Two-Unit Duplex with
For Sale
$889,000
Pending
656 Cove Road, Stamford, CT 06902
Well-maintained residential income property with separate utilities, off-street parking, and flexible living arrangements.
Property Size2,484 SF
Days on Market210
Property Features for 656 Cove Road
General Information
Standard status
Pending
Size
2,484 SF
Property subtype
Multi-Family / 2 Family
Zoning
R6
Units
Unit Mix
1 x 1BR/1BA + den, 1 x 3BR/2BA + den + office
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$11,160
Amenities
off street parking
separate utilities
gas boilers and water heaters
maintenance free front porch
hardwood floors
eat-in kitchens
large pantry
lots of closets
laundry in basement
glass-panel doors
archways
Yes
Hot Water
8
Window Unit
Walk-up
Basement
Walk to Water
Building Details
Year Built
1939
Buildings
1
Stories
3
Construction
vinyl siding
Listing Agency:
Welcome Home Realty, LLC
(203) 515-7164
Listed By:
Angelo Maruca · License #REB.0755129
(203) 515-7164
Source:
Compass
Added: Feb 2
Changed: Aug 30
Last Checked: Aug 30 at 8:36PM
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 Welcome Home Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1939, this 2,484-square-foot duplex contains two spacious residential units with separate utilities. The first-floor unit includes one bedroom, one bathroom, an eat-in kitchen with pantry, a living room, and a den that can serve as an additional bedroom. The upper unit spans the second and third floors and offers three bedrooms, two full bathrooms, an eat-in kitchen, a living room, a den, and an additional office or flex space.
The property features vinyl siding, a maintenance-free front porch, gas boilers and water heaters, basement laundry, abundant closet storage, off-street parking, and two garage spaces. Located at 656 Cove Road in Stamford, the home is within walking distance of the water, parks, gyms, and stores. R6 zoning supports its residential setting.
The property features vinyl siding, a maintenance-free front porch, gas boilers and water heaters, basement laundry, abundant closet storage, off-street parking, and two garage spaces. Located at 656 Cove Road in Stamford, the home is within walking distance of the water, parks, gyms, and stores. R6 zoning supports its residential setting.
Key Highlights
- Two residential units totaling 2,484 square feet
- Two garage spaces plus off‑street parking
- Separate utilities for each unit
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
$47,798
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
5.38%
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%
$955,960
$956.0K
Cap Rate 7%
$682,829
$682.8K
Cap Rate 9%
$531,089
$531.1K
Market Conditions
NOI Build-Up for 2,484 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
$73.0K $29.40/SF
− Vacancy
−$4.7K −$1.91/SF
EGI
$68.3K $27.49/SF
− OpEx
−$20.5K −$8.25/SF
NOI
$47.8K $19.24/SF
Area
Stamford, CT
Vacancy
6.50%
Lease Rate
$29.40 /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%
$955,960
Cap Rate 7%
$682,829
Cap Rate 9%
$531,089
Alternative Uses
Best Use
Multifamily LT 5
$682.8K
$597.5K – $796.6K
NOI $47,798 @ 7.0% cap · market cap 5.38%
Second Best
Apartment 5plus
$610.7K
$534.4K – $712.5K
NOI $42,751 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$898.2K
$785.9K – $1.05M
NOI $62,871 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
570
Businesses Nearby
Explore this area
Business Placement
Demographics for 06902, CT
69,192
Population
30,142
Households
2.3
Avg Household Size
36
Median Age
44%
College-Educated
85%
High-School Grad
10.0 sq mi
ZIP Area
6,919
Density / Sq Mi
$92,527
Median Household Income
$48,285
Median Earnings
$2,139
Median Rent
$515,000
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 residential income property with separate utilities, off-street parking, and flexible living arrangements.
Where is this duplex located?
The property is located at 656 Cove Road Stamford, CT.
What is the asking price?
The asking price for this property is $889,000.
What are key features of this property?
This property features: Two residential units totaling 2,484 square feet; Two garage spaces plus off‑street parking; Separate utilities for each unit
