Two-Family Home with Approved
For Sale
$459,777
314 Lenox Street, New Haven, CT 06513
Updated two-family home with city-approved plans to convert the attic into a legal one-bedroom unit.
Property Size2,296 SF
Price / SF$200.25
Days on Market299
Property Features for 314 Lenox Street
General Information
Standard status
Active
Size
2,296 SF
Property subtype
Multi-Family / 2 Family
Zoning
RM1
Net Operating Income
$48,480
Taxes and HOA fees
Annual Taxes
$6,581
Amenities
Yes
Hot Air
12
Unfinished, Walk-up
Porch, Garden Area, Patio
Not Applicable
Building Details
Year Built
1900
Listing Agency:
Berkshire Hathaway NE Prop.
Listed By:
Elien Olmos · License #RES.0795672
(203) 809-2654
Source:
Compass
Added: Nov 11, 2025
Changed: Aug 28
Last Checked: Aug 14 at 7:41AM
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 Berkshire Hathaway NE Prop.
Investment Insights
Based on property information with market context.
This updated two-family home is being offered with approvals and materials in place to convert to a legal three-family dwelling. The City has already approved the conversion, and the permits and floor layouts are available to transform the spacious third-level attic into a one-bedroom apartment.
The remaining two units have been remodeled within the last 1.5 years, with new windows installed on both floors. Interiors feature quartz countertops, brand-new cabinetry, and stainless-steel appliances in each unit.
The property is sold as-is and will require a new roof. There is also potential to convert the garage into an additional dwelling unit, although proper permits are required.
The remaining two units have been remodeled within the last 1.5 years, with new windows installed on both floors. Interiors feature quartz countertops, brand-new cabinetry, and stainless-steel appliances in each unit.
The property is sold as-is and will require a new roof. There is also potential to convert the garage into an additional dwelling unit, although proper permits are required.
Key Highlights
- City‑approved plans and permits to convert the spacious third‑level attic into a legal one‑bedroom apartment for a 3‑family dwelling
- Two‑family home with unfinished, walk‑up attic and 12 total rooms; Heat type: hot air
- Two existing units remodeled within the last 1.5 years, with new windows installed on both floors
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
$38,646
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
8.41%
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%
$772,920
$772.9K
Cap Rate 7%
$552,086
$552.1K
Cap Rate 9%
$429,400
$429.4K
Market Conditions
NOI Build-Up for 2,296 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
$59.2K $25.80/SF
− Vacancy
−$4.0K −$1.75/SF
EGI
$55.2K $24.05/SF
− OpEx
−$16.6K −$7.21/SF
NOI
$38.6K $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%
$772,920
Cap Rate 7%
$552,086
Cap Rate 9%
$429,400
Alternative Uses
Best Use
Multifamily LT 5
$552.1K
$483.1K – $644.1K
NOI $38,646 @ 7.0% cap · market cap 8.41%
Second Best
Apartment 5plus
$513.7K
$449.5K – $599.4K
NOI $35,962 @ 7.0% cap · market cap 7.82%
Theoretical Best
Office A
$738.6K
$646.3K – $861.7K
NOI $51,700 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
475
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
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Frequently Asked Questions
What type of property is this?
Triplex - Updated two-family home with city-approved plans to convert the attic into a legal one-bedroom unit.
Where is this triplex located?
The property is located at 314 Lenox Street New Haven, CT.
What is the asking price?
The asking price for this property is $459,777.
What are key features of this property?
This property features: City‑approved plans and permits to convert the spacious third‑level attic into a legal one‑bedroom apartment for a 3‑family dwelling; Two‑family home with unfinished, walk‑up attic and 12 total rooms; Heat type: hot air; Two existing units remodeled within the last 1.5 years, with new windows installed on both floors
