Renovated Duplex with Three-Bedroom
For Sale
$450,000
35 Saltonstall Avenue, New Haven, CT 06513
RM2-zoned duplex with updated interiors, a replacement roof, and convenient access to downtown New Haven and major commuter routes.
Property Size1,760 SF
Price / SF$255.68
Days on Market183
Property Features for 35 Saltonstall Avenue
General Information
Standard status
Active
Size
1,760 SF
Property subtype
Multi-Family / 2 Family
Zoning
RM2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,402
Amenities
No
Hot Air
12
Not Applicable
Building Details
Year Built
1900
Listing Agency:
Roundtree Realty LLC
(475) 227-4312
Listed By:
Aharon Cowen · License #RES.0832571
(475) 227-4312
Source:
Compass
Added: Feb 28
Changed: Aug 29
Last Checked: Aug 29 at 10:36PM
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 Roundtree Realty LLC
Investment Insights
Based on property information with market context.
This 1,760 SF duplex, built in 1900, has undergone extensive renovation and includes a new roof. Each floor contains a spacious three-bedroom unit, creating a two-unit configuration suited to either an owner-occupant or an investor. RM2 zoning further identifies the property for multifamily residential use.
Located at 35 Saltonstall Avenue in New Haven, the property is near downtown, Yale, hospitals, shopping, restaurants, public transportation, and major commuter routes. The combination of updated building components, large floor plans, and two three-bedroom units provides a practical residential income property format in an established urban setting.
Located at 35 Saltonstall Avenue in New Haven, the property is near downtown, Yale, hospitals, shopping, restaurants, public transportation, and major commuter routes. The combination of updated building components, large floor plans, and two three-bedroom units provides a practical residential income property format in an established urban setting.
Key Highlights
- Two‑unit duplex with a three‑bedroom apartment on each floor
- 1,760 SF property built in 1900
- Extensive renovations completed, including a new roof
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
$29,624
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
6.58%
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%
$592,480
$592.5K
Cap Rate 7%
$423,200
$423.2K
Cap Rate 9%
$329,156
$329.2K
Market Conditions
NOI Build-Up for 1,760 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
$45.4K $25.80/SF
− Vacancy
−$3.1K −$1.75/SF
EGI
$42.3K $24.05/SF
− OpEx
−$12.7K −$7.21/SF
NOI
$29.6K $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%
$592,480
Cap Rate 7%
$423,200
Cap Rate 9%
$329,156
Alternative Uses
Best Use
Multifamily LT 5
$423.2K
$370.3K – $493.7K
NOI $29,624 @ 7.0% cap · market cap 6.58%
Second Best
Apartment 5plus
$393.8K
$344.6K – $459.4K
NOI $27,566 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$566.1K
$495.4K – $660.5K
NOI $39,630 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
858
Businesses Nearby
Explore this area
Business Placement
Demographics for 06513, CT
38,618
Population
17,006
Households
2.3
Avg Household Size
36
Median Age
19%
College-Educated
80%
High-School Grad
7.2 sq mi
ZIP Area
5,364
Density / Sq Mi
$46,520
Median Household Income
$38,369
Median Earnings
$1,208
Median Rent
$226,600
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 - RM2-zoned duplex with updated interiors, a replacement roof, and convenient access to downtown New Haven and major commuter routes.
Where is this duplex located?
The property is located at 35 Saltonstall Avenue New Haven, CT.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑unit duplex with a three‑bedroom apartment on each floor; 1,760 SF property built in 1900; Extensive renovations completed, including a new roof
