Turnkey Duplex with Private
For Sale
$631,111
Pending
19-21 Mill St, Wethersfield, CT 06109
Turnkey 1964 duplex with a fully remodeled vacant unit, private decks, three bedrooms per unit, and substantial capital upgrades.
Property Size2,156 SF
Days on Market115
Property Features for 19-21 Mill St
General Information
Standard status
Pending
Size
2,156 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Building Details
Building Size
2,156 SF
Year Built
1964
Tenancy
Multi
Listing Agency:
Century 21 AllPoints Realty
(860) 508-2102
Listed By:
Lisa Cozzi · License #REB.0789668
(860) 508-2102
Source:
Elliman
Added: Apr 28
Changed: Aug 12
Last Checked: Aug 19 at 10:14AM
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 Century 21 AllPoints Realty
Investment Insights
Based on property information with market context.
This extensively improved, turnkey duplex offers 2,156 square feet above grade plus an additional 1,000 square feet of finished basement space. The property is configured as two separate units, each with a spacious mirrored layout featuring three bedrooms, two bathrooms, eat-in kitchens, and comfortable living areas. The currently vacant unit has been remodeled from top to bottom, including a new kitchen with updated cabinetry and countertops, fully renovated bathrooms, refinished floors, new doors and trim, modern lighting, and energy-efficient windows. The occupied unit is described as currently rented and maintained in clean, pristine condition. Both units include private decks.
The duplex was built in 1964 and has been thoughtfully revitalized with major capital improvements that include updated electrical with LED lighting, replacement baseboard heating, new windows, and two brand-new driveways, along with a new walkway and an inviting front entrance. BikeScore is 31 (Somewhat Bikeable) and walkScore is 53 (Somewhat Walkable).
Recent upgrades and a remodeled vacant unit support immediate occupancy options for an owner-occupant or continued income potential for an investor.
The duplex was built in 1964 and has been thoughtfully revitalized with major capital improvements that include updated electrical with LED lighting, replacement baseboard heating, new windows, and two brand-new driveways, along with a new walkway and an inviting front entrance. BikeScore is 31 (Somewhat Bikeable) and walkScore is 53 (Somewhat Walkable).
Recent upgrades and a remodeled vacant unit support immediate occupancy options for an owner-occupant or continued income potential for an investor.
Key Highlights
- 1964 duplex with 2,156 SF above grade plus 1,000 SF finished basement space
- 2 units with 3 bedrooms and 2 bathrooms each, including eat‑in kitchens and comfortable living areas
- Vacant unit fully remodeled top to bottom with a new kitchen, renovated bathrooms, refinished floors, and modern lighting
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
$31,658
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
5.02%
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%
$633,160
$633.2K
Cap Rate 7%
$452,257
$452.3K
Cap Rate 9%
$351,756
$351.8K
Market Conditions
NOI Build-Up for 2,156 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
$47.9K $22.20/SF
− Vacancy
−$2.6K −$1.22/SF
EGI
$45.2K $20.98/SF
− OpEx
−$13.6K −$6.29/SF
NOI
$31.7K $14.68/SF
Area
Hartford, CT
Vacancy
5.51%
Lease Rate
$22.20 /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%
$633,160
Cap Rate 7%
$452,257
Cap Rate 9%
$351,756
Alternative Uses
Best Use
Multifamily LT 5
$452.3K
$395.7K – $527.6K
NOI $31,658 @ 7.0% cap · market cap 5.02%
Second Best
Apartment 5plus
$415.5K
$363.6K – $484.8K
NOI $29,087 @ 7.0% cap · market cap 4.61%
Theoretical Best
Office A
$642.6K
$562.3K – $749.8K
NOI $44,985 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
884
Businesses Nearby
Explore this area
Business Placement
Demographics for 06109, CT
27,298
Population
11,833
Households
2.3
Avg Household Size
44
Median Age
54%
College-Educated
95%
High-School Grad
12.3 sq mi
ZIP Area
2,219
Density / Sq Mi
$118,523
Median Household Income
$70,225
Median Earnings
$1,303
Median Rent
$300,500
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 - Turnkey 1964 duplex with a fully remodeled vacant unit, private decks, three bedrooms per unit, and substantial capital upgrades.
Where is this duplex located?
The property is located at 19-21 Mill St Wethersfield, CT.
What is the asking price?
The asking price for this property is $631,111.
What are key features of this property?
This property features: 1964 duplex with 2,156 SF above grade plus 1,000 SF finished basement space; 2 units with 3 bedrooms and 2 bathrooms each, including eat‑in kitchens and comfortable living areas; Vacant unit fully remodeled top to bottom with a new kitchen, renovated bathrooms, refinished floors, and modern lighting
