul 27
Changed: Sep 22
Last Checked: Sep 24 at 5:06AM
MLS# 24194624
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-family duplex contains two separate one-bedroom, one-bath apartments with a combined 1,331 square feet. Each unit includes an eat-in kitchen, while the property also offers off-street parking and natural gas heat. The building dates to 1900 and is situated on a 0.14-acre parcel.
Public water and public sewer serve the property, which is zoned B-5. The sale is subject to Probate Court approval and is offered as-is. Located in East Hartford, the property provides a two-unit residential configuration for an owner-occupant or rental use, subject to applicable approvals and due diligence.
Public water and public sewer serve the property, which is zoned B-5. The sale is subject to Probate Court approval and is offered as-is. Located in East Hartford, the property provides a two-unit residential configuration for an owner-occupant or rental use, subject to applicable approvals and due diligence.
Key Highlights
- Two separate one‑bedroom, one‑bath units
- Combined building area of 1,331 square feet
- Off‑street parking and natural gas heat
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
$19,544
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
9.09%
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%
$390,880
$390.9K
Cap Rate 7%
$279,200
$279.2K
Cap Rate 9%
$217,156
$217.2K
Market Conditions
NOI Build-Up for 1,331 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
$29.5K $22.20/SF
− Vacancy
−$1.6K −$1.22/SF
EGI
$27.9K $20.98/SF
− OpEx
−$8.4K −$6.29/SF
NOI
$19.5K $14.68/SF
Area
Hartford, CT
Vacancy
5.51%
Lease Rate
$22.20 /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%
$390,880
Cap Rate 7%
$279,200
Cap Rate 9%
$217,156
Alternative Uses
Best Use
Multifamily LT 5
$279.2K
$244.3K – $325.7K
NOI $19,544 @ 7.0% cap · market cap 9.09%
Second Best
Apartment 5plus
$256.5K
$224.5K – $299.3K
NOI $17,957 @ 7.0% cap · market cap 8.35%
Theoretical Best
Office A
$396.7K
$347.1K – $462.9K
NOI $27,771 @ 7.0% cap · market cap 12.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
916
Businesses Nearby
Explore this area
Business Placement
Demographics for 06108, CT
24,201
Population
9,963
Households
2.4
Avg Household Size
38
Median Age
15%
College-Educated
85%
High-School Grad
8.1 sq mi
ZIP Area
2,988
Density / Sq Mi
$55,766
Median Household Income
$35,801
Median Earnings
$1,161
Median Rent
$218,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom apartments include eat-in kitchens, natural gas heat, and separate one-bath layouts.
Where is this duplex located?
The property is located at 26 Phelps Place East Hartford, CT.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Two separate one‑bedroom, one‑bath units; Combined building area of 1,331 square feet; Off‑street parking and natural gas heat
