Renovated Duplex with Central
For Sale
$575,000
23 Dewitt Street, New Haven, CT 06519
Legal two-family property with updated kitchens, baths, and a full basement.
Property Size2,376 SF
Price / SF$242
Days on Market434
Property Features for 23 Dewitt Street
General Information
Standard status
Active
Size
2,376 SF
Total Parking Spaces
4
Property subtype
Multi-Family / 2 Family
Zoning
RM2
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,103
Amenities
central air conditioning
full basement
backyard
No
Baseboard, Heat Pump, Hot Air
10
Central Air, Window Unit
Basement Hook-Up(s)
basement
Not Applicable
Building Details
Year Built
1991
Buildings
1
Listing Agency:
Century 21 Galvez
(646) 326-3146
Listed By:
Alexander Galvez · License #REB.0792388
(646) 326-3146
Source:
Compass
Added: Jun 23, 2025
Changed: Aug 29
Last Checked: Aug 29 at 5:21PM
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 Century 21 Galvez
Investment Insights
Based on property information with market context.
This legal duplex contains two separately arranged residential units, with a 3-bedroom, 2-bath layout on both the first and second floors. The 2,376-square-foot property was built in 1991 and has undergone renovations that include refreshed kitchens and bathrooms. Central air conditioning supports year-round comfort, while the full basement provides 8-foot ceilings and additional storage or utility space. Heating features include baseboard, heat pump, and hot air systems.
The property is located near Yale University, downtown New Haven, public transportation, shopping, and major highways. Exterior amenities include parking for 4 vehicles and a backyard suitable for outdoor use. RM2 zoning is also identified for the property.
The property is located near Yale University, downtown New Haven, public transportation, shopping, and major highways. Exterior amenities include parking for 4 vehicles and a backyard suitable for outdoor use. RM2 zoning is also identified for the property.
Key Highlights
- Two‑family duplex with 3‑bedroom, 2‑bath units on the first and second floors
- 2,376‑square‑foot property built in 1991
- Renovated kitchens and bathrooms in both units
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
$39,993
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
6.96%
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%
$799,860
$799.9K
Cap Rate 7%
$571,329
$571.3K
Cap Rate 9%
$444,367
$444.4K
Market Conditions
NOI Build-Up for 2,376 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
$61.3K $25.80/SF
− Vacancy
−$4.2K −$1.75/SF
EGI
$57.1K $24.05/SF
− OpEx
−$17.1K −$7.21/SF
NOI
$40.0K $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%
$799,860
Cap Rate 7%
$571,329
Cap Rate 9%
$444,367
Alternative Uses
Best Use
Multifamily LT 5
$571.3K
$499.9K – $666.6K
NOI $39,993 @ 7.0% cap · market cap 6.96%
Second Best
Apartment 5plus
$531.6K
$465.2K – $620.3K
NOI $37,215 @ 7.0% cap · market cap 6.47%
Theoretical Best
Office A
$764.3K
$668.8K – $891.7K
NOI $53,501 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,511
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 - Legal two-family property with updated kitchens, baths, and a full basement.
Where is this duplex located?
The property is located at 23 Dewitt Street New Haven, CT.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑family duplex with 3‑bedroom, 2‑bath units on the first and second floors; 2,376‑square‑foot property built in 1991; Renovated kitchens and bathrooms in both units
