Two-Unit Residential Income
For Sale
$965,999
Pending
21 Culloden Road, Stamford, CT 06902
Turnkey two-family residence with two light-filled units, central air, and major 2021 roof and water-heater replacements.
Property Size2,463 SF
Days on Market55
Property Features for 21 Culloden Road
General Information
Standard status
Pending
Size
2,463 SF
Property subtype
Multi-Family / 2 Family
Zoning
R5
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,381
Amenities
central air
in-unit laundry
off-street parking
backyard
garden shed
Yes
Hot Water, Hydro Air
12
Central Air
1
Unfinished, Storage Space, Pull-Down Stairs
Not Applicable
Building Details
Year Built
1924
Stories
2
Listing Agency:
Compass Connecticut, LLC
Listed By:
Stephen Lasko · License #REB.0791690
(203) 989-3772
Source:
Compass
Added: Jul 15
Changed: Aug 25
Last Checked: Aug 24 at 12:21PM
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 Compass Connecticut, LLC
Investment Insights
Based on property information with market context.
21 Culloden Road is a meticulously maintained two-family residence offering two spacious, light-filled units. Unit 1 (first floor) includes three bedrooms, one full bath, separate living and dining rooms, central air, and an expansive eat-in kitchen. Unit 2 (second floor) features four bedrooms, 1.5 baths, in-unit laundry, central air, and an equally spacious eat-in kitchen.
The property has undergone major capital improvements, including a fully replaced roof and a new water heater, both completed in 2021. Both units will be delivered vacant at closing.
Outside, the home offers a flat, usable backyard and an oversized driveway with ample off-street parking for multiple vehicles, along with a new gardening shed for additional storage.
The property has undergone major capital improvements, including a fully replaced roof and a new water heater, both completed in 2021. Both units will be delivered vacant at closing.
Outside, the home offers a flat, usable backyard and an oversized driveway with ample off-street parking for multiple vehicles, along with a new gardening shed for additional storage.
Key Highlights
- 1924‑built two‑family home with two large, light‑filled units in the Glenbrook neighborhood
- Unit 1 (first floor): 3 bedrooms, 1 full bath, separate living and dining rooms, central air, eat‑in kitchen
- Unit 2 (second floor): 4 bedrooms, 1.5 baths, in‑unit laundry, central A/C, eat‑in kitchen
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
$47,394
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
4.91%
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%
$947,880
$947.9K
Cap Rate 7%
$677,057
$677.1K
Cap Rate 9%
$526,600
$526.6K
Market Conditions
NOI Build-Up for 2,463 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
$72.4K $29.40/SF
− Vacancy
−$4.7K −$1.91/SF
EGI
$67.7K $27.49/SF
− OpEx
−$20.3K −$8.25/SF
NOI
$47.4K $19.24/SF
Area
Stamford, CT
Vacancy
6.50%
Lease Rate
$29.40 /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%
$947,880
Cap Rate 7%
$677,057
Cap Rate 9%
$526,600
Alternative Uses
Best Use
Multifamily LT 5
$677.1K
$592.4K – $789.9K
NOI $47,394 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$605.6K
$529.9K – $706.5K
NOI $42,389 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$890.6K
$779.2K – $1.04M
NOI $62,339 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,262
Businesses Nearby
Explore this area
Business Placement
Demographics for 06902, CT
69,192
Population
30,142
Households
2.3
Avg Household Size
36
Median Age
44%
College-Educated
85%
High-School Grad
10.0 sq mi
ZIP Area
6,919
Density / Sq Mi
$92,527
Median Household Income
$48,285
Median Earnings
$2,139
Median Rent
$515,000
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 - Turnkey two-family residence with two light-filled units, central air, and major 2021 roof and water-heater replacements.
Where is this duplex located?
The property is located at 21 Culloden Road Stamford, CT.
What is the asking price?
The asking price for this property is $965,999.
What are key features of this property?
This property features: 1924‑built two‑family home with two large, light‑filled units in the Glenbrook neighborhood; Unit 1 (first floor): 3 bedrooms, 1 full bath, separate living and dining rooms, central air, eat‑in kitchen; Unit 2 (second floor): 4 bedrooms, 1.5 baths, in‑unit laundry, central A/C, eat‑in kitchen
