Remodeled Duplex with Detached
For Sale
$479,900
323 W Division Street, New Haven, CT 06511
Multi-Family For Sale, Units on different Floors, New Haven, CT
Property Size2,268 SF
Lot Size0.08 Acres
Price / SF$211.60
Days on Market99
Property Features for 323 W Division Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Basement, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 6, Bathroom 3, Bedroom 2
Parking
4
Basement
Full
Lot features
Level Lot
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
GPS friendly
Standard status
Active
Size
2,268 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
6954
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s)
Water source
Public
Amenities
laundry hookups
fenced yard
detached car garage
Building Details
Year built
1900
Architectural style
Other
Listing Agency:
RE/MAX Right Choice · RE/MAX International
(203) 268-1118
Listed By:
Kathy Chiluisa
(203) 395-0715
Added: May 14
Changed: Aug 19
Last Checked: Aug 20 at 5:06PM
MLS# 24175526
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This recently remodeled duplex offers two levels of living with flexible bedroom layout. The first floor provides 2 bedrooms, a living room, an eat-in kitchen, and a full bath. The second and third floors are combined to create a larger upper area with 4 bedrooms and 2 full bathrooms. Recent updates include newer kitchen cabinets and appliances, a newer roof, fresh paint, and new flooring. Laundry hookups are available in the basement. The home also includes a fenced yard and a detached car garage.
The property is set on a 0.08-acre lot and has a total building area of 2,268 SF. It was built in 1900 and is served by public water and public sewer. Cooling is provided via window unit(s).
Zoning is RM2, supporting residential income use within that land-use category.
The property is set on a 0.08-acre lot and has a total building area of 2,268 SF. It was built in 1900 and is served by public water and public sewer. Cooling is provided via window unit(s).
Zoning is RM2, supporting residential income use within that land-use category.
Key Highlights
- Remodeled duplex with 2 bedrooms on the first floor and 4 bedrooms on the combined second/third floors
- Total building size 2,268 SF on a 0.08‑acre lot
- Zoned RM2 for residential income use
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
$38,175
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
7.95%
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%
$763,500
$763.5K
Cap Rate 7%
$545,357
$545.4K
Cap Rate 9%
$424,167
$424.2K
Market Conditions
NOI Build-Up for 2,268 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
$58.5K $25.80/SF
− Vacancy
−$4.0K −$1.75/SF
EGI
$54.5K $24.05/SF
− OpEx
−$16.4K −$7.21/SF
NOI
$38.2K $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%
$763,500
Cap Rate 7%
$545,357
Cap Rate 9%
$424,167
Alternative Uses
Best Use
Multifamily LT 5
$545.4K
$477.2K – $636.3K
NOI $38,175 @ 7.0% cap · market cap 7.95%
Second Best
Apartment 5plus
$507.5K
$444.0K – $592.1K
NOI $35,523 @ 7.0% cap · market cap 7.40%
Theoretical Best
Office A
$729.6K
$638.4K – $851.2K
NOI $51,069 @ 7.0% cap · market cap 10.64%
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
936
Businesses Nearby
Explore this area
Business Placement
Demographics for 06511, CT
55,879
Population
24,579
Households
2.3
Avg Household Size
29
Median Age
48%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
9,634
Density / Sq Mi
$56,300
Median Household Income
$34,409
Median Earnings
$1,534
Median Rent
$313,400
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 - Recently remodeled duplex zoned RM2 with a fenced yard, detached car garage, window AC, and laundry hookups in the basement.
Where is this duplex located?
The property is located at 323 W Division Street New Haven, CT.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Remodeled duplex with 2 bedrooms on the first floor and 4 bedrooms on the combined second/third floors; Total building size 2,268 SF on a 0.08‑acre lot; Zoned RM2 for residential income use
