Duplex with On-Site
New
For Sale
$459,900
433 Third Ave, West Haven, CT 06516
Two-level duplex with gas heating, a finished basement, attic access, and parking on a level lot.
Property Size1,722 SF
Price / SF$263.70
Days on Market5
Property Features for 433 Third Ave
General Information
Standard status
Active
Size
1,722 SF
Total Parking Spaces
3
Property subtype
Multi Family
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Building Details
Building Size
1,722 SF
Year Built
1900
Buildings
1
Stories
2
Listing Agency:
RE/MAX Alliance
(203) 464-3916
Listed By:
Farzaneh Dehghani
(203) 464-3916
Source:
Elliman
Added: Aug 16
Changed: Aug 17
Last Checked: Aug 19 at 10:47AM
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 RE/MAX Alliance
Investment Insights
Based on property information with market context.
Located at 433 Third Ave in West Haven, Connecticut, this 1744-square-foot duplex was built in 1900 and contains two residential units arranged with one apartment on each floor. Gas heating serves the building, while the property also includes a finished basement and attic access from the second-floor unit. The first-floor apartment includes access to 360 sq. Ft. of living space in part.
The property sits on a level lot with three parking spaces. One unit is tenant occupied, while the second-floor apartment is vacant and being marketed for rent. The building is offered as-is, with inspection intended for informational purposes only. WalkScore is 78, BikeScore is 62, and TransitScore is 53.
The property sits on a level lot with three parking spaces. One unit is tenant occupied, while the second-floor apartment is vacant and being marketed for rent. The building is offered as-is, with inspection intended for informational purposes only. WalkScore is 78, BikeScore is 62, and TransitScore is 53.
Key Highlights
- Two‑unit duplex totaling 1744 square feet
- Three parking spaces on a level lot
- Finished basement and attic access
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
$29,355
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
6.38%
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%
$587,100
$587.1K
Cap Rate 7%
$419,357
$419.4K
Cap Rate 9%
$326,167
$326.2K
Market Conditions
NOI Build-Up for 1,744 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
$45.0K $25.80/SF
− Vacancy
−$3.1K −$1.75/SF
EGI
$41.9K $24.05/SF
− OpEx
−$12.6K −$7.21/SF
NOI
$29.4K $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%
$587,100
Cap Rate 7%
$419,357
Cap Rate 9%
$326,167
Alternative Uses
Best Use
Multifamily LT 5
$419.4K
$366.9K – $489.3K
NOI $29,355 @ 7.0% cap · market cap 6.38%
Second Best
Apartment 5plus
$390.2K
$341.5K – $455.3K
NOI $27,316 @ 7.0% cap · market cap 5.94%
Theoretical Best
Office A
$561.0K
$490.9K – $654.5K
NOI $39,270 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,113
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-level duplex with gas heating, a finished basement, attic access, and parking on a level lot.
Where is this duplex located?
The property is located at 433 Third Ave West Haven, CT.
What is the asking price?
The asking price for this property is $459,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1744 square feet; Three parking spaces on a level lot; Finished basement and attic access
