Multifamily Property with First-Floor
For Sale
$264,900
Pending
57 Phelps Street, East Hartford, CT 06108
MULTI_FAMILY - East Hartford, CT
Property Size1,678 SF
Lot Size0.11 Acres
Days on Market50
Property Features for 57 Phelps Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-4
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Basement, Bedroom 2, Bedroom 3, Bathroom 2
Parking
2
Basement
Unfinished, Partial
Lot features
Level Lot
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
Elm St to Phelps St
Standard status
Pending
Size
1,678 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5255
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Water source
Public
Building Details
Year built
1850
Architectural style
Other
Listing Agency:
Better Homes and Gardens Real Estate Executive Real Estate
(860) 633-8800
Listed By:
Daniel Alvarado · License #RES.0787079
(860) 593-6635
Added: Jun 24
Changed: Aug 9
Last Checked: Aug 12 at 12:06PM
MLS# 24186480
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.
Multifamily property featuring a beautifully finished 1st floor apartment. The layout includes three bedrooms and two bathrooms, along with a basement. Heating is provided by a hot water system.
Set on a 0.11-acre lot with 1,678 square feet of property size. The home was built in 1850 and is served by public water and public sewer. The property is zoned R-4.
The room mix supports residential living on the 1st floor, with additional space in the basement.
Set on a 0.11-acre lot with 1,678 square feet of property size. The home was built in 1850 and is served by public water and public sewer. The property is zoned R-4.
The room mix supports residential living on the 1st floor, with additional space in the basement.
Key Highlights
- 0.11‑acre lot with 1,678 SF multifamily property
- Beautifully finished 1st floor apartment
- Three bedrooms and two bathrooms plus a basement
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
$22,638
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
8.55%
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%
$452,760
$452.8K
Cap Rate 7%
$323,400
$323.4K
Cap Rate 9%
$251,533
$251.5K
Market Conditions
NOI Build-Up for 1,678 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
$43.7K $26.04/SF
− Vacancy
−$2.5K −$1.51/SF
EGI
$41.2K $24.53/SF
− OpEx
−$18.5K −$11.04/SF
NOI
$22.6K $13.49/SF
Area
Hartford, CT
Vacancy
5.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$452,760
Cap Rate 7%
$323,400
Cap Rate 9%
$251,533
Alternative Uses
Best Use
Apartment 5plus
$323.4K
$283.0K – $377.3K
NOI $22,638 @ 7.0% cap · market cap 8.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$500.2K
$437.7K – $583.5K
NOI $35,012 @ 7.0% cap · market cap 13.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
916
Businesses Nearby
Explore this area
Business Placement
Demographics for 06108, CT
24,201
Population
9,963
Households
2.4
Avg Household Size
38
Median Age
15%
College-Educated
85%
High-School Grad
8.1 sq mi
ZIP Area
2,988
Density / Sq Mi
$55,766
Median Household Income
$35,801
Median Earnings
$1,161
Median Rent
$218,800
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?
Multifamily property - R-4 zoned multifamily property with public water and public sewer, heated by hot water systems.
Where is this multifamily property located?
The property is located at 57 Phelps Street East Hartford, CT.
What is the asking price?
The asking price for this property is $264,900.
What are key features of this property?
This property features: 0.11‑acre lot with 1,678 SF multifamily property; Beautifully finished 1st floor apartment; Three bedrooms and two bathrooms plus a basement
