Renovated Two-Unit
For Sale
$425,000
Pending
548 2nd Avenue, West Haven, CT 06516
Two residential units include a renovated kitchen, updated flooring, and private outdoor space.
Property Size1,581 SF
Days on Market223
Property Features for 548 2nd Avenue
General Information
Standard status
Pending
Size
1,581 SF
Property subtype
Multi-Family / 2 Family
Zoning
R3
Occupancy
100%
Units
Unit Mix
1 x 1BR, 1 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,288
Amenities
private outdoor patio
fenced yard
off street parking
front porch
back porch
Yes
Hot Air
7
Walk-up
Porch
Not Applicable
Building Details
Year Built
1908
Buildings
1
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
(475) 238-3257
Listed By:
Heather M Fitzgerald · License #REB.0794045
(475) 238-3257
Source:
Compass
Added: Jan 20
Changed: Aug 30
Last Checked: Aug 30 at 11:37AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 1,581-square-foot duplex contains a first-floor one-bedroom apartment and a second-floor two-bedroom apartment. The upper unit has undergone a complete interior renovation with a new kitchen, updated counters and appliances, new flooring, and fresh paint. The lower unit is leased month-to-month, while the two-bedroom unit is also occupied.
Exterior improvements include front and rear porches, a private patio, a fenced yard, and off-street parking. Updated mechanical systems support the property’s recent improvements. Built in 1908 and zoned R3, the home is within walking distance of the West Haven shoreline.
Exterior improvements include front and rear porches, a private patio, a fenced yard, and off-street parking. Updated mechanical systems support the property’s recent improvements. Built in 1908 and zoned R3, the home is within walking distance of the West Haven shoreline.
Key Highlights
- 1,581 SF duplex with one‑bedroom and two‑bedroom units
- Second‑floor unit renovated with new kitchen, counters, appliances, flooring, and paint
- First‑floor one‑bedroom unit leased month‑to‑month
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
$26,611
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
6.26%
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%
$532,220
$532.2K
Cap Rate 7%
$380,157
$380.2K
Cap Rate 9%
$295,678
$295.7K
Market Conditions
NOI Build-Up for 1,581 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
$40.8K $25.80/SF
− Vacancy
−$2.8K −$1.75/SF
EGI
$38.0K $24.05/SF
− OpEx
−$11.4K −$7.21/SF
NOI
$26.6K $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%
$532,220
Cap Rate 7%
$380,157
Cap Rate 9%
$295,678
Alternative Uses
Best Use
Multifamily LT 5
$380.2K
$332.6K – $443.5K
NOI $26,611 @ 7.0% cap · market cap 6.26%
Second Best
Apartment 5plus
$353.8K
$309.5K – $412.7K
NOI $24,763 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$508.6K
$445.0K – $593.3K
NOI $35,600 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
181
Businesses Nearby
Explore this area
Business Placement
Demographics for 06516, CT
55,584
Population
21,884
Households
2.5
Avg Household Size
38
Median Age
29%
College-Educated
88%
High-School Grad
10.8 sq mi
ZIP Area
5,147
Density / Sq Mi
$73,566
Median Household Income
$41,123
Median Earnings
$1,389
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 - Two residential units include a renovated kitchen, updated flooring, and private outdoor space.
Where is this duplex located?
The property is located at 548 2nd Avenue West Haven, CT.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 1,581 SF duplex with one‑bedroom and two‑bedroom units; Second‑floor unit renovated with new kitchen, counters, appliances, flooring, and paint; First‑floor one‑bedroom unit leased month‑to‑month
