Two-Unit Duplex with Harbor
For Sale
$499,900
338 Lighthouse Road, New Haven, CT 06512
Two residential units offer separate kitchens, baths, hardwood floors, and flexible living areas with water views.
Property Size2,634 SF
Price / SF$189.79
Days on Market122
Property Features for 338 Lighthouse Road
General Information
Standard status
Active
Size
2,634 SF
Property subtype
2 Family
Building Details
Year Built
1910
Listing Agency:
RE/MAX Alliance
(203) 314-7578
Listed By:
Gene Pica · License #539011
(203) 314-7578
Source:
Lockandkeyre
Added: May 1
Changed: Aug 29
Last Checked: May 7 at 7:54PM
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 Alliance
Investment Insights
Based on property information with market context.
This 2,634-square-foot duplex contains two residential units, each arranged with two bedrooms and one bathroom. The first-floor layout includes an eat-in kitchen, foyer, inlaid hardwood flooring, detailed wood trim, and access to a deck. The upper unit features hardwood floors, a bright kitchen area, and a balcony oriented toward views of downtown New Haven and the harbor. An enclosed wraparound porch and original interior woodwork add character throughout the home.
The finished lower level provides a full walk-out, open space, and workshop area, offering additional flexibility. Exterior features include a covered porch, spacious two-car garage, large deck, and above-ground pool. The property is located in Morris Cove near Lighthouse Park. Updating is needed, particularly in the second-floor unit, and the sale is subject to probate court approval on an as-is basis.
The finished lower level provides a full walk-out, open space, and workshop area, offering additional flexibility. Exterior features include a covered porch, spacious two-car garage, large deck, and above-ground pool. The property is located in Morris Cove near Lighthouse Park. Updating is needed, particularly in the second-floor unit, and the sale is subject to probate court approval on an as-is basis.
Key Highlights
- Two‑unit duplex with 2,634 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Upper‑level balcony with downtown New Haven and harbor views
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
$44,335
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
8.87%
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%
$886,700
$886.7K
Cap Rate 7%
$633,357
$633.4K
Cap Rate 9%
$492,611
$492.6K
Market Conditions
NOI Build-Up for 2,634 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
$68.0K $25.80/SF
− Vacancy
−$4.6K −$1.75/SF
EGI
$63.3K $24.05/SF
− OpEx
−$19.0K −$7.21/SF
NOI
$44.3K $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%
$886,700
Cap Rate 7%
$633,357
Cap Rate 9%
$492,611
Alternative Uses
Best Use
Multifamily LT 5
$633.4K
$554.2K – $738.9K
NOI $44,335 @ 7.0% cap · market cap 8.87%
Second Best
Apartment 5plus
$589.4K
$515.7K – $687.6K
NOI $41,256 @ 7.0% cap · market cap 8.25%
Theoretical Best
Office A
$847.3K
$741.4K – $988.5K
NOI $59,311 @ 7.0% cap · market cap 11.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
120
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 - Two residential units offer separate kitchens, baths, hardwood floors, and flexible living areas with water views.
Where is this duplex located?
The property is located at 338 Lighthouse Road New Haven, CT.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,634 square feet; Each unit includes 2 bedrooms and 1 bathroom; Upper‑level balcony with downtown New Haven and harbor views
