Updated Four-Unit
New
For Sale
$629,900
120 Canton Street, West Haven, CT 06516
Multi-Family For Sale, Units on different Floors,Units are Side-by-Side, West Haven, CT
Property Size2,016 SF
Lot Size0.14 Acres
Price / SF$312.45
Days on Market1
Property Features for 120 Canton Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bathroom 3, Bedroom 3, Basement, Bathroom 1, Bedroom 1, Bathroom 4, Bedroom 4, Bedroom 2
Parking
4
Basement
Full, Unfinished
Lot features
Level Lot
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
Park on Street
Standard status
Active
Size
2,016 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
13003
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1970
Architectural style
Other
Listing Agency:
Houlihan Lawrence WD
(203) 701-4848
Listed By:
Blake Arruda · License #RES.0815162
(401) 808-9895
Added: Sep 1
Last Checked: Sep 1 at 3:06PM
MLS# 24203222
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 1970, this four-unit residential property contains four one-bedroom, one-bathroom apartments within 2,016 square feet. Interior renovations include improvements completed in 2025, and the building is served by hot-water heating and window-unit cooling. The property occupies 0.14 acres and is zoned R5.
Located at 120 Canton Street in West Haven, the property has public water and public sewer. Its configuration includes four residential units along with basement space, providing a clearly defined multifamily layout. The address is in ZIP Code 06516, within New Haven County.
Located at 120 Canton Street in West Haven, the property has public water and public sewer. Its configuration includes four residential units along with basement space, providing a clearly defined multifamily layout. The address is in ZIP Code 06516, within New Haven County.
Key Highlights
- Four 1‑bedroom, 1‑bathroom units
- 2,016 square feet on 0.14 acres
- 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
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 apartments with interior improvements, public utilities, and a 2025 renovation update.
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 $629,900.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bathroom units; 2,016 square feet on 0.14 acres; Interior improvements completed in 2025
