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West Haven Turnkey Investment Opportunity

191 Richards St West Haven, CT 06516

191 Richards St, West Haven, CT, 06516

$449,000

For Sale

$449,000

Well-maintained two-family property with strong cash flow and upside.

Property Size2,233 SF

Price / SF$201.07

AddedMay 21

Days on Market55

Last RefreshJul 2 at 9:22 am

Property Features for 191 Richards St

General Information

Standard status: Active
Size: 2,233 SF
Property subtype: Multi Family

Building Details

Year Built: 1900

Listing office

Listing date May 21, 2026

Source Elliman

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 Marcos Flores

Investment Insights

Based on property information with market context.

This well-maintained two-family property in West Haven offers a blend of cash flow and long-term upside. The multi-family property features 4 bedrooms, 2 bathrooms, and 2,233 square feet. A finished attic provides additional flexible space suitable for extended living, storage, or potential value-add opportunities. The property generates $5,000 per month in rental income. Each unit offers functional layouts with comfortable living spaces. The property is located minutes from the University of New Haven and a short drive to Yale University, benefiting from rental demand driven by students, faculty, and local professionals. Convenient access to major highways, shopping, dining, and the shoreline enhances its appeal. The bike score is 45, indicating it is somewhat bikeable, and the walk score is 61, indicating it is somewhat walkable.

Key Highlights

Turnkey investment property generating $5,000/month in rental income.
Two‑family property with 4 bedrooms and 2 bathrooms totaling 2,233 sqft.
Finished attic provides flexible space.

Local Financial Insights For Multifamily LT 5

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$57.6k	$25.80
− Vacancy	−$3.9k	−$1.75
EGI	$53.7k	$24.05
− OpEx	−$16.1k	−$7.21
NOI	$37.6k	$16.83

2,233 SF · lease $25.80/SF/yr · vacancy 6.80% · expense 30.00%

Alternative Uses

Best Use

Multifamily LT 5

$536.9K

$469.8K – $626.4K (±1% cap)

NOI $37,586 @ 7.0% cap · market cap 8.37%

Second Best

Apartment 5plus

$499.6K

$437.2K – $582.9K (±1% cap)

NOI $34,975 @ 7.0% cap · market cap 7.79%

Theoretical Best

Office A

$718.3K

$628.5K – $838.0K (±1% cap)

NOI $50,281 @ 7.0% cap · market cap 11.20%

Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Duplexes

Suggested Use

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For sale
Duplexes
CT
West Haven
06516
191 Richards St

What type of property is this?

Duplex - Well-maintained two-family property with strong cash flow and upside.

Where is this duplex located?

The property is located at 191 Richards St West Haven, CT.

What is the asking price?

The asking price for this property is $449,000.

What are key features of this property?

This property features: Turnkey investment property generating $5,000/month in rental income.; Two‑family property with 4 bedrooms and 2 bathrooms totaling 2,233 sqft.; Finished attic provides flexible space.