Waterfront Duplex with Private
For Sale
$629,900
Pending
8 Prospect Pl, West Haven, CT 06516
Two residential units offer distinct layouts, outdoor decks, and direct access to the shoreline.
Property Size2,729 SF
Days on Market125
Property Features for 8 Prospect Pl
General Information
Standard status
Pending
Size
2,729 SF
Property subtype
Multi Family
Building Details
Building Size
2,729 SF
Year Built
1915
Listing Agency:
William Raveis Real Estate
(203) 509-0390
Listed By:
Ana Pena · License #RES.0771917
(203) 509-0390
Source:
Elliman
Added: Apr 28
Changed: Aug 29
Last Checked: Aug 29 at 10:31PM
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 William Raveis Real Estate
Investment Insights
Based on property information with market context.
This two-family waterfront residence, built in 1915, is fully occupied and arranged for separate household living. The first-floor apartment includes two bedrooms, a living room, kitchen, and private deck. The second residence spans two levels, with two bedrooms, a living room, kitchen, and an upper-level primary suite with a large bathroom. A separate walk-out deck adds outdoor space to the second unit.
The property includes direct waterfront access and outdoor areas oriented toward the shoreline. Its address is 8 Prospect Pl, West Haven, CT 06516. Walk Score is 78, Bike Score is 62, and Transit Score is 53, providing measurable access to walking, bicycling, and transit options.
The property includes direct waterfront access and outdoor areas oriented toward the shoreline. Its address is 8 Prospect Pl, West Haven, CT 06516. Walk Score is 78, Bike Score is 62, and Transit Score is 53, providing measurable access to walking, bicycling, and transit options.
Key Highlights
- Two‑family waterfront residence built in 1915
- Fully occupied property with two separate residential units
- First‑floor unit includes 2 bedrooms and a private deck
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
$45,934
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
7.29%
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%
$918,680
$918.7K
Cap Rate 7%
$656,200
$656.2K
Cap Rate 9%
$510,378
$510.4K
Market Conditions
NOI Build-Up for 2,729 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
$70.4K $25.80/SF
− Vacancy
−$4.8K −$1.75/SF
EGI
$65.6K $24.05/SF
− OpEx
−$19.7K −$7.21/SF
NOI
$45.9K $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%
$918,680
Cap Rate 7%
$656,200
Cap Rate 9%
$510,378
Alternative Uses
Best Use
Multifamily LT 5
$656.2K
$574.2K – $765.6K
NOI $45,934 @ 7.0% cap · market cap 7.29%
Second Best
Apartment 5plus
$610.6K
$534.3K – $712.4K
NOI $42,744 @ 7.0% cap · market cap 6.79%
Theoretical Best
Office A
$877.9K
$768.1K – $1.02M
NOI $61,450 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
Explore this area
Business Placement
Demographics for 06516, CT
55,584
Population
21,884
Households
2.5
Avg Household Size
38
Median Age
29%
College-Educated
88%
High-School Grad
10.8 sq mi
ZIP Area
5,147
Density / Sq Mi
$73,566
Median Household Income
$41,123
Median Earnings
$1,389
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 residential units offer distinct layouts, outdoor decks, and direct access to the shoreline.
Where is this duplex located?
The property is located at 8 Prospect Pl West Haven, CT.
What is the asking price?
The asking price for this property is $629,900.
What are key features of this property?
This property features: Two‑family waterfront residence built in 1915; Fully occupied property with two separate residential units; First‑floor unit includes 2 bedrooms and a private deck
