Two-Family Home with Enclosed
For Sale
$540,000
458 First Ave, West Haven, CT 06516
Two distinct residential units with flexible upper-room layout and off-street parking for 4+ vehicles.
Property Size2,314 SF
Days on Market62
Property Features for 458 First Ave
General Information
Standard status
Active
Size
2,314 SF
Total Parking Spaces
4
Property subtype
Multi Family
Additional Details
Highway Access
Yes
Multifamily Units
5
Building Details
Building Size
2,314 SF
Year Built
1910
Stories
2
Listing Agency:
(475) 308-2639
Listed By:
Tanisha Bundy
(475) 308-2639
Source:
Elliman
Added: Jun 23
Changed: Aug 11
Last Checked: Aug 22 at 8:40AM
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 Tanisha Bundy
Investment Insights
Based on property information with market context.
This two-family home offers two separate residential units with practical, comfortable layouts. The first-floor unit features 2 bedrooms, a bright living room, a functional kitchen, and a full bathroom. The second-floor unit includes 3 bedrooms, a kitchen, a living room, and a full bathroom, along with two additional rooms that can be used as bedrooms, home offices, playrooms, or other flex space. An enclosed front porch adds a welcoming entry and usable transitional space. The property is being sold as is.
Located in West Haven, Connecticut, the home is described as being minutes from major highways and close to beaches, shopping, restaurants, and everyday amenities. WalkScore is reported as 78 (very walkable), bikeScore is 62 (bikeable), and transitScore is 53 (good transit), indicating convenient access to surrounding services and connections.
This configuration can suit owner-occupants seeking to live in one unit and rent the other, as well as investors looking for a straightforward two-family setup. The second-floor flex rooms can support a range of tenant or household needs, including work-from-home setups or additional sleeping space. Off-street parking for 4+ vehicles adds convenience for residents and guests.
Located in West Haven, Connecticut, the home is described as being minutes from major highways and close to beaches, shopping, restaurants, and everyday amenities. WalkScore is reported as 78 (very walkable), bikeScore is 62 (bikeable), and transitScore is 53 (good transit), indicating convenient access to surrounding services and connections.
This configuration can suit owner-occupants seeking to live in one unit and rent the other, as well as investors looking for a straightforward two-family setup. The second-floor flex rooms can support a range of tenant or household needs, including work-from-home setups or additional sleeping space. Off-street parking for 4+ vehicles adds convenience for residents and guests.
Key Highlights
- Two‑family home built in 1910 with two distinct residential units
- First‑floor unit: 2 bedrooms, bright living room, functional kitchen, and full bathroom
- Second‑floor unit: 3 bedrooms plus a kitchen, living room, full bathroom, and 2 additional flexible rooms
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
$38,949
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
7.21%
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%
$778,980
$779.0K
Cap Rate 7%
$556,414
$556.4K
Cap Rate 9%
$432,767
$432.8K
Market Conditions
NOI Build-Up for 2,314 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
$59.7K $25.80/SF
− Vacancy
−$4.1K −$1.75/SF
EGI
$55.6K $24.05/SF
− OpEx
−$16.7K −$7.21/SF
NOI
$38.9K $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%
$778,980
Cap Rate 7%
$556,414
Cap Rate 9%
$432,767
Alternative Uses
Best Use
Multifamily LT 5
$556.4K
$486.9K – $649.2K
NOI $38,949 @ 7.0% cap · market cap 7.21%
Second Best
Apartment 5plus
$517.8K
$453.1K – $604.1K
NOI $36,244 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$744.4K
$651.3K – $868.4K
NOI $52,105 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,071
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 distinct residential units with flexible upper-room layout and off-street parking for 4+ vehicles.
Where is this duplex located?
The property is located at 458 First Ave West Haven, CT.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: Two‑family home built in 1910 with two distinct residential units; First‑floor unit: 2 bedrooms, bright living room, functional kitchen, and full bathroom; Second‑floor unit: 3 bedrooms plus a kitchen, living room, full bathroom, and 2 additional flexible rooms
