Duplex with 3-Car
For Sale
$385,000
19 Morris Street, New Haven, CT 06519
Fully rented residential property with individual electric water heaters, natural gas heating, and access to transit and I-95.
Property Size2,122 SF
Days on Market106
Property Features for 19 Morris Street
General Information
Standard status
Active
Size
2,122 SF
Total Parking Spaces
10
Property subtype
Multi Family Home
Zoning
RM2
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR, 1 x 3BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,474
Building Details
Building Size
2,122 SF
Year Built
1930
Units
2
Listing Agency:
Real Broker Ct, LLC
(917) 623-6536
Listed By:
Xiaoming Li
(917) 623-6536
Source:
Westshorerealty
Added: May 10
Changed: Aug 17
Last Checked: Aug 22 at 1:02PM
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 Real Broker Ct, LLC
Investment Insights
Based on property information with market context.
Built in 1930, this RM2-zoned duplex contains two residential units with distinct layouts. The lower apartment includes two bedrooms, a recent remodel, an in-unit washer and dryer, and basement access. The upper unit offers a larger three-bedroom layout. Each unit has its own electric water heater, and the building uses natural gas heating. The property is fully rented, and a 3-car garage provides additional parking and storage while also generating rental income.
Located at 19 Morris Street in New Haven, Connecticut, the property sits on a dead-end road near public transportation lines. I-95 is readily accessible, adding a direct regional connection. The combination of two separate apartments, supplemental garage space, and established occupancy provides a straightforward multifamily configuration.
Located at 19 Morris Street in New Haven, Connecticut, the property sits on a dead-end road near public transportation lines. I-95 is readily accessible, adding a direct regional connection. The combination of two separate apartments, supplemental garage space, and established occupancy provides a straightforward multifamily configuration.
Key Highlights
- Two‑unit duplex with a 2‑bedroom lower apartment and larger 3‑bedroom upper unit
- Lower unit includes a recent remodel, in‑unit washer and dryer, and basement access
- 3‑car garage provides additional parking and storage and is currently rented
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
$33,236
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
8.63%
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%
$664,720
$664.7K
Cap Rate 7%
$474,800
$474.8K
Cap Rate 9%
$369,289
$369.3K
Market Conditions
NOI Build-Up for 2,122 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
$64.4K $30.36/SF
− Vacancy
−$4.0K −$1.88/SF
EGI
$60.4K $28.48/SF
− OpEx
−$27.2K −$12.81/SF
NOI
$33.2K $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%
$664,720
Cap Rate 7%
$474,800
Cap Rate 9%
$369,289
Alternative Uses
Best Use
Multifamily LT 5
$510.2K
$446.5K – $595.3K
NOI $35,717 @ 7.0% cap · market cap 9.28%
Second Best
Apartment 5plus
$474.8K
$415.5K – $553.9K
NOI $33,236 @ 7.0% cap · market cap 8.63%
Theoretical Best
Office A
$682.6K
$597.3K – $796.4K
NOI $47,782 @ 7.0% cap · market cap 12.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,106
Businesses Nearby
Explore this area
Business Placement
Demographics for 06519, CT
15,450
Population
6,424
Households
2.4
Avg Household Size
33
Median Age
20%
College-Educated
77%
High-School Grad
1.8 sq mi
ZIP Area
8,583
Density / Sq Mi
$44,394
Median Household Income
$29,745
Median Earnings
$1,356
Median Rent
$247,600
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 - Fully rented residential property with individual electric water heaters, natural gas heating, and access to transit and I-95.
Where is this duplex located?
The property is located at 19 Morris Street New Haven, CT.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Two‑unit duplex with a 2‑bedroom lower apartment and larger 3‑bedroom upper unit; Lower unit includes a recent remodel, in‑unit washer and dryer, and basement access; 3‑car garage provides additional parking and storage and is currently rented
