Duplex with Walk-Up
For Sale
$449,900
139 Richards Street, West Haven, CT 06516
Two-unit home with flexible living arrangements and convenient access to universities, transportation, shopping, dining, and the shoreline.
Property Size2,220 SF
Price / SF$202.66
Days on Market95
Property Features for 139 Richards Street
General Information
Standard status
Active
Size
2,220 SF
Property subtype
2 Family
Building Details
Year Built
1925
Listing Agency:
Carbutti & Co., Realtors
(203) 589-7226
Listed By:
Heather Zito · License #RES.0812406
(203) 589-7226
Source:
Lockandkeyre
Added: May 30
Changed: Aug 31
Last Checked: Aug 31 at 1:51PM
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 Carbutti & Co., Realtors
Investment Insights
Based on property information with market context.
This 1925 duplex contains 2,220 square feet with 4 bedrooms and 2 full bathrooms. The two units provide separate living areas, high ceilings, and layouts suited to everyday residential use. A walk-up attic adds storage capacity and may accommodate future expansion, subject to applicable approvals.
The first-floor residence is occupied by the owner, while the upper unit is available for its next occupant. The property is located at 139 Richards Street in West Haven, near the University of New Haven and within commuting distance of Yale University. Major highways, public transportation, shopping, dining, and the West Haven shoreline are also nearby.
The first-floor residence is occupied by the owner, while the upper unit is available for its next occupant. The property is located at 139 Richards Street in West Haven, near the University of New Haven and within commuting distance of Yale University. Major highways, public transportation, shopping, dining, and the West Haven shoreline are also nearby.
Key Highlights
- 2,220‑square‑foot duplex built in 1925
- 4 bedrooms and 2 full bathrooms across two units
- First‑floor unit is owner‑occupied
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
$37,367
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
8.31%
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%
$747,340
$747.3K
Cap Rate 7%
$533,814
$533.8K
Cap Rate 9%
$415,189
$415.2K
Market Conditions
NOI Build-Up for 2,220 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
$57.3K $25.80/SF
− Vacancy
−$3.9K −$1.75/SF
EGI
$53.4K $24.05/SF
− OpEx
−$16.0K −$7.21/SF
NOI
$37.4K $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%
$747,340
Cap Rate 7%
$533,814
Cap Rate 9%
$415,189
Alternative Uses
Best Use
Multifamily LT 5
$533.8K
$467.1K – $622.8K
NOI $37,367 @ 7.0% cap · market cap 8.31%
Second Best
Apartment 5plus
$496.7K
$434.6K – $579.5K
NOI $34,771 @ 7.0% cap · market cap 7.73%
Theoretical Best
Office A
$714.1K
$624.9K – $833.1K
NOI $49,988 @ 7.0% cap · market cap 11.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,380
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?
Duplex - Two-unit home with flexible living arrangements and convenient access to universities, transportation, shopping, dining, and the shoreline.
Where is this duplex located?
The property is located at 139 Richards Street West Haven, CT.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 2,220‑square‑foot duplex built in 1925; 4 bedrooms and 2 full bathrooms across two units; First‑floor unit is owner‑occupied
