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    Two-Family Residential Income Property Title is generated by Realmo AI

    67 Pine Street, Meriden, CT 06451

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    For Sale
    $400,000

    Meticulously maintained two-family with below-market rents and new heating and hot water systems, plus expansion potential on the third floor.

    Type:2 Family
    Property size:
    1,839 SF
    Price / SF:
    $217/SF
    Added:
    May 28, 2026
    Days on Market:
    8
    Last Refresh:
    Jun 3 at 1:56 am

    Property Features for 67 Pine Street

    General Information

    Standard status
    Active
    Size
    1,839 SF
    Property subtype
    2 Family

    Building Details

    Year Built
    1905

    We can help!

    Listing Contact
    Mitch Montaine

    Listing agent Mitch Montaine

    Listing office RE/MAX RISE

    Listing date May 28, 2026

    Source Lockandkeyre

    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 RE/MAX RISE

    HighLights

    • Two‑family residence built in 1905 with 2 bedrooms and 1 full bath per unit
    • Below‑market current rents (per listing remarks)
    • Significant updates include brand‑new furnaces and hot water heaters
    • Expansive unfinished third‑floor space offers potential to enlarge the second‑floor unit
    • Unfinished third floor could be used for additional bedrooms, a home office, recreation space, or expanded townhouse‑style living

    Overview

    Meticulously maintained two-family residence offering strong immediate rental fundamentals and meaningful long-term upside. The property is laid out with two units, each featuring two bedrooms and one full bath, along with highly functional, generous living spaces designed for everyday comfort and rental appeal. Significant capital improvements are already in place, including brand-new furnaces and hot water heaters, supporting efficiency and long-term stability.

    Set on a quiet dead-end street, the home balances privacy with convenience. It remains well positioned for access to shopping, dining, parks, and major commuter routes, making it practical for both tenants and owners who want location-driven everyday utility.

    The units are supported by a clear value-add path through the expansive unfinished third-floor space. That area presents the opportunity to substantially enlarge the second-floor unit and increase overall income potential. Depending on the buyer’s objectives, the additional space could be used to create more bedrooms, support a home office or recreation needs, or help form an expanded, townhouse-style configuration. For investors seeking cash-flow improvement and buyers looking for scalable residential income, this property offers a rare combination of solid foundations and future growth capacity.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Meriden
    County
    New Haven
    State
    Connecticut
    Longitude
    -72.8108429
    Latitude
    41.5407702

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    FAQs

    What type of property is this?
    Duplex - Meticulously maintained two-family with below-market rents and new heating and hot water systems, plus expansion potential on the third floor.
    Where is this duplex located?
    The property is located at 67 Pine Street Meriden, CT.
    What is the asking price?
    The asking price for this property is $400,000.
    What are key features of this property?
    This property features: Two‑family residence built in 1905 with 2 bedrooms and 1 full bath per unit; Below‑market current rents (per listing remarks); Significant updates include brand‑new furnaces and hot water heaters
    (203) 764-0671
    We can help!
    Listing Contact
    Mitch Montaine
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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