Renovated Duplex with Expansion
New
For Sale
$499,900
357-359 Center Street, West Haven, CT 06516
Two-family property with updated building systems and a month-to-month second-floor tenancy.
Property Size2,128 SF
Price / SF$234.92
Days on Market5
Property Features for 357-359 Center Street
General Information
Standard status
Active
Size
2,128 SF
Property subtype
2 Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1917
Year Renovated
2013
Buildings
1
Listing Agency:
Real Estate Eight
(203) 919-2078
Listed By:
Deep Gill
(203) 919-2078
Source:
Lockandkeyre
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 28 at 6:45AM
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 Real Estate Eight
Investment Insights
Based on property information with market context.
Located at 357-359 Center Street in West Haven, this two-family property combines a renovated interior with updated core building systems. Improvements completed in 2013 include the roof, siding, windows, kitchens, flooring, paint, bathrooms, and full HVAC serving both heating and cooling needs.
The second-floor residence is occupied by a month-to-month tenant, while an unfinished third floor offers space that may support expansion of the existing unit or development of another unit, subject to city approvals and permits. Built in 1917 and zoned CBD, the property provides a two-unit configuration with additional unfinished area for future planning.
The second-floor residence is occupied by a month-to-month tenant, while an unfinished third floor offers space that may support expansion of the existing unit or development of another unit, subject to city approvals and permits. Built in 1917 and zoned CBD, the property provides a two-unit configuration with additional unfinished area for future planning.
Key Highlights
- Two‑family duplex at 357‑359 Center Street, West Haven, CT 06516
- 2013 updates include roof, siding, windows, kitchens, flooring, paint, and bathrooms
- Full HVAC system provides heating and cooling
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
$35,818
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
7.17%
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%
$716,360
$716.4K
Cap Rate 7%
$511,686
$511.7K
Cap Rate 9%
$397,978
$398.0K
Market Conditions
NOI Build-Up for 2,128 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
$54.9K $25.80/SF
− Vacancy
−$3.7K −$1.75/SF
EGI
$51.2K $24.05/SF
− OpEx
−$15.4K −$7.21/SF
NOI
$35.8K $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%
$716,360
Cap Rate 7%
$511,686
Cap Rate 9%
$397,978
Alternative Uses
Best Use
Multifamily LT 5
$511.7K
$447.7K – $597.0K
NOI $35,818 @ 7.0% cap · market cap 7.17%
Second Best
Apartment 5plus
$476.1K
$416.6K – $555.5K
NOI $33,330 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$684.5K
$599.0K – $798.6K
NOI $47,917 @ 7.0% cap · market cap 9.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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
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-family property with updated building systems and a month-to-month second-floor tenancy.
Where is this duplex located?
The property is located at 357-359 Center Street West 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‑family duplex at 357‑359 Center Street, West Haven, CT 06516; 2013 updates include roof, siding, windows, kitchens, flooring, paint, and bathrooms; Full HVAC system provides heating and cooling
