Two-Family Duplex with Detached
New
For Sale
$479,900
323 West Division Street, New Haven, CT 06511
Separate laundry hookups, a fenced yard, and updated kitchens add practical features for residential use.
Property Size2,268 SF
Price / SF$211.60
Days on Market4
Property Features for 323 West Division Street
General Information
Standard status
Active
Size
2,268 SF
Property subtype
2 Family
Units
Unit Mix
2BR/1BA, 4BR/2BA
Multifamily Units
2
Amenities
laundry hookups
fenced-in yard
Building Details
Year Built
1900
Listing Agency:
RE/MAX Right Choice
Listed By:
Kathy Chiluisa
(203) 395-0715
Source:
Lockandkeyre
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 2:23PM
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 RE/MAX Right Choice
Investment Insights
Based on property information with market context.
This 2,268-square-foot duplex contains two units. The first-floor residence has two bedrooms, a living room, an eat-in kitchen, and a full bathroom. The upper residence spans the second and third floors, with four bedrooms and two full bathrooms. Kitchen cabinets and appliances have been updated, and the roof is newer. The property was built in 1900.
Basement laundry hookups, a fenced yard, and a detached garage round out the property’s physical features.
Basement laundry hookups, a fenced yard, and a detached garage round out the property’s physical features.
Key Highlights
- Two‑family property with a 2‑bedroom first‑floor unit and a 4‑bedroom upper unit
- Upper unit spans the second and third floors and includes two full bathrooms
- 2,268 square feet; built in 1900
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
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate laundry hookups, a fenced yard, and updated kitchens add practical features for residential use.
Where is this duplex located?
The property is located at 323 West 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: Two‑family property with a 2‑bedroom first‑floor unit and a 4‑bedroom upper unit; Upper unit spans the second and third floors and includes two full bathrooms; 2,268 square feet; built in 1900
