Renovated Duplex with Flexible
For Sale
$425,000
Pending
235 Russell Street, New Haven, CT 06513
Two-family home in RS2 zoning with updated countertops, bathroom fixtures, a private porch, and a new back deck.
Property Size1,760 SF
Days on Market167
Property Features for 235 Russell Street
General Information
Standard status
Pending
Size
1,760 SF
Property subtype
Multi-Family / 2 Family
Zoning
RS2
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,145
Amenities
Yes
Hot Water
8
Window Unit
1
Unfinished, Access Via Hatch
Basement Hook-Up(s)
Porch, Deck, Patio
Not Applicable
Building Details
Year Built
1950
Buildings
1
Listing Agency:
William Raveis Real Estate
(203) 343-4306
Listed By:
Caitlin Golynker · License #RES.0831320
(203) 343-4306
Source:
Compass
Added: Mar 17
Changed: Aug 30
Last Checked: Aug 30 at 12:21AM
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 William Raveis Real Estate
Investment Insights
Based on property information with market context.
This two-family home at 235 Russell Street in New Haven includes approximately 1,760 square feet of living space within a 1950-built residence. The first-floor unit has three bedrooms and a finished basement room that can serve as additional living space, an office, gym, or fourth bedroom. The upper unit offers two bedrooms, a separate living room, dining area, full kitchen, and full bath.
Four separate entrances serve the home from the front, side, rear, and basement. The second floor can be reached through the interior front hall or by a separate backyard entrance. Outdoor features include a private porch and a newly constructed rear deck. Recent work includes a full interior renovation, fresh paint, new kitchen countertops, and updated bathroom fixtures. The property is located in Fair Haven Heights and is zoned RS2.
Four separate entrances serve the home from the front, side, rear, and basement. The second floor can be reached through the interior front hall or by a separate backyard entrance. Outdoor features include a private porch and a newly constructed rear deck. Recent work includes a full interior renovation, fresh paint, new kitchen countertops, and updated bathroom fixtures. The property is located in Fair Haven Heights and is zoned RS2.
Key Highlights
- Two‑family home with 1,760 square feet of living space
- First‑floor unit includes 3 bedrooms plus a finished basement room
- Second‑floor unit has 2 bedrooms and a separate living room
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
$29,624
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
6.97%
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%
$592,480
$592.5K
Cap Rate 7%
$423,200
$423.2K
Cap Rate 9%
$329,156
$329.2K
Market Conditions
NOI Build-Up for 1,760 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
$45.4K $25.80/SF
− Vacancy
−$3.1K −$1.75/SF
EGI
$42.3K $24.05/SF
− OpEx
−$12.7K −$7.21/SF
NOI
$29.6K $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%
$592,480
Cap Rate 7%
$423,200
Cap Rate 9%
$329,156
Alternative Uses
Best Use
Multifamily LT 5
$423.2K
$370.3K – $493.7K
NOI $29,624 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$393.8K
$344.6K – $459.4K
NOI $27,566 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$566.1K
$495.4K – $660.5K
NOI $39,630 @ 7.0% cap · market cap 9.32%
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
180
Businesses Nearby
Explore this area
Business Placement
Demographics for 06513, CT
38,618
Population
17,006
Households
2.3
Avg Household Size
36
Median Age
19%
College-Educated
80%
High-School Grad
7.2 sq mi
ZIP Area
5,364
Density / Sq Mi
$46,520
Median Household Income
$38,369
Median Earnings
$1,208
Median Rent
$226,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-family home in RS2 zoning with updated countertops, bathroom fixtures, a private porch, and a new back deck.
Where is this duplex located?
The property is located at 235 Russell Street New Haven, CT.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two‑family home with 1,760 square feet of living space; First‑floor unit includes 3 bedrooms plus a finished basement room; Second‑floor unit has 2 bedrooms and a separate living room
