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    Recently Renovated 3-Unit Triplex Title is generated by Realmo AI

    47 Spring Street, Wallingford, CT 06492

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    For Sale
    $589,900

    Renovated three-unit property with flexible layouts across multiple bedrooms and baths in a strong rental location.

    Type:3 Family
    Property size:
    2,551 SF
    Price / SF:
    $231/SF
    Added:
    May 28, 2026
    Days on Market:
    7
    Last Refresh:
    Jun 3 at 2:25 am

    Property Features for 47 Spring Street

    General Information

    Standard status
    Active
    Size
    2,551 SF
    Property subtype
    3 Family

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Billie D'alessio

    Listing agent Billie D'alessio

    Listing office HomeRun Realty LLC

    Listing date May 28, 2026

    Source Lockandkeyre

    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 HomeRun Realty LLC

    HighLights

    • Recently renovated 3‑unit property with 6 bedrooms and 4 baths total
    • Unit mix: Apt #1 has 3 bedrooms and 2 full baths; Apt #2 has 2 beds and 1 bath; Apt #3 has 1 bed and 1 bath
    • Flexible owner‑occupant setup with option to live in one unit and rent the other units
    • Fannie Mae HomePath property
    • HomePath Ready Buyer program available; certificate may be attached to offer up to 3% closing cost assistance (restrictions apply)

    Overview

    Recently renovated three-unit triplex offering a practical mix of layouts for owners and tenants. Apartment #1 features 3 bedrooms and 2 full baths, well-suited for multi-generational living. Apartment #2 offers 2 bedrooms and 1 bath, and Apartment #3 provides 1 bedroom and 1 bath. The configuration supports straightforward occupancy planning while maintaining distinct living spaces for each unit.

    The property is located in a prime rental area with close access to downtown restaurants and shops. It is also near a new train station with service to NY and Boston, adding commuter convenience. Town amenities nearby include a Dog Park and Wharton Brook Park for fishing, along with the Quinnipiac Linear Trail. Additional recreational options noted include Doolittle Park for Pickleball and Sleeping Giant State Park for hiking.

    This is an ideal setup for buyers seeking to live in one unit and have tenants help offset the mortgage. It also presents an attractive option for investors looking for a recently updated, income-producing residential asset. The offering is a Fannie Mae HomePath property, and first-time buyers may be eligible after completing the HomePath Ready Buyer homeownership course on Homepath.com; a certificate can be attached for closing cost assistance up to 3%, subject to restrictions.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wallingford
    County
    New Haven
    State
    Connecticut
    Longitude
    -72.8239039
    Latitude
    41.4537889

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    FAQs

    What type of property is this?
    Triplex - Renovated three-unit property with flexible layouts across multiple bedrooms and baths in a strong rental location.
    Where is this triplex located?
    The property is located at 47 Spring Street Wallingford, CT.
    What is the asking price?
    The asking price for this property is $589,900.
    What are key features of this property?
    This property features: Recently renovated 3‑unit property with 6 bedrooms and 4 baths total; Unit mix: Apt #1 has 3 bedrooms and 2 full baths; Apt #2 has 2 beds and 1 bath; Apt #3 has 1 bed and 1 bath; Flexible owner‑occupant setup with option to live in one unit and rent the other units
    (203) 239-2228
    We can help!
    Listing Contact
    Billie D'alessio
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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