Two-Family Duplex with Wraparound
For Sale
$595,000
23 Oregon Avenue, East Haven, CT 06512
Duplex on a .32-acre lot with a renovated kitchen, expansive deck, and a peaceful double-waterfall koi pond.
Property Size1,900 SF
Lot Size0.32 Acres
Price / SF$177.45
Days on Market33
Property Features for 23 Oregon Avenue
General Information
Standard status
Active
Size
1,900 SF
Lot size
0.32 Acres
Property subtype
2 Family
Building Details
Building Size
1,900 SF
Year Built
1900
Listing Agency:
Coldwell Banker Realty
(203) 710-2548
Listed By:
Buddy Degennaro · License #452508574
(203) 710-2548
Source:
Iverty
Added: Jul 28
Changed: Aug 28
Last Checked: Aug 28 at 12:05PM
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.
Located at 23 Oregon Ave in East Haven, Connecticut, this two-family duplex sits on a beautifully landscaped, private .32-acre lot. Built in 1900, the property has been owner-occupied and meticulously maintained for 27 years, combining historic character with modern updates.
A wraparound front porch welcomes you, while the backyard is anchored by a spectacular double-waterfall koi pond tucked into a natural rock outcropping. The grounds include expansive lawn areas for recreation and entertaining, with a direct connection from the first-floor dining area to an expansive wood deck.
The first-floor unit offers flexible living as an in-law apartment, professional home office, or rental opportunity. It includes a spacious living room with a stone fireplace, a generous kitchen, a large dining room, one bedroom, and a full bath. The upper unit spans the second and third floors and features a beautifully renovated kitchen with granite countertops, along with a large family room and additional living areas.
WalkScore is 15 and BikeScore is 30, indicating a car-dependent lifestyle.
A wraparound front porch welcomes you, while the backyard is anchored by a spectacular double-waterfall koi pond tucked into a natural rock outcropping. The grounds include expansive lawn areas for recreation and entertaining, with a direct connection from the first-floor dining area to an expansive wood deck.
The first-floor unit offers flexible living as an in-law apartment, professional home office, or rental opportunity. It includes a spacious living room with a stone fireplace, a generous kitchen, a large dining room, one bedroom, and a full bath. The upper unit spans the second and third floors and features a beautifully renovated kitchen with granite countertops, along with a large family room and additional living areas.
WalkScore is 15 and BikeScore is 30, indicating a car-dependent lifestyle.
Key Highlights
- Two‑family duplex built in 1900 on a private .32‑acre lot
- Wraparound front porch for welcoming outdoor living
- Double‑waterfall koi pond set into a natural rock outcropping
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
$52,517
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
8.83%
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%
$1,050,340
$1.1M
Cap Rate 7%
$750,243
$750.2K
Cap Rate 9%
$583,522
$583.5K
Market Conditions
NOI Build-Up for 3,353 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
$101.8K $30.36/SF
− Vacancy
−$6.3K −$1.88/SF
EGI
$95.5K $28.48/SF
− OpEx
−$43.0K −$12.81/SF
NOI
$52.5K $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%
$1,050,340
Cap Rate 7%
$750,243
Cap Rate 9%
$583,522
Alternative Uses
Best Use
Multifamily LT 5
$806.2K
$705.5K – $940.6K
NOI $56,437 @ 7.0% cap · market cap 9.49%
Second Best
Apartment 5plus
$750.2K
$656.5K – $875.3K
NOI $52,517 @ 7.0% cap · market cap 8.83%
Theoretical Best
Office A
$1.08M
$943.8K – $1.26M
NOI $75,500 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
776
Businesses Nearby
Explore this area
Business Placement
Demographics for 06512, CT
29,457
Population
12,945
Households
2.3
Avg Household Size
43
Median Age
30%
College-Educated
91%
High-School Grad
10.6 sq mi
ZIP Area
2,779
Density / Sq Mi
$84,034
Median Household Income
$48,981
Median Earnings
$1,464
Median Rent
$265,200
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 - Duplex on a .32-acre lot with a renovated kitchen, expansive deck, and a peaceful double-waterfall koi pond.
Where is this duplex located?
The property is located at 23 Oregon Avenue East Haven, CT.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Two‑family duplex built in 1900 on a private .32‑acre lot; Wraparound front porch for welcoming outdoor living; Double‑waterfall koi pond set into a natural rock outcropping
