Updated Two-Family
For Sale
$350,000
Pending
36 Norfolk St, West Haven, CT 06516
Two residential units feature refreshed kitchens, individual laundry, and access to additional basement space.
Property Size1,498 SF
Days on Market127
Property Features for 36 Norfolk St
General Information
Standard status
Pending
Size
1,498 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Amenities
laundry in each unit
side deck
Building Details
Building Size
1,498 SF
Year Built
1999
Buildings
1
Listing Agency:
Coldwell Banker Realty
(860) 983-3158
Listed By:
Mike Rethis · License #RES.0768194
(860) 983-3158
Source:
Elliman
Added: Apr 27
Changed: Aug 30
Last Checked: Aug 30 at 7:39PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Built in 1999, this duplex includes two residential units with updated interiors and practical separation for an owner-occupant or investor. Both kitchens were renovated 2 years ago and include granite countertops, while the first floor received new flooring 2 years ago and the second floor was updated 5 years ago. Each unit has its own laundry, and the interiors have been freshly painted.
The property has been converted to gas and includes a gas furnace that is 7 years old. The roof was replaced 7 years ago, and a side deck was added 2 years ago. The first-floor unit has direct access to the basement, providing additional storage or future finished-use possibilities. Located at 36 Norfolk St in West Haven, Connecticut, the property has a Walk Score of 10 and a Bike Score of 30.
The property has been converted to gas and includes a gas furnace that is 7 years old. The roof was replaced 7 years ago, and a side deck was added 2 years ago. The first-floor unit has direct access to the basement, providing additional storage or future finished-use possibilities. Located at 36 Norfolk St in West Haven, Connecticut, the property has a Walk Score of 10 and a Bike Score of 30.
Key Highlights
- Duplex with two residential units
- Renovated kitchens completed 2 years ago with granite countertops on both floors
- Separate laundry in each unit
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
$25,214
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
7.20%
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%
$504,280
$504.3K
Cap Rate 7%
$360,200
$360.2K
Cap Rate 9%
$280,156
$280.2K
Market Conditions
NOI Build-Up for 1,498 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
$38.6K $25.80/SF
− Vacancy
−$2.6K −$1.75/SF
EGI
$36.0K $24.05/SF
− OpEx
−$10.8K −$7.21/SF
NOI
$25.2K $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%
$504,280
Cap Rate 7%
$360,200
Cap Rate 9%
$280,156
Alternative Uses
Best Use
Multifamily LT 5
$360.2K
$315.2K – $420.2K
NOI $25,214 @ 7.0% cap · market cap 7.20%
Second Best
Apartment 5plus
$335.2K
$293.3K – $391.1K
NOI $23,463 @ 7.0% cap · market cap 6.70%
Theoretical Best
Office A
$481.9K
$421.6K – $562.2K
NOI $33,731 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
510
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 residential units feature refreshed kitchens, individual laundry, and access to additional basement space.
Where is this duplex located?
The property is located at 36 Norfolk St West Haven, CT.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Duplex with two residential units; Renovated kitchens completed 2 years ago with granite countertops on both floors; Separate laundry in each unit
