Two-Unit Duplex With Gated
For Sale
$325,000
Pending
218 Martin Street, Hartford, CT 06120
One apartment is occupied and the second-floor unit is vacant for immediate leasing or owner use.
Property Size2,111 SF
Days on Market222
Property Features for 218 Martin Street
General Information
Standard status
Pending
Size
2,111 SF
Property subtype
Multi-Family / 2 Family
Zoning
N3-3
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,880
Amenities
laundry hookups
automatic front gate
Yes
Hot Water
14
Walk-up
Not Applicable
Building Details
Year Built
1900
Listing Agency:
Regency Real Estate, LLC
Listed By:
Mustafa Muaremi · License #RES.0818283
(860) 877-4682
Source:
Compass
Added: Jan 24
Changed: Aug 29
Last Checked: Aug 29 at 5:42PM
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 Regency Real Estate, LLC
Investment Insights
Based on property information with market context.
This 2,111-square-foot duplex contains two apartments, each arranged with 3 bedrooms and 1 bathroom. The first-floor unit is occupied, while the second-floor apartment is vacant. Both units offer a functional residential layout, and the basement provides laundry hookups. The property also includes a walk-up basement configuration and hot water service.
Built in 1900, the home has updated plumbing, new front stonework, and an automatic front gate. The N3-3 zoning designation and large lot are additional property characteristics for prospective buyers to review. The vacant second-floor unit provides flexibility for an owner occupant or a new tenancy, subject to the buyer’s plans and due diligence.
Built in 1900, the home has updated plumbing, new front stonework, and an automatic front gate. The N3-3 zoning designation and large lot are additional property characteristics for prospective buyers to review. The vacant second-floor unit provides flexibility for an owner occupant or a new tenancy, subject to the buyer’s plans and due diligence.
Key Highlights
- 2,111‑square‑foot duplex with two 3‑bedroom, 1‑bath apartments
- First‑floor unit is occupied; second‑floor unit is vacant
- Basement includes laundry hookups and a walk‑up configuration
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
$28,480
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
8.76%
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%
$569,600
$569.6K
Cap Rate 7%
$406,857
$406.9K
Cap Rate 9%
$316,444
$316.4K
Market Conditions
NOI Build-Up for 2,111 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
$55.0K $26.04/SF
− Vacancy
−$3.2K −$1.51/SF
EGI
$51.8K $24.53/SF
− OpEx
−$23.3K −$11.04/SF
NOI
$28.5K $13.49/SF
Area
Hartford, CT
Vacancy
5.80%
Lease Rate
$26.04 /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%
$569,600
Cap Rate 7%
$406,857
Cap Rate 9%
$316,444
Alternative Uses
Best Use
Multifamily LT 5
$442.8K
$387.5K – $516.6K
NOI $30,997 @ 7.0% cap · market cap 9.54%
Second Best
Apartment 5plus
$406.9K
$356.0K – $474.7K
NOI $28,480 @ 7.0% cap · market cap 8.76%
Theoretical Best
Office A
$629.2K
$550.6K – $734.1K
NOI $44,046 @ 7.0% cap · market cap 13.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
619
Businesses Nearby
Explore this area
Business Placement
Demographics for 06120, CT
12,636
Population
5,713
Households
2.2
Avg Household Size
32
Median Age
9%
College-Educated
73%
High-School Grad
3.5 sq mi
ZIP Area
3,610
Density / Sq Mi
$33,521
Median Household Income
$35,570
Median Earnings
$1,183
Median Rent
$183,000
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 - One apartment is occupied and the second-floor unit is vacant for immediate leasing or owner use.
Where is this duplex located?
The property is located at 218 Martin Street Hartford, CT.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 2,111‑square‑foot duplex with two 3‑bedroom, 1‑bath apartments; First‑floor unit is occupied; second‑floor unit is vacant; Basement includes laundry hookups and a walk‑up configuration
