Side-by-Side
New
For Sale
$700,000
53-55 Elihu Street, Hamden, CT 06517
Multi-Family For Sale, Units are Side-by-Side, Hamden, CT
Property Size2,828 SF
Lot Size0.26 Acres
Price / SF$247.52
Days on Market7
Property Features for 53-55 Elihu Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bedrooms
6
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 3, Bedroom 4, Bathroom 4, Bathroom 1, Bedroom 3, Basement, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 5
Parking
2
Patio and Porch features
Porch
Exterior features
Porch,Gutters
Fireplace
1
Basement
Full
Lot features
Level Lot
Elementary school
Spring Glen
High school
Hamden
Directions
Whitney Ave to Elihu between Harmon and Woodlawn
Subdivision
Spring Glen
Standard status
Active
Size
2,828 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
15418
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Amenities
front porch
Building Details
Year built
1922
Architectural style
Other
Listing Agency:
Calcagni Real Estate
(203) 458-1821
Listed By:
Lorrie Maiorano
(203) 915-3217
Added: Sep 4
Changed: Sep 10
Last Checked: Sep 10 at 8:06AM
MLS# 24204282
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1922 duplex contains two side-by-side residences with approximately 2,828 square feet of total living space. Each home includes 6 rooms, 3 bedrooms, and 1.5 baths, along with a separate full basement and walk-up attic. Interior features include hardwood floors, natural woodwork, generous living rooms, formal dining rooms with built-ins, and remodeled kitchens and bathrooms. The kitchen at 53 includes granite countertops and a subway tile backsplash.
The property occupies a 0.26-acre lot with a front porch, gutters, and a detached 2-car garage. A newer natural gas heating system serves the right-side unit. Public water and public sewer are provided, and the property is zoned R4.
The property occupies a 0.26-acre lot with a front porch, gutters, and a detached 2-car garage. A newer natural gas heating system serves the right-side unit. Public water and public sewer are provided, and the property is zoned R4.
Key Highlights
- Two side‑by‑side residences with approximately 2,828 square feet total living space
- Each unit offers 6 rooms, 3 bedrooms, and 1.5 baths
- Separate full basements and walk‑up attics provide additional storage
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
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two mirror-image residences offer classic details, updated kitchens and baths, private basements, and shared outdoor amenities.
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 residences with approximately 2,828 square feet total living space; Each unit offers 6 rooms, 3 bedrooms, and 1.5 baths; Separate full basements and walk‑up attics provide additional storage
