Renovated Two-Unit
For Sale
$479,000
61 Stevens Street, New Haven, CT 06519
MULTI_FAMILY - New Haven, CT
Property Size2,046 SF
Lot Size0.08 Acres
Price / SF$234.12
Days on Market84
Property Features for 61 Stevens Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 2, Basement, Bedroom 5, Bathroom 1, Bedroom 6, Bedroom 1, Bedroom 2
Basement
Full
Lot features
Level Lot
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
GPS friendly
Standard status
Active
Size
2,046 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
7055
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
washer and dryer in basement
Building Details
Year built
1900
Architectural style
Other
Listing Agency:
Real Broker CT, LLC
(855) 450-0442
Listed By:
Xiaoming Li
(917) 623-6536
Added: May 17
Changed: Aug 4
Last Checked: Aug 8 at 8:06PM
MLS# 24176218
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 renovated two-unit duplex offers a straightforward rental setup with both units currently occupied. Laundry includes a washer and dryer located in the basement for both units, and the home was renovated in 2019.
The property is a 2 family house on a 0.08-acre lot, with public water and public sewer services. It was built in 1900 and is zoned RM2. The building size is 2,046 square feet.
For investors seeking an occupied two-unit residential income property with shared laundry in the basement and a recent renovation date, this duplex at 61 Stevens Street in New Haven is ready to add to a portfolio.
The property is a 2 family house on a 0.08-acre lot, with public water and public sewer services. It was built in 1900 and is zoned RM2. The building size is 2,046 square feet.
For investors seeking an occupied two-unit residential income property with shared laundry in the basement and a recent renovation date, this duplex at 61 Stevens Street in New Haven is ready to add to a portfolio.
Key Highlights
- Renovated in 2019
- Both units are occupied
- 2 family duplex with washer and dryer in the basement for both units
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
$34,438
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
7.19%
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%
$688,760
$688.8K
Cap Rate 7%
$491,971
$492.0K
Cap Rate 9%
$382,644
$382.6K
Market Conditions
NOI Build-Up for 2,046 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
$52.8K $25.80/SF
− Vacancy
−$3.6K −$1.75/SF
EGI
$49.2K $24.05/SF
− OpEx
−$14.8K −$7.21/SF
NOI
$34.4K $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%
$688,760
Cap Rate 7%
$491,971
Cap Rate 9%
$382,644
Alternative Uses
Best Use
Multifamily LT 5
$492.0K
$430.5K – $574.0K
NOI $34,438 @ 7.0% cap · market cap 7.19%
Second Best
Apartment 5plus
$457.8K
$400.6K – $534.1K
NOI $32,046 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$658.1K
$575.9K – $767.8K
NOI $46,070 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,288
Businesses Nearby
Explore this area
Business Placement
Demographics for 06519, CT
15,450
Population
6,424
Households
2.4
Avg Household Size
33
Median Age
20%
College-Educated
77%
High-School Grad
1.8 sq mi
ZIP Area
8,583
Density / Sq Mi
$44,394
Median Household Income
$29,745
Median Earnings
$1,356
Median Rent
$247,600
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-unit duplex in RM2 zoning with both units occupied and renovation completed in 2019.
Where is this duplex located?
The property is located at 61 Stevens Street New Haven, CT.
What is the asking price?
The asking price for this property is $479,000.
What are key features of this property?
This property features: Renovated in 2019; Both units are occupied; 2 family duplex with washer and dryer in the basement for both units
