Renovated Two-Family
For Sale
$515,000
Pending
15 Walnut St, West Haven, CT 06516
A permitted attic conversion adds finished third-floor space to a five-bedroom, two-bath residential layout.
Property Size2,395 SF
Days on Market93
Property Features for 15 Walnut St
General Information
Standard status
Pending
Size
2,395 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1910
Listing Agency:
Coldwell Banker Realty
(413) 717-0635
Listed By:
Clifton J. Green (203) 833-0589 (203) 878-7424
Source:
Theconnecticuthomefinder
Added: May 30
Changed: Aug 29
Last Checked: Aug 25 at 8:00AM
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.
Located at 15 Walnut Street in West Haven, this two-family property contains 2,395 square feet with five bedrooms and two bathrooms. A permitted attic conversion created 482 square feet of finished third-floor area, including a bedroom and bonus room. Municipal approval has been completed.
The renovation updated both units with new kitchens, cabinetry, countertops, appliances, bathrooms, flooring, fixtures, windows, doors, and porches. The property also has a new roof. Built in 1910, the residence is positioned minutes from Yale University, Yale New Haven Hospital, the VA Hospital, and the University of New Haven, with West Haven beaches, major highways, shopping, and entertainment also identified in the surrounding area.
The renovation updated both units with new kitchens, cabinetry, countertops, appliances, bathrooms, flooring, fixtures, windows, doors, and porches. The property also has a new roof. Built in 1910, the residence is positioned minutes from Yale University, Yale New Haven Hospital, the VA Hospital, and the University of New Haven, with West Haven beaches, major highways, shopping, and entertainment also identified in the surrounding area.
Key Highlights
- 2,395‑square‑foot two‑family property with 5 bedrooms and 2 bathrooms
- 482 square feet of finished third‑floor space from a permitted attic conversion
- Both units feature renovated kitchens, bathrooms, flooring, fixtures, windows, doors, and porches
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
$40,312
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
7.83%
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%
$806,240
$806.2K
Cap Rate 7%
$575,886
$575.9K
Cap Rate 9%
$447,911
$447.9K
Market Conditions
NOI Build-Up for 2,395 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
$61.8K $25.80/SF
− Vacancy
−$4.2K −$1.75/SF
EGI
$57.6K $24.05/SF
− OpEx
−$17.3K −$7.21/SF
NOI
$40.3K $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%
$806,240
Cap Rate 7%
$575,886
Cap Rate 9%
$447,911
Alternative Uses
Best Use
Multifamily LT 5
$575.9K
$503.9K – $671.9K
NOI $40,312 @ 7.0% cap · market cap 7.83%
Second Best
Apartment 5plus
$535.9K
$468.9K – $625.2K
NOI $37,512 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$770.4K
$674.1K – $898.8K
NOI $53,929 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,833
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 - A permitted attic conversion adds finished third-floor space to a five-bedroom, two-bath residential layout.
Where is this duplex located?
The property is located at 15 Walnut St West Haven, CT.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: 2,395‑square‑foot two‑family property with 5 bedrooms and 2 bathrooms; 482 square feet of finished third‑floor space from a permitted attic conversion; Both units feature renovated kitchens, bathrooms, flooring, fixtures, windows, doors, and porches
