Two-Unit Corner-Lot Residential
For Sale
$389,900
Pending
40 Elm Street, East Hartford, CT 06108
Move-in ready two-family home with hardwood floors, updated major systems, and outdoor and garage parking benefits.
Property Size1,930 SF
Days on Market45
Property Features for 40 Elm Street
General Information
Standard status
Pending
Size
1,930 SF
Total Parking Spaces
8
Property subtype
2 Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1889
Tenancy
Multi
Listing Agency:
eXp Realty
(860) 460-7412
Listed By:
Jeff Beale
(860) 460-7412
Source:
Lockandkeyre
Added: Jul 16
Changed: Aug 24
Last Checked: Aug 23 at 8:27AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This two-family corner-lot residential income property presents as move-in ready, with both units featuring hardwood floors, abundant natural light, and comfortable living areas. Each unit includes spacious bedrooms and good-sized bathrooms, and the lower level has been freshly painted. Additional improvements include an updated roof, windows, and furnace, supporting day-one comfort for owner-occupants or tenants.
The exterior offers a manicured yard with a private backyard area, an open covered front porch, and a second-floor screened-in patio. A detached two-car garage supports storage, and the driveway is described as fitting up to six vehicles. The property also includes a finished attic accessible from the upstairs unit, along with an approximately 800 sq ft finished basement that features a full bath, kitchen setup, and flex space.
With multiple finished interior areas and outdoor entertaining space, the layout is designed to provide functional storage and flexibility within a two-unit configuration.
The exterior offers a manicured yard with a private backyard area, an open covered front porch, and a second-floor screened-in patio. A detached two-car garage supports storage, and the driveway is described as fitting up to six vehicles. The property also includes a finished attic accessible from the upstairs unit, along with an approximately 800 sq ft finished basement that features a full bath, kitchen setup, and flex space.
With multiple finished interior areas and outdoor entertaining space, the layout is designed to provide functional storage and flexibility within a two-unit configuration.
Key Highlights
- Two‑family corner‑lot home built in 1889 with hardwood floors and abundant natural light in both units
- Updated roof, windows, and furnace; freshly painted lower level
- Second‑floor screened‑in patio plus open covered front porch
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
$28,340
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
7.27%
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%
$566,800
$566.8K
Cap Rate 7%
$404,857
$404.9K
Cap Rate 9%
$314,889
$314.9K
Market Conditions
NOI Build-Up for 1,930 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
$42.8K $22.20/SF
− Vacancy
−$2.4K −$1.22/SF
EGI
$40.5K $20.98/SF
− OpEx
−$12.1K −$6.29/SF
NOI
$28.3K $14.68/SF
Area
Hartford, CT
Vacancy
5.51%
Lease Rate
$22.20 /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%
$566,800
Cap Rate 7%
$404,857
Cap Rate 9%
$314,889
Alternative Uses
Best Use
Multifamily LT 5
$404.9K
$354.3K – $472.3K
NOI $28,340 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$372.0K
$325.5K – $434.0K
NOI $26,038 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$575.3K
$503.4K – $671.2K
NOI $40,269 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,922
Businesses Nearby
Explore this area
Business Placement
Demographics for 06108, CT
24,201
Population
9,963
Households
2.4
Avg Household Size
38
Median Age
15%
College-Educated
85%
High-School Grad
8.1 sq mi
ZIP Area
2,988
Density / Sq Mi
$55,766
Median Household Income
$35,801
Median Earnings
$1,161
Median Rent
$218,800
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 - Move-in ready two-family home with hardwood floors, updated major systems, and outdoor and garage parking benefits.
Where is this duplex located?
The property is located at 40 Elm Street East Hartford, CT.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Two‑family corner‑lot home built in 1889 with hardwood floors and abundant natural light in both units; Updated roof, windows, and furnace; freshly painted lower level; Second‑floor screened‑in patio plus open covered front porch
