Side-by-Side Duplex with
New
For Sale
$700,000
53-55 Elihu Street, Hamden, CT 06517
Two remodeled apartments offer classic interiors, separate storage areas, and a detached garage on a residential lot.
Property Size2,828 SF
Lot Size0.26 Acres
Price / SF$247.52
Days on Market3
Property Features for 53-55 Elihu Street
General Information
Standard status
Active
Size
2,828 SF
Total Parking Spaces
2
Lot size
0.26 Acres
Property subtype
Multi Family
Zoning
R4
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Building Details
Year Built
1922
Buildings
1
Listing Agency:
Calcagni Real Estate
Listed By:
Lorrie Maiorano
(203) 915-3217
Source:
Capmarkrealty
Added: Sep 5
Changed: Sep 6
Last Checked: Sep 7 at 5:01AM
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 Calcagni Real Estate
Investment Insights
Based on property information with market context.
Built in 1922, this R4-zoned duplex at 53-55 Elihu Street is arranged as two side-by-side, mirror-image apartments. Each unit includes 6 rooms, 3 bedrooms, 1.5 baths, a fireplace, a full basement, and a walk-up attic. Combined living area is approximately 2,828 sq. ft. Interior details include hardwood floors, natural woodwork, large living rooms, formal dining rooms with built-ins, and remodeled kitchens and baths. A front porch with composite decking serves both units, while the 0.26-acre parcel also includes a 2-car detached garage.
The right-side apartment has a newer natural gas heating system. The property is near Yale, downtown New Haven, shops, and restaurants, providing a residential setting with access to nearby destinations. Separate unit layouts and basement storage support the existing duplex configuration, with one unit available for an owner-occupant and the other available for rental use.
The right-side apartment has a newer natural gas heating system. The property is near Yale, downtown New Haven, shops, and restaurants, providing a residential setting with access to nearby destinations. Separate unit layouts and basement storage support the existing duplex configuration, with one unit available for an owner-occupant and the other available for rental use.
Key Highlights
- Two side‑by‑side units with 6 rooms, 3 bedrooms, and 1.5 baths each
- Approximately 2,828 sq. ft. of total living space
- Separate full basements and walk‑up attics provide storage for both apartments
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
$47,601
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
6.80%
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%
$952,020
$952.0K
Cap Rate 7%
$680,014
$680.0K
Cap Rate 9%
$528,900
$528.9K
Market Conditions
NOI Build-Up for 2,828 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
$73.0K $25.80/SF
− Vacancy
−$5.0K −$1.75/SF
EGI
$68.0K $24.05/SF
− OpEx
−$20.4K −$7.21/SF
NOI
$47.6K $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%
$952,020
Cap Rate 7%
$680,014
Cap Rate 9%
$528,900
Alternative Uses
Best Use
Multifamily LT 5
$680.0K
$595.0K – $793.4K
NOI $47,601 @ 7.0% cap · market cap 6.80%
Second Best
Apartment 5plus
$632.8K
$553.7K – $738.2K
NOI $44,294 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$909.7K
$796.0K – $1.06M
NOI $63,679 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
686
Businesses Nearby
Explore this area
Business Placement
Demographics for 06517, CT
14,954
Population
6,875
Households
2.2
Avg Household Size
45
Median Age
52%
College-Educated
96%
High-School Grad
5.0 sq mi
ZIP Area
2,991
Density / Sq Mi
$97,154
Median Household Income
$58,025
Median Earnings
$1,351
Median Rent
$313,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two remodeled apartments offer classic interiors, separate storage areas, and a detached garage on a residential lot.
Where is this duplex located?
The property is located at 53-55 Elihu Street Hamden, CT.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Two side‑by‑side units with 6 rooms, 3 bedrooms, and 1.5 baths each; Approximately 2,828 sq. ft. of total living space; Separate full basements and walk‑up attics provide storage for both apartments
