Renovated Two-Unit
For Sale
$631,111
19-21 Mill Street, Wethersfield, CT 06109
Mirrored residences provide spacious layouts, private decks, and finished basement space for added flexibility.
Property Size2,156 SF
Price / SF$292.72
Days on Market131
Property Features for 19-21 Mill Street
General Information
Standard status
Active
Size
2,156 SF
Property subtype
Multi-family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
private decks
Building Details
Year Built
1964
Buildings
1
Listing Agency:
Century 21 AllPoints Realty ((860) 508-2102)
Listed By:
Lisa Cozzi
(413) 789-9830
Source:
Parksquarerealty
Added: Apr 23
Changed: Aug 29
Last Checked: Aug 30 at 5:19PM
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 Century 21 AllPoints Realty ((860) 508-2102)
Investment Insights
Based on property information with market context.
This two-unit duplex contains 2,156 square feet above grade plus 1,000 square feet of finished basement area. Both residences feature three bedrooms, two bathrooms, eat-in kitchens, comfortable living spaces, and private decks. The layouts are mirrored, creating a consistent configuration across the property.
One unit has undergone a comprehensive renovation with new cabinetry and countertops, updated bathrooms, refinished flooring, replacement doors and trim, contemporary lighting, and energy-efficient windows. The other unit is occupied and maintained in clean condition. Property-wide improvements include updated electrical service with LED lighting, replacement baseboard heating, new windows, two new driveways, a new walkway, and an upgraded front entrance.
Built in 1964, the property is located at 19-21 Mill Street in Wethersfield, Connecticut, with one unit currently rented and the other available for occupancy.
One unit has undergone a comprehensive renovation with new cabinetry and countertops, updated bathrooms, refinished flooring, replacement doors and trim, contemporary lighting, and energy-efficient windows. The other unit is occupied and maintained in clean condition. Property-wide improvements include updated electrical service with LED lighting, replacement baseboard heating, new windows, two new driveways, a new walkway, and an upgraded front entrance.
Built in 1964, the property is located at 19-21 Mill Street in Wethersfield, Connecticut, with one unit currently rented and the other available for occupancy.
Key Highlights
- Duplex with 2,156 square feet above grade and 1,000 square feet of finished basement space
- Each unit includes 3 bedrooms, 2 bathrooms, an eat‑in kitchen, living area, and private deck
- Vacant unit renovated with new kitchen, updated bathrooms, refinished floors, lighting, doors, trim, and windows
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
$31,658
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
5.02%
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%
$633,160
$633.2K
Cap Rate 7%
$452,257
$452.3K
Cap Rate 9%
$351,756
$351.8K
Market Conditions
NOI Build-Up for 2,156 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
$47.9K $22.20/SF
− Vacancy
−$2.6K −$1.22/SF
EGI
$45.2K $20.98/SF
− OpEx
−$13.6K −$6.29/SF
NOI
$31.7K $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%
$633,160
Cap Rate 7%
$452,257
Cap Rate 9%
$351,756
Alternative Uses
Best Use
Multifamily LT 5
$452.3K
$395.7K – $527.6K
NOI $31,658 @ 7.0% cap · market cap 5.02%
Second Best
Apartment 5plus
$415.5K
$363.6K – $484.8K
NOI $29,087 @ 7.0% cap · market cap 4.61%
Theoretical Best
Office A
$642.6K
$562.3K – $749.8K
NOI $44,985 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
843
Businesses Nearby
Explore this area
Business Placement
Demographics for 06109, CT
27,298
Population
11,833
Households
2.3
Avg Household Size
44
Median Age
54%
College-Educated
95%
High-School Grad
12.3 sq mi
ZIP Area
2,219
Density / Sq Mi
$118,523
Median Household Income
$70,225
Median Earnings
$1,303
Median Rent
$300,500
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 - Mirrored residences provide spacious layouts, private decks, and finished basement space for added flexibility.
Where is this duplex located?
The property is located at 19-21 Mill Street Wethersfield, CT.
What is the asking price?
The asking price for this property is $631,111.
What are key features of this property?
This property features: Duplex with 2,156 square feet above grade and 1,000 square feet of finished basement space; Each unit includes 3 bedrooms, 2 bathrooms, an eat‑in kitchen, living area, and private deck; Vacant unit renovated with new kitchen, updated bathrooms, refinished floors, lighting, doors, trim, and windows
