Two-Unit Duplex with Front
For Sale
$579,000
179 Lenox Street, New Haven, CT 06513
Two residential units offer matching two-bedroom, one-bath layouts with updated finishes and heated tile floors.
Property Size1,886 SF
Price / SF$306
Days on Market87
Property Features for 179 Lenox Street
General Information
Standard status
Active
Size
1,886 SF
Property subtype
2 Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
front porch
fenced yard
patio
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Ellison Homes Real Estate
(860) 578-5896
Listed By:
Maria Giaimo
(860) 578-5896
Source:
Lockandkeyre
Added: Jun 8
Changed: Aug 30
Last Checked: Aug 31 at 1:42PM
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 Ellison Homes Real Estate
Investment Insights
Based on property information with market context.
Built in 1910, this 1,886-square-foot duplex contains two residential units, each with two bedrooms and one bathroom. Interior features include heated tile floors, refinished hardwood flooring, fresh paint, sunlit rooms, and recent updates. A newer heating system serves the property, while the exterior has also been freshly painted.
The home includes a broad front porch, a large fenced yard, and a patio area. Its Fair Haven Heights setting provides access to the riverfront and the Farmington Canal trail, with Yale, downtown dining, and the Shubert located roughly 10 minutes away.
The home includes a broad front porch, a large fenced yard, and a patio area. Its Fair Haven Heights setting provides access to the riverfront and the Farmington Canal trail, with Yale, downtown dining, and the Shubert located roughly 10 minutes away.
Key Highlights
- Two‑unit duplex with 1,886 square feet, built in 1910
- Both units feature 2 bedrooms and 1 bath
- Heated tile floors and refinished hardwood flooring
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
$31,745
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
5.48%
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%
$634,900
$634.9K
Cap Rate 7%
$453,500
$453.5K
Cap Rate 9%
$352,722
$352.7K
Market Conditions
NOI Build-Up for 1,886 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
$48.7K $25.80/SF
− Vacancy
−$3.3K −$1.75/SF
EGI
$45.4K $24.05/SF
− OpEx
−$13.6K −$7.21/SF
NOI
$31.7K $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%
$634,900
Cap Rate 7%
$453,500
Cap Rate 9%
$352,722
Alternative Uses
Best Use
Multifamily LT 5
$453.5K
$396.8K – $529.1K
NOI $31,745 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$422.0K
$369.3K – $492.3K
NOI $29,540 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$606.7K
$530.9K – $707.8K
NOI $42,468 @ 7.0% cap · market cap 7.33%
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
595
Businesses Nearby
Explore this area
Business Placement
Demographics for 06513, CT
38,618
Population
17,006
Households
2.3
Avg Household Size
36
Median Age
19%
College-Educated
80%
High-School Grad
7.2 sq mi
ZIP Area
5,364
Density / Sq Mi
$46,520
Median Household Income
$38,369
Median Earnings
$1,208
Median Rent
$226,600
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 matching two-bedroom, one-bath layouts with updated finishes and heated tile floors.
Where is this duplex located?
The property is located at 179 Lenox Street New Haven, CT.
What is the asking price?
The asking price for this property is $579,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,886 square feet, built in 1910; Both units feature 2 bedrooms and 1 bath; Heated tile floors and refinished hardwood flooring
