Three-Family Residential Income
For Sale
$390,000
1770 State Street, Hamden, CT 06517
Three-unit layout with off-street parking, gas mechanicals, and a three-bedroom unit updated within the last three years.
Property Size2,282 SF
Price / SF$170.90
Days on Market238
Property Features for 1770 State Street
General Information
Standard status
Active
Size
2,282 SF
Property subtype
Multi-Family / 3 Family
Zoning
T4
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$13,146
Amenities
Yes
Hot Water
10
Access Via Hatch
Not Applicable
Building Details
Year Built
1935
Listing Agency:
Houlihan Lawrence WD
(203) 996-4984
Listed By:
Michael Martinez · License #RES.0781704
(203) 996-4984
Source:
Compass
Added: Dec 31, 2025
Changed: Aug 8
Last Checked: Jul 23 at 1:35PM
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 Houlihan Lawrence WD
Investment Insights
Based on property information with market context.
This solid three-family property is arranged with a one-bedroom unit and a rear studio on the first floor, plus a spacious three-bedroom apartment on the second floor. The three-bedroom unit has been updated within the last three years. The building also includes gas mechanicals and plenty of off-street parking.
Located at 1770 State Street in Hamden, CT, the property is described as being on the back side of East Rock. It is well suited for investors and owner-occupants, offering a mix of unit types across the two levels.
Overall, the configuration provides two units on the first floor and one larger unit on the second floor, supporting multiple occupancy arrangements within a single building.
Located at 1770 State Street in Hamden, CT, the property is described as being on the back side of East Rock. It is well suited for investors and owner-occupants, offering a mix of unit types across the two levels.
Overall, the configuration provides two units on the first floor and one larger unit on the second floor, supporting multiple occupancy arrangements within a single building.
Key Highlights
- Three‑family building built in 1935 with a 10‑room total layout
- First floor features a 1‑bedroom unit plus a rear studio
- Second floor offers a spacious 3‑bedroom apartment
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
$35,742
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
9.16%
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%
$714,840
$714.8K
Cap Rate 7%
$510,600
$510.6K
Cap Rate 9%
$397,133
$397.1K
Market Conditions
NOI Build-Up for 2,282 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
$69.3K $30.36/SF
− Vacancy
−$4.3K −$1.88/SF
EGI
$65.0K $28.48/SF
− OpEx
−$29.2K −$12.81/SF
NOI
$35.7K $15.66/SF
Area
New Haven, CT
Vacancy
6.20%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$714,840
Cap Rate 7%
$510,600
Cap Rate 9%
$397,133
Alternative Uses
Best Use
Multifamily LT 5
$548.7K
$480.1K – $640.2K
NOI $38,410 @ 7.0% cap · market cap 9.85%
Second Best
Apartment 5plus
$510.6K
$446.8K – $595.7K
NOI $35,742 @ 7.0% cap · market cap 9.16%
Theoretical Best
Office A
$734.1K
$642.3K – $856.4K
NOI $51,384 @ 7.0% cap · market cap 13.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
353
Businesses Nearby
Explore this area
Business Placement
Demographics for 06517, CT
14,954
Population
6,875
Households
2.2
Avg Household Size
45
Median Age
52%
College-Educated
96%
High-School Grad
5.0 sq mi
ZIP Area
2,991
Density / Sq Mi
$97,154
Median Household Income
$58,025
Median Earnings
$1,351
Median Rent
$313,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit layout with off-street parking, gas mechanicals, and a three-bedroom unit updated within the last three years.
Where is this triplex located?
The property is located at 1770 State Street Hamden, CT.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Three‑family building built in 1935 with a 10‑room total layout; First floor features a 1‑bedroom unit plus a rear studio; Second floor offers a spacious 3‑bedroom apartment
