Fully Rented Two-Family with Three-Car
For Sale
$385,000
19 Morris Street, New Haven, CT 06519
MULTI_FAMILY - New Haven, CT
Property Size2,122 SF
Lot Size0.14 Acres
Price / SF$181.43
Days on Market91
Property Features for 19 Morris Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bedroom 3, Basement, Bathroom 2, Bedroom 5, Bathroom 1, Bedroom 4
Parking
10
Basement
Full
Lot features
Level Lot, On Cul- De- Sac
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
GPS friendly
Standard status
Active
Size
2,122 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
5474
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Water source
Public
Building Details
Year built
1930
Architectural style
Other
Listing Agency:
Real Broker CT, LLC
(855) 450-0442
Listed By:
Xiaoming Li
(917) 623-6536
Added: May 10
Changed: Aug 4
Last Checked: Aug 8 at 8:06PM
MLS# 24174368
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Fully rented two-family duplex on a dead-end road. The downstairs unit has been newly remodeled and features a 2-bedroom layout with a washer/dryer in unit and basement access. The upstairs unit offers a larger 3-bedroom configuration. Each unit has its own electric water heater, and heating is provided via natural gas with hot water heating.
The property is situated on a 0.14-acre lot and was built in 1930, with public water and public sewer service. It is conveniently located near public transportation lines and provides easy access to I-95. A three-car garage is also on site and is currently rented, supporting tenant parking and storage needs.
With a practical two-level unit layout and individual utility setups, this is a straightforward investment and occupancy opportunity.
The property is situated on a 0.14-acre lot and was built in 1930, with public water and public sewer service. It is conveniently located near public transportation lines and provides easy access to I-95. A three-car garage is also on site and is currently rented, supporting tenant parking and storage needs.
With a practical two-level unit layout and individual utility setups, this is a straightforward investment and occupancy opportunity.
Key Highlights
- Fully rented two‑family duplex on a dead‑end road
- Downstairs unit remodeled with 2 bedrooms and washer/dryer in unit plus basement access
- Upstairs unit offers a larger 3‑bedroom layout
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
100%
Occupancy
Multi-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully rented two-family on RM2 zoning with remodeled downstairs, larger upstairs, and a rented three-car garage.
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: Fully rented two‑family duplex on a dead‑end road; Downstairs unit remodeled with 2 bedrooms and washer/dryer in unit plus basement access; Upstairs unit offers a larger 3‑bedroom layout
