Duplex with Off-Street
For Sale
$215,000
26 Phelps St, East Hartford, CT 06108
Two separate residences provide eat-in kitchens and natural gas heat for everyday occupancy.
Property Size1,331 SF
Price / SF$161.53
Days on Market29
Property Features for 26 Phelps St
General Information
Standard status
Active
Size
1,331 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
Century 21 AllPoints Realty
(860) 935-6588
Listed By:
Robert Perriello · License #REB.0795076
Source:
Themialeteam
Added: Aug 1
Changed: Aug 28
Last Checked: Aug 25 at 5:42AM
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 two-family duplex at 26 Phelps St includes two separate one-bedroom, one-bath residences totaling 1,331 square feet. Each unit has an eat-in kitchen layout, while the property also provides off-street parking and natural gas heat. Built in 1900, the building offers a straightforward residential income configuration with distinct living spaces.
The property is located in East Hartford, CT 06108, with access to major commuter routes, shopping, and employment centers. It is being sold as-is and requires Probate Court approval. Buyers should complete their own due diligence regarding the property and the approval process.
The property is located in East Hartford, CT 06108, with access to major commuter routes, shopping, and employment centers. It is being sold as-is and requires Probate Court approval. Buyers should complete their own due diligence regarding the property and the approval process.
Key Highlights
- Two separate one‑bedroom, one‑bath units
- 1,331 square feet of combined living area
- Eat‑in kitchen layout in each unit
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
$19,544
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
9.09%
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%
$390,880
$390.9K
Cap Rate 7%
$279,200
$279.2K
Cap Rate 9%
$217,156
$217.2K
Market Conditions
NOI Build-Up for 1,331 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
$29.5K $22.20/SF
− Vacancy
−$1.6K −$1.22/SF
EGI
$27.9K $20.98/SF
− OpEx
−$8.4K −$6.29/SF
NOI
$19.5K $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%
$390,880
Cap Rate 7%
$279,200
Cap Rate 9%
$217,156
Alternative Uses
Best Use
Multifamily LT 5
$279.2K
$244.3K – $325.7K
NOI $19,544 @ 7.0% cap · market cap 9.09%
Second Best
Apartment 5plus
$256.5K
$224.5K – $299.3K
NOI $17,957 @ 7.0% cap · market cap 8.35%
Theoretical Best
Office A
$396.7K
$347.1K – $462.9K
NOI $27,771 @ 7.0% cap · market cap 12.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
916
Businesses Nearby
Explore this area
Business Placement
Demographics for 06108, CT
24,201
Population
9,963
Households
2.4
Avg Household Size
38
Median Age
15%
College-Educated
85%
High-School Grad
8.1 sq mi
ZIP Area
2,988
Density / Sq Mi
$55,766
Median Household Income
$35,801
Median Earnings
$1,161
Median Rent
$218,800
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 separate residences provide eat-in kitchens and natural gas heat for everyday occupancy.
Where is this duplex located?
The property is located at 26 Phelps St East Hartford, CT.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Two separate one‑bedroom, one‑bath units; 1,331 square feet of combined living area; Eat‑in kitchen layout in each unit
