Remodeled Duplex with Studio
For Sale
$849,000
421-AB Shelton Road, Trumbull, CT 06611
Income-producing residence with a legal studio above the garage and a larger 4-bedroom main home, offering flexible owner or tenant use.
Property Size2,398 SF
Price / SF$354.05
Days on Market70
Property Features for 421-AB Shelton Road
General Information
Standard status
Active
Size
2,398 SF
Property subtype
2 Family
Additional Details
Business Included
Yes
Fenced Yard
Yes
Multifamily Units
2
Building Details
Year Built
1925
Tenancy
Multi
Listing Agency:
William Raveis Real Estate
(646) 239-5676
Listed By:
Christine Howard
(646) 239-5676
Source:
Lockandkeyre
Added: Jun 16
Changed: Aug 23
Last Checked: Aug 23 at 11:08AM
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 William Raveis Real Estate
Investment Insights
Based on property information with market context.
421 Shelton Road in Trumbull is a remodeled Colonial arranged to support dual living options, including a legal studio apartment above the garage. The primary residence offers 4 bedrooms and 2.5 baths with a renovated kitchen that includes an attached dining area. A heated, enclosed front porch provides an all-season space at the front of the home. The upper level features an updated primary suite with a walk-in closet and a private sun porch.
Outside, the property includes a large back deck and a level, partially fenced backyard suitable for outdoor living. Access is designed for convenience with dual driveways on both sides of the property, allowing practical arrival and parking arrangements tied to the separate units.
This setup can fit a range of buyers and operators looking to combine personal use with rental flexibility. The studio apartment above the garage is described as turnkey, which may appeal to an au pair, extended family, visiting guests, or a tenant unit designed to generate income alongside the larger main residence. The home is positioned in Trumbull with nearby schools, parks, shopping, and major commuter routes, with bikeScore 12 and walkScore 2 indicating a car-dependent orientation.
Outside, the property includes a large back deck and a level, partially fenced backyard suitable for outdoor living. Access is designed for convenience with dual driveways on both sides of the property, allowing practical arrival and parking arrangements tied to the separate units.
This setup can fit a range of buyers and operators looking to combine personal use with rental flexibility. The studio apartment above the garage is described as turnkey, which may appeal to an au pair, extended family, visiting guests, or a tenant unit designed to generate income alongside the larger main residence. The home is positioned in Trumbull with nearby schools, parks, shopping, and major commuter routes, with bikeScore 12 and walkScore 2 indicating a car-dependent orientation.
Key Highlights
- Year built 1925 remodeled Colonial featuring a legal studio apartment above the garage
- Main home offers 4 bedrooms and 2.5 baths with an updated layout
- Renovated kitchen with attached dining area on the main level
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
$31,076
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
3.66%
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%
$621,520
$621.5K
Cap Rate 7%
$443,943
$443.9K
Cap Rate 9%
$345,289
$345.3K
Market Conditions
NOI Build-Up for 2,398 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
$47.5K $19.80/SF
− Vacancy
−$3.1K −$1.29/SF
EGI
$44.4K $18.51/SF
− OpEx
−$13.3K −$5.55/SF
NOI
$31.1K $12.96/SF
Area
Bridgeport, CT
Vacancy
6.50%
Lease Rate
$19.80 /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%
$621,520
Cap Rate 7%
$443,943
Cap Rate 9%
$345,289
Alternative Uses
Best Use
Multifamily LT 5
$443.9K
$388.5K – $517.9K
NOI $31,076 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$403.0K
$352.6K – $470.1K
NOI $28,207 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$684.4K
$598.9K – $798.5K
NOI $47,911 @ 7.0% cap · market cap 5.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
91
Businesses Nearby
Explore this area
Business Placement
Demographics for 06611, CT
36,835
Population
12,468
Households
3
Avg Household Size
43
Median Age
60%
College-Educated
95%
High-School Grad
23.3 sq mi
ZIP Area
1,581
Density / Sq Mi
$163,227
Median Household Income
$75,795
Median Earnings
$2,292
Median Rent
$495,300
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 - Income-producing residence with a legal studio above the garage and a larger 4-bedroom main home, offering flexible owner or tenant use.
Where is this duplex located?
The property is located at 421-AB Shelton Road Trumbull, CT.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Year built 1925 remodeled Colonial featuring a legal studio apartment above the garage; Main home offers 4 bedrooms and 2.5 baths with an updated layout; Renovated kitchen with attached dining area on the main level
