Duplex with On-Site
New
For Sale
$459,900
433 Third Avenue, West Haven, CT 06516
Multi-Family For Sale, Units on different Floors, West Haven, CT
Property Size1,722 SF
Lot Size0.13 Acres
Price / SF$267.07
Days on Market6
Property Features for 433 Third Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Basement, Bathroom 2, Bedroom 1, Bathroom 3, Bedroom 2
Parking
3
Basement
Full
Lot features
Level Lot
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
GPS friendly
Standard status
Active
Size
1,722 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8653
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Architectural style
Other
Listing Agency:
RE/MAX Alliance · RE/MAX International
(203) 488-1641
Listed By:
Farzaneh Dehghani
(203) 464-3916
Added: Aug 15
Changed: Aug 19
Last Checked: Aug 20 at 7:06AM
MLS# 24197637
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 433 Third Avenue in West Haven, this two-unit residential property places one apartment on each floor. The building includes baseboard heating, central air, a finished basement, and a level parking area with three spaces. The second-floor unit is currently vacant and being marketed for rent, while the first-floor unit is occupied.
Built in 1900, the property sits on a 0.13-acre lot and is served by public water and public sewer. The second-floor apartment includes attic access, and the property is offered as-is. Zoning is R3.
Built in 1900, the property sits on a 0.13-acre lot and is served by public water and public sewer. The second-floor apartment includes attic access, and the property is offered as-is. Zoning is R3.
Key Highlights
- Two‑unit building with one residence per floor
- Three parking spaces on a level lot
- R3 zoning on a 0.13‑acre parcel
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 are configured with separate floors, baseboard heating, central air, and a finished basement.
Where is this duplex located?
The property is located at 433 Third Avenue 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 building with one residence per floor; Three parking spaces on a level lot; R3 zoning on a 0.13‑acre parcel
