Two-Family Duplex with
New
For Sale
$585,000
515 Whalley Ave, New Haven, CT 06511
Two residential units feature central air conditioning and in-unit washer and dryer hookups.
Property Size2,991 SF
Price / SF$195.59
Days on Market6
Property Features for 515 Whalley Ave
General Information
Standard status
Active
Size
2,991 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
central air conditioning
in-unit washer/dryer hook-ups
fenced yard
shed
Building Details
Year Built
1900
Listing Agency:
Sette Real Estate LLC
(203) 248-2143
Listed By:
James M. Sette (203) 710-0047 (203) 248-2143 · License #REB.0756958
Source:
Sunsetcreekrealty
Added: Aug 28
Changed: Sep 1
Last Checked: Sep 1 at 10:00PM
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 Sette Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 1900, this two-family duplex contains 2,991 square feet across two residential units. The first-floor residence includes two bedrooms, an eat-in kitchen, dining room, and living room. The upper residence spans two levels, with an eat-in kitchen, living room, dining room, full bathroom, and two bedrooms on the main level, plus two additional bedrooms, a bonus room, and another full bathroom upstairs. Both units have central air conditioning and hookups for in-unit laundry.
The property also includes a two-car garage, fenced yard, and shed. It is located at 515 Whalley Ave in New Haven, with proximity to Yale University, Southern CT State College, University of New Haven, Albertus Magnus, and Yale New Haven Hospital. Restaurants and entertainment venues are also nearby.
The property also includes a two-car garage, fenced yard, and shed. It is located at 515 Whalley Ave in New Haven, with proximity to Yale University, Southern CT State College, University of New Haven, Albertus Magnus, and Yale New Haven Hospital. Restaurants and entertainment venues are also nearby.
Key Highlights
- 2,991‑square‑foot duplex built in 1900
- Two residential units with central air conditioning
- First‑floor unit offers two bedrooms and an eat‑in kitchen
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
$50,344
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
8.61%
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%
$1,006,880
$1.0M
Cap Rate 7%
$719,200
$719.2K
Cap Rate 9%
$559,378
$559.4K
Market Conditions
NOI Build-Up for 2,991 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
$77.2K $25.80/SF
− Vacancy
−$5.2K −$1.75/SF
EGI
$71.9K $24.05/SF
− OpEx
−$21.6K −$7.21/SF
NOI
$50.3K $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%
$1,006,880
Cap Rate 7%
$719,200
Cap Rate 9%
$559,378
Alternative Uses
Best Use
Multifamily LT 5
$719.2K
$629.3K – $839.1K
NOI $50,344 @ 7.0% cap · market cap 8.61%
Second Best
Apartment 5plus
$669.2K
$585.6K – $780.8K
NOI $46,847 @ 7.0% cap · market cap 8.01%
Theoretical Best
Office A
$962.1K
$841.9K – $1.12M
NOI $67,349 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,113
Businesses Nearby
Explore this area
Business Placement
Demographics for 06511, CT
55,879
Population
24,579
Households
2.3
Avg Household Size
29
Median Age
48%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
9,634
Density / Sq Mi
$56,300
Median Household Income
$34,409
Median Earnings
$1,534
Median Rent
$313,400
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 central air conditioning and in-unit washer and dryer hookups.
Where is this duplex located?
The property is located at 515 Whalley Ave New Haven, CT.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 2,991‑square‑foot duplex built in 1900; Two residential units with central air conditioning; First‑floor unit offers two bedrooms and an eat‑in kitchen
