Two-Unit Residential Income
For Sale
$465,000
191 Valley Street, New Haven, CT 06515
Legal two-family residence offering bright, sunny 3-bedroom units with separate utilities and a large parking/garage setup.
Property Size2,448 SF
Price / SF$189.95
Days on Market41
Property Features for 191 Valley Street
General Information
Standard status
Active
Size
2,448 SF
Total Parking Spaces
10
Property subtype
2 Family
Additional Details
Multifamily Units
2
Amenities
laundry
storage
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
(203) 517-5023
Listed By:
Jennifer Lynne · License #REB.0793669
(203) 517-5023
Source:
Lockandkeyre
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 9:46AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This legal two-family residential income property offers two bright, sunny units with a similar layout that includes three bedrooms, an eat-in kitchen, a living room, and a full bath. Laundry and storage are available in the basement. Each unit is served by separate utilities, with natural gas heat and central air.
The property also includes a four-car garage and parking for up to 10 cars. In addition, there is a semi-finished attic that the seller indicates may provide potential to add a third unit.
Both units have access to shared basement amenities for laundry and storage, while the separate utility setups support independent operation.
The property also includes a four-car garage and parking for up to 10 cars. In addition, there is a semi-finished attic that the seller indicates may provide potential to add a third unit.
Both units have access to shared basement amenities for laundry and storage, while the separate utility setups support independent operation.
Key Highlights
- Legal 2‑family home built in 1910 with both units offering 3 bedrooms, eat‑in kitchen, living room, and a full bath
- Each unit has separate utilities, including natural gas heat and central air
- Semi‑finished attic offers potential to add a 3rd unit
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
$41,205
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
8.86%
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%
$824,100
$824.1K
Cap Rate 7%
$588,643
$588.6K
Cap Rate 9%
$457,833
$457.8K
Market Conditions
NOI Build-Up for 2,448 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
$63.2K $25.80/SF
− Vacancy
−$4.3K −$1.75/SF
EGI
$58.9K $24.05/SF
− OpEx
−$17.7K −$7.21/SF
NOI
$41.2K $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%
$824,100
Cap Rate 7%
$588,643
Cap Rate 9%
$457,833
Alternative Uses
Best Use
Multifamily LT 5
$588.6K
$515.1K – $686.8K
NOI $41,205 @ 7.0% cap · market cap 8.86%
Second Best
Apartment 5plus
$547.7K
$479.3K – $639.0K
NOI $38,342 @ 7.0% cap · market cap 8.25%
Theoretical Best
Office A
$787.5K
$689.0K – $918.7K
NOI $55,122 @ 7.0% cap · market cap 11.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
780
Businesses Nearby
Explore this area
Business Placement
Demographics for 06515, CT
17,877
Population
7,531
Households
2.4
Avg Household Size
33
Median Age
48%
College-Educated
91%
High-School Grad
4.6 sq mi
ZIP Area
3,886
Density / Sq Mi
$74,044
Median Household Income
$40,209
Median Earnings
$1,410
Median Rent
$284,200
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 - Legal two-family residence offering bright, sunny 3-bedroom units with separate utilities and a large parking/garage setup.
Where is this duplex located?
The property is located at 191 Valley Street New Haven, CT.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Legal 2‑family home built in 1910 with both units offering 3 bedrooms, eat‑in kitchen, living room, and a full bath; Each unit has separate utilities, including natural gas heat and central air; Semi‑finished attic offers potential to add a 3rd unit
