Harbor-View Duplex with Two-Car
For Sale
Under Contract
$499,900
338 Lighthouse Road, New Haven, CT 06512
Multi-Family For Sale, Units on different Floors, New Haven, CT
Property Size2,634 SF
Lot Size0.27 Acres
Price / SF$189.79
Days on Market117
Property Features for 338 Lighthouse Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RS2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 1, Bathroom 2, Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 1
Parking
2
Patio and Porch features
Deck
Exterior features
Wrap Around Deck
Fireplace
1
Basement
Full, Partially Finished
Lot features
City Views, Level Lot, Water View
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
Townhouse Ave to Lighthouse Rd.
Standard status
Active Under Contract
Size
2,634 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
10840
Utilities
Sewer type
Public Sewer
Heating system
Steam
Water source
Public
Amenities
enclosed wraparound front porch
deck
above-ground pool
balcony
covered porch
workshop space
Building Details
Year built
1910
Architectural style
Other
Listing Agency:
RE/MAX Alliance · RE/MAX International
(203) 488-1641
Listed By:
Gene Pica · License #539011
(203) 314-7578
Added: May 1
Changed: Aug 23
Last Checked: Aug 25 at 12:06PM
MLS# 24171039
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.
Built in 1910, this 2,634-square-foot duplex includes two residential units, each with two bedrooms and one bathroom. The first floor has an eat-in kitchen, hardwood flooring, a generous entry foyer, and access to a deck. The upper unit includes a bright kitchen area, hardwood floors, and a balcony oriented toward downtown New Haven and the harbor. A finished walk-out lower level, workshop area, enclosed wraparound porch, and original interior woodwork add functional and architectural character.
The 0.27-acre property also includes a two-car garage, an above-ground pool, and deck space overlooking the harbor. Public water and public sewer serve the property, which is zoned RS2. The home requires updating, particularly in the second-floor unit, and is offered as is subject to probate court approval.
The 0.27-acre property also includes a two-car garage, an above-ground pool, and deck space overlooking the harbor. Public water and public sewer serve the property, which is zoned RS2. The home requires updating, particularly in the second-floor unit, and is offered as is subject to probate court approval.
Key Highlights
- 2,634‑square‑foot duplex with two units, each offering 2 bedrooms and 1 bathroom
- 0.27‑acre lot at 338 Lighthouse Road, New Haven, CT 06512
- Upper‑level balcony provides views toward downtown New Haven and the harbor
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
$44,335
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
8.87%
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%
$886,700
$886.7K
Cap Rate 7%
$633,357
$633.4K
Cap Rate 9%
$492,611
$492.6K
Market Conditions
NOI Build-Up for 2,634 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
$68.0K $25.80/SF
− Vacancy
−$4.6K −$1.75/SF
EGI
$63.3K $24.05/SF
− OpEx
−$19.0K −$7.21/SF
NOI
$44.3K $16.83/SF
Area
New Haven, CT
Vacancy
6.80%
Lease Rate
$25.80 /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%
$886,700
Cap Rate 7%
$633,357
Cap Rate 9%
$492,611
Alternative Uses
Best Use
Multifamily LT 5
$633.4K
$554.2K – $738.9K
NOI $44,335 @ 7.0% cap · market cap 8.87%
Second Best
Apartment 5plus
$589.4K
$515.7K – $687.6K
NOI $41,256 @ 7.0% cap · market cap 8.25%
Theoretical Best
Office A
$847.3K
$741.4K – $988.5K
NOI $59,311 @ 7.0% cap · market cap 11.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
120
Businesses Nearby
Explore this area
Business Placement
Demographics for 06512, CT
29,457
Population
12,945
Households
2.3
Avg Household Size
43
Median Age
30%
College-Educated
91%
High-School Grad
10.6 sq mi
ZIP Area
2,779
Density / Sq Mi
$84,034
Median Household Income
$48,981
Median Earnings
$1,464
Median Rent
$265,200
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-unit home with separate living areas, original woodwork, outdoor entertaining space, and water views from the upper level.
Where is this duplex located?
The property is located at 338 Lighthouse Road New Haven, CT.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 2,634‑square‑foot duplex with two units, each offering 2 bedrooms and 1 bathroom; 0.27‑acre lot at 338 Lighthouse Road, New Haven, CT 06512; Upper‑level balcony provides views toward downtown New Haven and the harbor
