Two-Family Duplex
New
For Sale
$629,000
12 Bishop Street, New Haven, CT 06511
Two-unit property with off-street parking, flexible layouts, and a renovated kitchen in one residence.
Property Size1,890 SF
Price / SF$332.80
Days on Market2
Property Features for 12 Bishop Street
General Information
Standard status
Active
Size
1,890 SF
Property subtype
Multi-Family
Units
Unit Mix
3 bedrooms, 2 full baths, 3+ bedroom/1 bath
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Realty
Listed By:
Melanie Gunn · License #GUNNME
(203) 562-1220
Source:
Foreverhomesrealestate
Added: Sep 12
Last Checked: Sep 13 at 5:05AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Built in 1900, this 1,890-square-foot two-family property includes two duplex residences with distinct layouts. The first-floor unit extends into the lower level and provides 3 bedrooms and 2 full baths, with updates needed. The upper residence offers 3+ bedrooms and 1 bath, along with a renovated kitchen, an office or dressing room, and additional living space on the third floor.
Both units benefit from off-street parking. The property is located in New Haven’s East Rock area, near the State and Orange Street corridors, parks, shops, restaurants, Yale, and Downtown New Haven.
Both units benefit from off-street parking. The property is located in New Haven’s East Rock area, near the State and Orange Street corridors, parks, shops, restaurants, Yale, and Downtown New Haven.
Key Highlights
- Two‑family duplex property with 1,890 square feet
- First residence offers 3 bedrooms, 2 full baths, and a lower‑level walkout
- Second residence includes 3+ bedrooms and 1 bath
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
$31,812
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
5.06%
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%
$636,240
$636.2K
Cap Rate 7%
$454,457
$454.5K
Cap Rate 9%
$353,467
$353.5K
Market Conditions
NOI Build-Up for 1,890 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
$48.8K $25.80/SF
− Vacancy
−$3.3K −$1.75/SF
EGI
$45.4K $24.05/SF
− OpEx
−$13.6K −$7.21/SF
NOI
$31.8K $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%
$636,240
Cap Rate 7%
$454,457
Cap Rate 9%
$353,467
Alternative Uses
Best Use
Multifamily LT 5
$454.5K
$397.7K – $530.2K
NOI $31,812 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$422.9K
$370.0K – $493.4K
NOI $29,603 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$608.0K
$532.0K – $709.3K
NOI $42,558 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,287
Businesses Nearby
Explore this area
Business Placement
Demographics for 06511, CT
55,879
Population
24,579
Households
2.3
Avg Household Size
29
Median Age
48%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
9,634
Density / Sq Mi
$56,300
Median Household Income
$34,409
Median Earnings
$1,534
Median Rent
$313,400
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 property with off-street parking, flexible layouts, and a renovated kitchen in one residence.
Where is this duplex located?
The property is located at 12 Bishop Street New Haven, CT.
What is the asking price?
The asking price for this property is $629,000.
What are key features of this property?
This property features: Two‑family duplex property with 1,890 square feet; First residence offers 3 bedrooms, 2 full baths, and a lower‑level walkout; Second residence includes 3+ bedrooms and 1 bath
