Renovated Duplex with Finished
New
For Sale
$629,000
331 Center St, West Haven, CT 06516
Two-family layout with updated major systems and basement laundry hookups.
Property Size2,814 SF
Days on Market4
Property Features for 331 Center St
General Information
Standard status
Active
Size
2,814 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Amenities
hardwood floors
laundry hookup
Building Details
Building Size
2,814 SF
Year Built
1900
Listing Agency:
eXp Realty
Listed By:
Jaiden Vernale · License #RES.0825140
(860) 929-6789
Source:
Elliman
Added: Sep 8
Last Checked: Sep 10 at 8:30AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This two-family residence, built in 1900, offers a multi-level configuration with hardwood flooring throughout. The first floor contains 3 bedrooms and 1.5 bathrooms. The upper arrangement combines the second floor and finished attic, with 3 bedrooms and 1.5 bathrooms on the second floor plus 2 attic bedrooms and a full bathroom.
Recent work includes upgraded siding, roofing, and mechanical systems. A basement laundry hookup adds utility for the property. The residence is located at 331 Center St in West Haven, Connecticut, with a Walk Score of 45 and a Bike Score of 34.
Recent work includes upgraded siding, roofing, and mechanical systems. A basement laundry hookup adds utility for the property. The residence is located at 331 Center St in West Haven, Connecticut, with a Walk Score of 45 and a Bike Score of 34.
Key Highlights
- Two‑family duplex configuration with a finished attic
- First floor includes 3 bedrooms and 1.5 bathrooms
- Second floor includes 3 bedrooms and 1.5 bathrooms
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
$47,365
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
7.53%
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%
$947,300
$947.3K
Cap Rate 7%
$676,643
$676.6K
Cap Rate 9%
$526,278
$526.3K
Market Conditions
NOI Build-Up for 2,814 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
$72.6K $25.80/SF
− Vacancy
−$4.9K −$1.75/SF
EGI
$67.7K $24.05/SF
− OpEx
−$20.3K −$7.21/SF
NOI
$47.4K $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%
$947,300
Cap Rate 7%
$676,643
Cap Rate 9%
$526,278
Alternative Uses
Best Use
Multifamily LT 5
$676.6K
$592.1K – $789.4K
NOI $47,365 @ 7.0% cap · market cap 7.53%
Second Best
Apartment 5plus
$629.6K
$550.9K – $734.6K
NOI $44,075 @ 7.0% cap · market cap 7.01%
Theoretical Best
Office A
$905.2K
$792.1K – $1.06M
NOI $63,364 @ 7.0% cap · market cap 10.07%
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
1,327
Businesses Nearby
Explore this area
Business Placement
Demographics for 06516, CT
55,584
Population
21,884
Households
2.5
Avg Household Size
38
Median Age
29%
College-Educated
88%
High-School Grad
10.8 sq mi
ZIP Area
5,147
Density / Sq Mi
$73,566
Median Household Income
$41,123
Median Earnings
$1,389
Median Rent
$265,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family layout with updated major systems and basement laundry hookups.
Where is this duplex located?
The property is located at 331 Center St West Haven, CT.
What is the asking price?
The asking price for this property is $629,000.
What are key features of this property?
This property features: Two‑family duplex configuration with a finished attic; First floor includes 3 bedrooms and 1.5 bathrooms; Second floor includes 3 bedrooms and 1.5 bathrooms
