Turnkey Two-Unit
For Sale
$494,900
Pending
5 Elmer Street, New Haven, CT 06512
One-level duplex with two units, an attached 1-car garage, and a backyard featuring patios and an above-ground pool.
Property Size1,910 SF
Days on Market44
Property Features for 5 Elmer Street
General Information
Standard status
Pending
Size
1,910 SF
Property subtype
Residential Income
Zoning
RS2
Taxes and HOA fees
Annual Taxes
$7,978
Amenities
Central Air
Natural Gas, Forced Air
Full
Gas Water Heater
Units are Side-by-Side
Building Details
Building Size
1,910 SF
Year Built
1940
Listing Agency:
(203) 996-5555
Listed By:
Giulio Liguori · License #REB.0756688
(203) 996-5555
Source:
Evrealestate
Added: Jul 20
Changed: Aug 31
Last Checked: Sep 1 at 3:18PM
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 Giulio Liguori
Investment Insights
Based on property information with market context.
This turnkey two-unit ranch offers two separate, one-level residential units in superb condition. Unit 1 features a flexible layout that can be configured as a 2- to 3-bedroom plan, while Unit 2 is adaptable as a 1- to 2-bedroom configuration. Both units include an open living and dining area that flows into a kitchen with cabinetry and granite countertops. Interior features include hardwood flooring in most areas, newer windows, vinyl siding, and a newer roof.
The property includes separate gas heat utilities and central air conditioning in the primary unit, along with an attached 1-car garage and ample parking. Outside, the backyard is built for outdoor living with a deck, oversized patios, and an above-ground pool.
The overall setup provides straightforward income or owner-occupant flexibility with a cohesive ranch-style layout across both units and move-in readiness.
The property includes separate gas heat utilities and central air conditioning in the primary unit, along with an attached 1-car garage and ample parking. Outside, the backyard is built for outdoor living with a deck, oversized patios, and an above-ground pool.
The overall setup provides straightforward income or owner-occupant flexibility with a cohesive ranch-style layout across both units and move-in readiness.
Key Highlights
- 1940‑built one‑level duplex with two separate units and an attached 1‑car garage
- Unit 1 offers a flexible 2‑to‑3 bedroom layout with open living and dining plus kitchen with granite countertops
- Unit 2 offers a flexible 1‑to‑2 bedroom layout with open living and dining plus a kitchen with granite countertops
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
$32,149
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
6.50%
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%
$642,980
$643.0K
Cap Rate 7%
$459,271
$459.3K
Cap Rate 9%
$357,211
$357.2K
Market Conditions
NOI Build-Up for 1,910 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
$49.3K $25.80/SF
− Vacancy
−$3.4K −$1.75/SF
EGI
$45.9K $24.05/SF
− OpEx
−$13.8K −$7.21/SF
NOI
$32.1K $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%
$642,980
Cap Rate 7%
$459,271
Cap Rate 9%
$357,211
Alternative Uses
Best Use
Multifamily LT 5
$459.3K
$401.9K – $535.8K
NOI $32,149 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$427.4K
$374.0K – $498.6K
NOI $29,916 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$614.4K
$537.6K – $716.8K
NOI $43,008 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
165
Businesses Nearby
Explore this area
Business Placement
Demographics for 06512, CT
29,457
Population
12,945
Households
2.3
Avg Household Size
43
Median Age
30%
College-Educated
91%
High-School Grad
10.6 sq mi
ZIP Area
2,779
Density / Sq Mi
$84,034
Median Household Income
$48,981
Median Earnings
$1,464
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 - One-level duplex with two units, an attached 1-car garage, and a backyard featuring patios and an above-ground pool.
Where is this duplex located?
The property is located at 5 Elmer Street New Haven, CT.
What is the asking price?
The asking price for this property is $494,900.
What are key features of this property?
This property features: 1940‑built one‑level duplex with two separate units and an attached 1‑car garage; Unit 1 offers a flexible 2‑to‑3 bedroom layout with open living and dining plus kitchen with granite countertops; Unit 2 offers a flexible 1‑to‑2 bedroom layout with open living and dining plus a kitchen with granite countertops
