Duplex with Attic
New
For Sale
$625,000
189 Nicoll Street, New Haven, CT 06511
Two residential units include newer windows and furnaces, with a walk-up attic for additional possibilities.
Property Size1,900 SF
Price / SF$237.46
Days on Market5
Property Features for 189 Nicoll Street
General Information
Standard status
Active
Size
1,900 SF
Property subtype
2 Family
Additional Details
Multifamily Units
2
Building Details
Building Size
1,900 SF
Year Built
1900
Buildings
1
Listing Agency:
William Raveis Real Estate
(203) 217-7720
Listed By:
Adrian Cote
(203) 217-7720
Source:
Iverty
Added: Aug 28
Changed: Aug 31
Last Checked: Aug 31 at 3:25PM
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 William Raveis Real Estate
Investment Insights
Based on property information with market context.
Built in 1900, this RM2-zoned duplex at 189 Nicoll Street contains two residential units and a walk-up attic with existing egress. Newer windows and newer furnaces provide established improvements, while the units offer room for updates and customization.
The property is located in New Haven’s East Rock neighborhood. The attic may support additional living space or a possible third unit, subject to zoning requirements and required approvals.
The property is located in New Haven’s East Rock neighborhood. The attic may support additional living space or a possible third unit, subject to zoning requirements and required approvals.
Key Highlights
- Two‑family duplex in New Haven’s East Rock neighborhood
- RM2 zoning supports the property’s multifamily classification
- Newer windows and newer furnaces
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
$44,302
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
7.09%
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%
$886,040
$886.0K
Cap Rate 7%
$632,886
$632.9K
Cap Rate 9%
$492,244
$492.2K
Market Conditions
NOI Build-Up for 2,632 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
$67.9K $25.80/SF
− Vacancy
−$4.6K −$1.75/SF
EGI
$63.3K $24.05/SF
− OpEx
−$19.0K −$7.21/SF
NOI
$44.3K $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%
$886,040
Cap Rate 7%
$632,886
Cap Rate 9%
$492,244
Alternative Uses
Best Use
Multifamily LT 5
$632.9K
$553.8K – $738.4K
NOI $44,302 @ 7.0% cap · market cap 7.09%
Second Best
Apartment 5plus
$588.9K
$515.3K – $687.1K
NOI $41,224 @ 7.0% cap · market cap 6.60%
Theoretical Best
Office A
$846.6K
$740.8K – $987.8K
NOI $59,265 @ 7.0% cap · market cap 9.48%
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
1,400
Businesses Nearby
Explore this area
Business Placement
Demographics for 06511, CT
55,879
Population
24,579
Households
2.3
Avg Household Size
29
Median Age
48%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
9,634
Density / Sq Mi
$56,300
Median Household Income
$34,409
Median Earnings
$1,534
Median Rent
$313,400
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 include newer windows and furnaces, with a walk-up attic for additional possibilities.
Where is this duplex located?
The property is located at 189 Nicoll Street New Haven, CT.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Two‑family duplex in New Haven’s East Rock neighborhood; RM2 zoning supports the property’s multifamily classification; Newer windows and newer furnaces
