Two-Unit Residential Income
For Sale
$519,900
Pending
60 Gorham Avenue, Hamden, CT 06514
Well-maintained 2-family with two covered porches, a fenced yard, and a 2-car garage, plus recent roof and heating updates.
Property Size2,652 SF
Days on Market34
Property Features for 60 Gorham Avenue
General Information
Standard status
Pending
Size
2,652 SF
Total Parking Spaces
2
Property subtype
2 Family
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Amenities
fenced yard
covered porches
2-car garage
skylights
Building Details
Year Built
1930
Stories
3
Tenancy
Multi
Listing Agency:
Stevens Real Estate Group LLC
(203) 215-5135
Listed By:
Dawn Sullivan
(203) 215-5135
Source:
Lockandkeyre
Added: Jul 6
Changed: Aug 8
Last Checked: Jul 26 at 5:18AM
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 Stevens Real Estate Group LLC
Investment Insights
Based on property information with market context.
This well-maintained 2-family residential income property offers two separate units with multiple updates throughout. Both units have been freshly painted. The first-floor unit is move-in ready and features 2 bedrooms and 1 full bath, with hardwood floors in the bedrooms, living room, and dining room. The second-floor unit has 3 bedrooms and 2 full baths spread across two levels, including a private third-floor primary suite with a full bath and skylights. The updated kitchen includes granite countertops, a portable island with seating area, and laminate flooring, and hardwood flooring continues through the remaining living spaces.
The property includes a 2-car garage, a fenced-in yard, and two covered porches. Major recent improvements include a new roof in 2025, new gas furnaces in 2024, and hot water heaters installed in 2021. Per the seller, the second-floor unit will be empty by closing.
A buyer may have the option to convert the home to a 3-family, as noted in the marketing remarks.
The property includes a 2-car garage, a fenced-in yard, and two covered porches. Major recent improvements include a new roof in 2025, new gas furnaces in 2024, and hot water heaters installed in 2021. Per the seller, the second-floor unit will be empty by closing.
A buyer may have the option to convert the home to a 3-family, as noted in the marketing remarks.
Key Highlights
- 2‑family home built in 1930 with potential to convert to a 3‑family home
- Freshly painted units; vacant first‑floor unit is move‑in ready (2 bed, 1 full bath)
- Second‑floor unit offers 3 bedrooms and 2 full baths across two levels, including a private third‑floor primary suite with skylights
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
$44,638
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
8.59%
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%
$892,760
$892.8K
Cap Rate 7%
$637,686
$637.7K
Cap Rate 9%
$495,978
$496.0K
Market Conditions
NOI Build-Up for 2,652 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
$68.4K $25.80/SF
− Vacancy
−$4.7K −$1.75/SF
EGI
$63.8K $24.05/SF
− OpEx
−$19.1K −$7.21/SF
NOI
$44.6K $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%
$892,760
Cap Rate 7%
$637,686
Cap Rate 9%
$495,978
Alternative Uses
Best Use
Multifamily LT 5
$637.7K
$558.0K – $744.0K
NOI $44,638 @ 7.0% cap · market cap 8.59%
Second Best
Apartment 5plus
$593.4K
$519.2K – $692.3K
NOI $41,538 @ 7.0% cap · market cap 7.99%
Theoretical Best
Office A
$853.1K
$746.5K – $995.3K
NOI $59,716 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
709
Businesses Nearby
Explore this area
Business Placement
Demographics for 06514, CT
26,613
Population
11,388
Households
2.3
Avg Household Size
40
Median Age
42%
College-Educated
92%
High-School Grad
11.1 sq mi
ZIP Area
2,398
Density / Sq Mi
$85,227
Median Household Income
$46,594
Median Earnings
$1,633
Median Rent
$250,300
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 - Well-maintained 2-family with two covered porches, a fenced yard, and a 2-car garage, plus recent roof and heating updates.
Where is this duplex located?
The property is located at 60 Gorham Avenue Hamden, CT.
What is the asking price?
The asking price for this property is $519,900.
What are key features of this property?
This property features: 2‑family home built in 1930 with potential to convert to a 3‑family home; Freshly painted units; vacant first‑floor unit is move‑in ready (2 bed, 1 full bath); Second‑floor unit offers 3 bedrooms and 2 full baths across two levels, including a private third‑floor primary suite with skylights
