Two-Unit Duplex with Natural Gas
For Sale
$215,000
26 Phelps Street, East Hartford, CT 06108
Two one-bedroom, one-bath units with eat-in kitchens, off-street parking, and natural gas heat in East Hartford.
Property Size1,331 SF
Price / SF$161.53
Days on Market28
Property Features for 26 Phelps Street
General Information
Standard status
Active
Size
1,331 SF
Property subtype
Multi Family Home
Zoning
B-5
Taxes and HOA fees
Annual Taxes
$5,228
Building Details
Building Size
1,331 SF
Year Built
1900
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
Century 21 Allpoints Realty
(860) 935-6588
Listed By:
Robert Perriello · License #REB.0795076
(860) 935-6588
Source:
Westshorerealty
Added: Jul 27
Changed: Aug 23
Last Checked: Aug 23 at 5:27AM
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 Allpoints Realty
Investment Insights
Based on property information with market context.
26 Phelps St is a two-unit duplex featuring two separate one-bedroom, one-bath apartments. Each unit includes a functional eat-in kitchen layout designed for everyday living. The property totals 1,331 square feet and is supported by natural gas heat and off-street parking.
Built in 1900, the duplex offers a straightforward residential income configuration for both owner-occupants and investors. The property is being sold as-is and is subject to Probate Court approval.
Walk and bike scores are 52 (somewhat walkable) and 47 (somewhat bikeable), respectively. Prospective buyers are encouraged to perform their due diligence and schedule a showing.
Built in 1900, the duplex offers a straightforward residential income configuration for both owner-occupants and investors. The property is being sold as-is and is subject to Probate Court approval.
Walk and bike scores are 52 (somewhat walkable) and 47 (somewhat bikeable), respectively. Prospective buyers are encouraged to perform their due diligence and schedule a showing.
Key Highlights
- Two separate one‑bedroom, one‑bath units
- Total 1,331 SF with functional eat‑in kitchen layouts
- Natural gas heat
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
$19,544
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
9.09%
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%
$390,880
$390.9K
Cap Rate 7%
$279,200
$279.2K
Cap Rate 9%
$217,156
$217.2K
Market Conditions
NOI Build-Up for 1,331 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
$29.5K $22.20/SF
− Vacancy
−$1.6K −$1.22/SF
EGI
$27.9K $20.98/SF
− OpEx
−$8.4K −$6.29/SF
NOI
$19.5K $14.68/SF
Area
Hartford, CT
Vacancy
5.51%
Lease Rate
$22.20 /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%
$390,880
Cap Rate 7%
$279,200
Cap Rate 9%
$217,156
Alternative Uses
Best Use
Multifamily LT 5
$279.2K
$244.3K – $325.7K
NOI $19,544 @ 7.0% cap · market cap 9.09%
Second Best
Apartment 5plus
$256.5K
$224.5K – $299.3K
NOI $17,957 @ 7.0% cap · market cap 8.35%
Theoretical Best
Office A
$396.7K
$347.1K – $462.9K
NOI $27,771 @ 7.0% cap · market cap 12.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
916
Businesses Nearby
Explore this area
Business Placement
Demographics for 06108, CT
24,201
Population
9,963
Households
2.4
Avg Household Size
38
Median Age
15%
College-Educated
85%
High-School Grad
8.1 sq mi
ZIP Area
2,988
Density / Sq Mi
$55,766
Median Household Income
$35,801
Median Earnings
$1,161
Median Rent
$218,800
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 - Two one-bedroom, one-bath units with eat-in kitchens, off-street parking, and natural gas heat in East Hartford.
Where is this duplex located?
The property is located at 26 Phelps Street East Hartford, CT.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Two separate one‑bedroom, one‑bath units; Total 1,331 SF with functional eat‑in kitchen layouts; Natural gas heat
