Updated Four-Unit
For Sale
$630,000
120 Canton Street, West Haven, CT 06516
Four one-bedroom residences feature interior renovations, including improvements completed in 2025.
Property Size2,016 SF
Price / SF$312.50
Days on Market162
Property Features for 120 Canton Street
General Information
Standard status
Active
Size
2,016 SF
Property subtype
Multi-Family / 4 Family
Zoning
R5
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$61,080
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$13,003
Amenities
No
Hot Water
16
Window Unit
Basement Hook Up
Not Applicable
Building Details
Year Built
1970
Year Renovated
2025
Buildings
1
Listing Agency:
Houlihan Lawrence WD
(401) 808-9895
Listed By:
Blake Arruda · License #RES.0815162
(401) 808-9895
Source:
Compass
Added: Mar 23
Changed: Aug 31
Last Checked: Aug 31 at 3:26AM
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 Houlihan Lawrence WD
Investment Insights
Based on property information with market context.
This four-unit residential income property contains four one-bedroom, one-bathroom residences within a 2,016-square-foot building. Interior renovations include improvements completed in 2025. The property was constructed in 1970 and includes hot water service, window units, and a basement hook-up. R5 zoning applies to the site.
Located at 120 Canton Street in West Haven, the property is positioned near major highways, shopping, and local amenities. The unit configuration provides a consistent four-residence layout within a single building, offering an established multifamily format for ownership or leasing consideration.
Located at 120 Canton Street in West Haven, the property is positioned near major highways, shopping, and local amenities. The unit configuration provides a consistent four-residence layout within a single building, offering an established multifamily format for ownership or leasing consideration.
Key Highlights
- Four one‑bedroom, one‑bathroom units
- 2,016‑square‑foot building constructed in 1970
- Interior improvements completed in 2025
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
$33,933
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
5.39%
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%
$678,660
$678.7K
Cap Rate 7%
$484,757
$484.8K
Cap Rate 9%
$377,033
$377.0K
Market Conditions
NOI Build-Up for 2,016 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
$52.0K $25.80/SF
− Vacancy
−$3.5K −$1.75/SF
EGI
$48.5K $24.05/SF
− OpEx
−$14.5K −$7.21/SF
NOI
$33.9K $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%
$678,660
Cap Rate 7%
$484,757
Cap Rate 9%
$377,033
Alternative Uses
Best Use
Multifamily LT 5
$484.8K
$424.2K – $565.6K
NOI $33,933 @ 7.0% cap · market cap 5.39%
Second Best
Apartment 5plus
$451.1K
$394.7K – $526.3K
NOI $31,576 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$648.5K
$567.4K – $756.6K
NOI $45,395 @ 7.0% cap · market cap 7.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
591
Businesses Nearby
Explore this area
Business Placement
Demographics for 06516, CT
55,584
Population
21,884
Households
2.5
Avg Household Size
38
Median Age
29%
College-Educated
88%
High-School Grad
10.8 sq mi
ZIP Area
5,147
Density / Sq Mi
$73,566
Median Household Income
$41,123
Median Earnings
$1,389
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?
Quadplex - Four one-bedroom residences feature interior renovations, including improvements completed in 2025.
Where is this quadplex located?
The property is located at 120 Canton Street West Haven, CT.
What is the asking price?
The asking price for this property is $630,000.
What are key features of this property?
This property features: Four one‑bedroom, one‑bathroom units; 2,016‑square‑foot building constructed in 1970; Interior improvements completed in 2025
