Remodeled Two-Family
For Sale
$499,000
Pending
3 Carmen Street, East Haven, CT 06512
Fully remodeled two-family duplex with updated kitchens, hardwood floors, and ample parking—well suited for investors or multi-generational living.
Property Size2,484 SF
Days on Market100
Property Features for 3 Carmen Street
General Information
Standard status
Pending
Size
2,484 SF
Total Parking Spaces
6
Property subtype
2 Family
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1967
Tenancy
Multi
Listing Agency:
William Pitt Sotheby's Int'l
Listed By:
Antonella Vertucci · License #RES.0786851
(203) 641-8566
Source:
Lockandkeyre
Added: May 28
Changed: Aug 8
Last Checked: Aug 3 at 11:04AM
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 Pitt Sotheby's Int'l
Investment Insights
Based on property information with market context.
This beautifully remodeled two-family duplex offers a total of 5 bedrooms and 3 bathrooms, with thoughtful updates across both units. Kitchens include new cabinets, granite countertops, and modern appliances, and the home’s former tile flooring has been replaced with hardwood throughout. Two of the three bathrooms have been tastefully renovated for a more current feel. For added peace of mind, the property also features two new oil tanks and updated electrical panels, along with a layout that supports comfortable everyday living.
A two-car attached garage is complemented by room for four additional vehicles in the driveway, plus off-street parking. From a convenient door near the driveway, a breezeway connects both floors, and an enclosed porch opens to a fenced-in backyard with a patio that overlooks a brook often visited by a family of mallards. The property is positioned in a prime, convenient area close to beaches, parks, shopping, restaurants, highways, and transportation.
This setup makes the duplex a practical fit for investors looking for a turn-key rental opportunity or for extended families seeking flexible living arrangements. With updated interiors, reliable mechanicals, and parking for residents and guests, the home is ready for occupants while offering a clear basis for long-term value.
A two-car attached garage is complemented by room for four additional vehicles in the driveway, plus off-street parking. From a convenient door near the driveway, a breezeway connects both floors, and an enclosed porch opens to a fenced-in backyard with a patio that overlooks a brook often visited by a family of mallards. The property is positioned in a prime, convenient area close to beaches, parks, shopping, restaurants, highways, and transportation.
This setup makes the duplex a practical fit for investors looking for a turn-key rental opportunity or for extended families seeking flexible living arrangements. With updated interiors, reliable mechanicals, and parking for residents and guests, the home is ready for occupants while offering a clear basis for long-term value.
Key Highlights
- Fully remodeled two‑family duplex built in 1967 with 5 bedrooms and 3 baths total
- Each unit updated with new kitchen cabinets, granite countertops, and modern appliances
- Removed former tile flooring and installed hardwood floors throughout
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
$41,810
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
8.38%
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%
$836,200
$836.2K
Cap Rate 7%
$597,286
$597.3K
Cap Rate 9%
$464,556
$464.6K
Market Conditions
NOI Build-Up for 2,484 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
$64.1K $25.80/SF
− Vacancy
−$4.4K −$1.75/SF
EGI
$59.7K $24.05/SF
− OpEx
−$17.9K −$7.21/SF
NOI
$41.8K $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%
$836,200
Cap Rate 7%
$597,286
Cap Rate 9%
$464,556
Alternative Uses
Best Use
Multifamily LT 5
$597.3K
$522.6K – $696.8K
NOI $41,810 @ 7.0% cap · market cap 8.38%
Second Best
Apartment 5plus
$555.8K
$486.3K – $648.4K
NOI $38,906 @ 7.0% cap · market cap 7.80%
Theoretical Best
Office A
$799.0K
$699.2K – $932.2K
NOI $55,933 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
336
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 - Fully remodeled two-family duplex with updated kitchens, hardwood floors, and ample parking—well suited for investors or multi-generational living.
Where is this duplex located?
The property is located at 3 Carmen Street East Haven, CT.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Fully remodeled two‑family duplex built in 1967 with 5 bedrooms and 3 baths total; Each unit updated with new kitchen cabinets, granite countertops, and modern appliances; Removed former tile flooring and installed hardwood floors throughout
