Two-Unit Duplex with Walk-Out
For Sale
$949,000
34 Raymond Street, Stamford, CT 06902
Multi-Family For Sale, Units on different Floors, Stamford, CT
Property Size3,044 SF
Lot Size0.09 Acres
Price / SF$311.76
Days on Market84
Property Features for 34 Raymond Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 3, Basement, Bedroom 5, Bathroom 1, Bedroom 1, Bedroom 4, Bedroom 2
Parking
2
Fireplace
1
Basement
Partial
Lot features
On Cul- De- Sac
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
Cove Road to Raymond Street
Subdivision
Cove
Standard status
Active
Size
3,044 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10074
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Water source
Public
Building Details
Year built
1958
Architectural style
Other
Listing Agency:
William Pitt Sotheby's Int'l · Sotheby's International Realty
(203) 968-1500
Listed By:
Wende Foreman
(203) 981-4550
Added: Jun 12
Changed: Sep 1
Last Checked: Sep 3 at 7:06AM
MLS# 24183476
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 3,044-square-foot duplex contains two separate residential units arranged on different floors within a 1958-built property. A partially finished walk-out basement provides additional space that could be used with the first-floor unit, subject to the applicable requirements. The property includes hot-water heating, a fireplace, public water, and public sewer. It is being offered as-is, with general maintenance and updating identified as potential future work.
The 0.09-acre property is in Stamford, CT, near shopping, transportation, major roadways, and area amenities. The legal non-conforming two-family configuration and existing residential layout provide a defined income-property format, while the basement adds functional flexibility for the first-floor unit.
The 0.09-acre property is in Stamford, CT, near shopping, transportation, major roadways, and area amenities. The legal non-conforming two-family configuration and existing residential layout provide a defined income-property format, while the basement adds functional flexibility for the first-floor unit.
Key Highlights
- Legal non‑conforming two‑family property with two separate residential units
- 3,044 square feet on a 0.09‑acre lot
- Partially finished walk‑out basement associated with the first‑floor unit
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
$58,574
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
6.17%
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%
$1,171,480
$1.2M
Cap Rate 7%
$836,771
$836.8K
Cap Rate 9%
$650,822
$650.8K
Market Conditions
NOI Build-Up for 3,044 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
$89.5K $29.40/SF
− Vacancy
−$5.8K −$1.91/SF
EGI
$83.7K $27.49/SF
− OpEx
−$25.1K −$8.25/SF
NOI
$58.6K $19.24/SF
Area
Stamford, CT
Vacancy
6.50%
Lease Rate
$29.40 /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%
$1,171,480
Cap Rate 7%
$836,771
Cap Rate 9%
$650,822
Alternative Uses
Best Use
Multifamily LT 5
$836.8K
$732.2K – $976.2K
NOI $58,574 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$748.4K
$654.9K – $873.2K
NOI $52,389 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$1.10M
$963.1K – $1.28M
NOI $77,044 @ 7.0% cap · market cap 8.12%
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
1,548
Businesses Nearby
Explore this area
Business Placement
Demographics for 06902, CT
69,192
Population
30,142
Households
2.3
Avg Household Size
36
Median Age
44%
College-Educated
85%
High-School Grad
10.0 sq mi
ZIP Area
6,919
Density / Sq Mi
$92,527
Median Household Income
$48,285
Median Earnings
$2,139
Median Rent
$515,000
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 - Legal non-conforming residential property with two separate units and a partially finished walk-out basement.
Where is this duplex located?
The property is located at 34 Raymond Street Stamford, CT.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Legal non‑conforming two‑family property with two separate residential units; 3,044 square feet on a 0.09‑acre lot; Partially finished walk‑out basement associated with the first‑floor unit
