Vacant Two-Family
New
For Sale
$399,999
15 Ward St, Hartford, CT 06106
Two residential units offer private laundry hookups and access to a detached garage for storage or parking.
Property Size2,292 SF
Days on Market4
Property Features for 15 Ward St
General Information
Standard status
Active
Size
2,292 SF
Total Parking Spaces
2
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
in unit washer/dryer hookups
Building Details
Building Size
2,292 SF
Year Built
1915
Buildings
2
Listing Agency:
Ardent Trust Property Mngmnt
Listed By:
Nicole J. Allen
(860) 995-6271
Source:
Elliman
Added: Sep 4
Last Checked: Sep 7 at 8:11AM
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 Ardent Trust Property Mngmnt
Investment Insights
Based on property information with market context.
Built in 1915, this vacant duplex at 15 Ward St includes two residential units, each with two bedrooms and one bathroom. Both units have in-unit washer and dryer hookups, and the property includes a detached 2-car garage that can serve as secure storage or parking. The building is being delivered fully vacant, allowing a new owner to address each unit independently.
The property is near a bus line, Hartford Hospital, and major employment centers. Walk Score is 54, Bike Score is 53, and Transit Score is 43, reflecting access to several transportation options and nearby destinations.
The property is near a bus line, Hartford Hospital, and major employment centers. Walk Score is 54, Bike Score is 53, and Transit Score is 43, reflecting access to several transportation options and nearby destinations.
Key Highlights
- Fully vacant duplex with 2 two‑bedroom, one‑bathroom units
- Each unit includes in‑unit washer and dryer hookups
- Detached 2‑car garage included
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
$33,655
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
8.41%
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%
$673,100
$673.1K
Cap Rate 7%
$480,786
$480.8K
Cap Rate 9%
$373,944
$373.9K
Market Conditions
NOI Build-Up for 2,292 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
$50.9K $22.20/SF
− Vacancy
−$2.8K −$1.22/SF
EGI
$48.1K $20.98/SF
− OpEx
−$14.4K −$6.29/SF
NOI
$33.7K $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%
$673,100
Cap Rate 7%
$480,786
Cap Rate 9%
$373,944
Alternative Uses
Best Use
Multifamily LT 5
$480.8K
$420.7K – $560.9K
NOI $33,655 @ 7.0% cap · market cap 8.41%
Second Best
Apartment 5plus
$441.7K
$386.5K – $515.4K
NOI $30,922 @ 7.0% cap · market cap 7.73%
Theoretical Best
Office A
$683.2K
$597.8K – $797.1K
NOI $47,823 @ 7.0% cap · market cap 11.96%
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
4,934
Businesses Nearby
Explore this area
Business Placement
Demographics for 06106, CT
38,036
Population
16,938
Households
2.2
Avg Household Size
33
Median Age
17%
College-Educated
70%
High-School Grad
4.2 sq mi
ZIP Area
9,056
Density / Sq Mi
$47,542
Median Household Income
$31,395
Median Earnings
$1,237
Median Rent
$201,600
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 residential units offer private laundry hookups and access to a detached garage for storage or parking.
Where is this duplex located?
The property is located at 15 Ward St Hartford, CT.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: Fully vacant duplex with 2 two‑bedroom, one‑bathroom units; Each unit includes in‑unit washer and dryer hookups; Detached 2‑car garage included
