Two-Unit Duplex with Wraparound
For Sale
Under Contract
$499,900
338 Lighthouse Road, New Haven, CT 06512
MULTI_FAMILY - New Haven, CT
Property Size2,634 SF
Lot Size0.27 Acres
Price / SF$189.79
Days on Market105
Property Features for 338 Lighthouse Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RS2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 1, Basement, Bedroom 2
Parking
2
Patio and Porch features
Deck
Exterior features
Wrap Around Deck
Fireplace
1
Basement
Partially Finished, Full
Lot features
City Views, Level Lot, Water View
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
Townhouse Ave to Lighthouse Rd.
Standard status
Active Under Contract
Size
2,634 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
10840
Utilities
Sewer type
Public Sewer
Heating system
Steam
Water source
Public
Amenities
enclosed wraparound front porch
covered porch
deck
balcony
workshop space
above-ground pool
Building Details
Year built
1910
Architectural style
Other
Listing Agency:
RE/MAX Alliance · RE/MAX International
(203) 488-1641
Listed By:
Gene Pica · License #539011
(203) 314-7578
Added: May 1
Changed: Aug 11
Last Checked: Aug 13 at 9:06AM
MLS# 24171039
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.
Two-family duplex home built in 1910 featuring an enclosed wraparound front porch, original woodwork, and hardwood flooring throughout. The first floor offers two bedrooms and one bath, an eat-in kitchen with natural light, and sliders to a deck. The second floor also has two bedrooms and one bath, hardwood floors, and a bright kitchen area with water views; sliders open to a balcony with panoramic views of downtown New Haven and the harbor. A finished lower level provides a full walk-out with a rich wood interior, plus additional workshop space for flexibility. The home includes a fireplace and a covered porch leading to a spacious two-car garage.
The property sits on a 0.27-acre lot and is served by public water and public sewer. Heating is steam. Outside, enjoy a large deck surrounding an above-ground pool with harbor views. Sold as is, subject to probate court approval.
The property sits on a 0.27-acre lot and is served by public water and public sewer. Heating is steam. Outside, enjoy a large deck surrounding an above-ground pool with harbor views. Sold as is, subject to probate court approval.
Key Highlights
- Enclosed wraparound front porch and original woodwork throughout
- Two floors plus finished walk‑out lower level with workshop space
- 0.27‑acre lot with large deck surrounding an above‑ground pool
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
Lease Details
Multi-tenant
Tenancy
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 - Duplex with RS2 zoning, steam heat, public water and sewer, and an enclosed wraparound front porch.
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: Enclosed wraparound front porch and original woodwork throughout; Two floors plus finished walk‑out lower level with workshop space; 0.27‑acre lot with large deck surrounding an above‑ground pool
