Renovated Two-Unit
For Sale
$325,000
63 Terrace St, New Haven, CT 06512
Two first-floor residences offer separate fireplaces, updated kitchens, private entrances, and shared outdoor and parking amenities.
Property Size1,034 SF
Price / SF$314.31
Days on Market12
Property Features for 63 Terrace St
General Information
Standard status
Active
Size
1,034 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Amenities
fireplace
Building Details
Year Built
1950
Buildings
1
Listing Agency:
Coldwell Banker Realty
(203) 787-7800
Listed By:
Enilda Rosas (203) 988-7393 (203) 389-0015
Source:
Rhodeislandhomesforsale
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 28 at 7:16PM
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 1,034-square-foot duplex contains two separate first-floor residences, each arranged with one bedroom and one bathroom. Every unit measures under 600 square feet and includes a recently renovated kitchen with core appliances. Independent fireplaces serve both apartments, while heating is provided by gas in one unit and electricity in the other. The property was built in 1950 and includes a detached garage, driveway, and a large backyard on a generously sized lot.
Located at 63 Terrace St in New Haven’s Annex section, the property is approximately a 10-minute drive from Yale University, Downtown New Haven, area hospitals, major highways, the primary New Haven Train Station, restaurants, eateries, and shopping areas. The roof and siding are 6 years old, adding recent exterior improvements to the property’s overall configuration.
Located at 63 Terrace St in New Haven’s Annex section, the property is approximately a 10-minute drive from Yale University, Downtown New Haven, area hospitals, major highways, the primary New Haven Train Station, restaurants, eateries, and shopping areas. The roof and siding are 6 years old, adding recent exterior improvements to the property’s overall configuration.
Key Highlights
- Two‑unit duplex totaling 1,034 square feet
- Each first‑floor unit is under 600 square feet with 1 bedroom and 1 bathroom
- Kitchens renovated 2 months ago and equipped with core appliances
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
$17,404
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
5.36%
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%
$348,080
$348.1K
Cap Rate 7%
$248,629
$248.6K
Cap Rate 9%
$193,378
$193.4K
Market Conditions
NOI Build-Up for 1,034 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
$26.7K $25.80/SF
− Vacancy
−$1.8K −$1.75/SF
EGI
$24.9K $24.05/SF
− OpEx
−$7.5K −$7.21/SF
NOI
$17.4K $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%
$348,080
Cap Rate 7%
$248,629
Cap Rate 9%
$193,378
Alternative Uses
Best Use
Multifamily LT 5
$248.6K
$217.6K – $290.1K
NOI $17,404 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$231.4K
$202.4K – $269.9K
NOI $16,195 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$332.6K
$291.0K – $388.1K
NOI $23,283 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
494
Businesses Nearby
Explore this area
Business Placement
Demographics for 06512, CT
29,457
Population
12,945
Households
2.3
Avg Household Size
43
Median Age
30%
College-Educated
91%
High-School Grad
10.6 sq mi
ZIP Area
2,779
Density / Sq Mi
$84,034
Median Household Income
$48,981
Median Earnings
$1,464
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 first-floor residences offer separate fireplaces, updated kitchens, private entrances, and shared outdoor and parking amenities.
Where is this duplex located?
The property is located at 63 Terrace St New Haven, CT.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,034 square feet; Each first‑floor unit is under 600 square feet with 1 bedroom and 1 bathroom; Kitchens renovated 2 months ago and equipped with core appliances
