Duplex with On-Site
New
For Sale
$459,900
433 Third Ave, West Haven, CT 06516
Two residential units feature gas heating, a finished basement, and access to attic space.
Property Size1,722 SF
Price / SF$267.07
Days on Market6
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
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
RE/MAX Alliance
(203) 488-1641
Listed By:
Farzaneh Dehghani
Source:
Themialeteam
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 25 at 5:42AM
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.
This duplex contains two residential units arranged with one apartment on each floor. Gas heating serves the building, while a finished basement adds auxiliary space. The upper unit also has access to attic space. The property is offered in as-is condition, and the inspection is intended for informational purposes only.
The first-floor residence is occupied by a tenant. The second-floor residence is vacant and is being marketed for rent, allowing the units to be leased separately. A level lot provides three parking spaces. The property is located at 433 Third Ave in West Haven, Connecticut.
The first-floor residence is occupied by a tenant. The second-floor residence is vacant and is being marketed for rent, allowing the units to be leased separately. A level lot provides three parking spaces. The property is located at 433 Third Ave in West Haven, Connecticut.
Key Highlights
- Two‑unit duplex with one residential unit on each floor
- Three parking spaces on a level lot
- First‑floor unit is tenant occupied
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
$28,985
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
6.30%
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%
$579,700
$579.7K
Cap Rate 7%
$414,071
$414.1K
Cap Rate 9%
$322,056
$322.1K
Market Conditions
NOI Build-Up for 1,722 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
$44.4K $25.80/SF
− Vacancy
−$3.0K −$1.75/SF
EGI
$41.4K $24.05/SF
− OpEx
−$12.4K −$7.21/SF
NOI
$29.0K $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%
$579,700
Cap Rate 7%
$414,071
Cap Rate 9%
$322,056
Alternative Uses
Best Use
Multifamily LT 5
$414.1K
$362.3K – $483.1K
NOI $28,985 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$385.3K
$337.1K – $449.5K
NOI $26,971 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$553.9K
$484.7K – $646.3K
NOI $38,775 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature gas heating, a finished basement, and access to attic space.
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 with one residential unit on each floor; Three parking spaces on a level lot; First‑floor unit is tenant occupied
