Updated Duplex with Outdoor
For Sale
$425,000
15 Wallace Street, West Haven, CT 06516
Two residential units offer updated interiors, natural light, and flexible living arrangements in a well-maintained property.
Property Size2,081 SF
Price / SF$204.23
Days on Market194
Property Features for 15 Wallace Street
General Information
Standard status
Active
Size
2,081 SF
Property subtype
Multi-Family / 2 Family
Zoning
WD
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,748
Amenities
Yes
Hot Air
7
Central Air
Security System
Unfinished, Walk-up
Basement Hook-Up(s), Washer/Dryer Some Units
Main level has laundry on main floor
Porch, Garden Area, French Doors, Patio
Not Applicable
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Realty
(203) 589-3383
Listed By:
Maryann White · License #RES.0758645
(203) 589-3383
Source:
Compass
Added: Feb 17
Changed: Aug 30
Last Checked: Aug 30 at 1:20AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This two-unit residential property, built in 1900, combines updated interiors with preserved period character. The first-floor residence measures 1442 sf and includes a large kitchen with extensive wood cabinetry, a center island, vegetable and bar sinks, dining space, desk area, and a full-size sink beneath double windows. A half bath includes laundry, while the full bath features a walk-in shower with bench, jacuzzi tub, and storage. French doors connect the kitchen to exterior space.
The second-floor unit measures 639sf and is arranged as a one-bedroom residence with an eat-in kitchen, stove, refrigerator, living room, and bedroom. Back stairs provide a second exit, and the unfinished walk-up third floor offers the stated possibility of expanding the unit into a three-bedroom layout. Additional features include central air, hot air heat, a security system, basement laundry hookups, a porch, patio, and garden area. The property is located at 15 Wallace Street in West Haven and is zoned WD.
The second-floor unit measures 639sf and is arranged as a one-bedroom residence with an eat-in kitchen, stove, refrigerator, living room, and bedroom. Back stairs provide a second exit, and the unfinished walk-up third floor offers the stated possibility of expanding the unit into a three-bedroom layout. Additional features include central air, hot air heat, a security system, basement laundry hookups, a porch, patio, and garden area. The property is located at 15 Wallace Street in West Haven and is zoned WD.
Key Highlights
- Two‑unit property at 15 Wallace Street, West Haven, CT 06516
- First‑floor unit measures 1442 sf with an island kitchen, dining area, laundry, and upgraded bath features
- Second‑floor unit measures 639sf and is currently configured as one bedroom
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
$35,027
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
8.24%
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%
$700,540
$700.5K
Cap Rate 7%
$500,386
$500.4K
Cap Rate 9%
$389,189
$389.2K
Market Conditions
NOI Build-Up for 2,081 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
$53.7K $25.80/SF
− Vacancy
−$3.7K −$1.75/SF
EGI
$50.0K $24.05/SF
− OpEx
−$15.0K −$7.21/SF
NOI
$35.0K $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%
$700,540
Cap Rate 7%
$500,386
Cap Rate 9%
$389,189
Alternative Uses
Best Use
Multifamily LT 5
$500.4K
$437.8K – $583.8K
NOI $35,027 @ 7.0% cap · market cap 8.24%
Second Best
Apartment 5plus
$465.6K
$407.4K – $543.2K
NOI $32,594 @ 7.0% cap · market cap 7.67%
Theoretical Best
Office A
$669.4K
$585.7K – $781.0K
NOI $46,858 @ 7.0% cap · market cap 11.03%
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
881
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer updated interiors, natural light, and flexible living arrangements in a well-maintained property.
Where is this duplex located?
The property is located at 15 Wallace Street West Haven, CT.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two‑unit property at 15 Wallace Street, West Haven, CT 06516; First‑floor unit measures 1442 sf with an island kitchen, dining area, laundry, and upgraded bath features; Second‑floor unit measures 639sf and is currently configured as one bedroom
