Waterfront
For Sale
$629,900
8 Prospect Place, West Haven, CT 06516
Two residential units feature private decks and direct access to the shoreline.
Property Size2,729 SF
Price / SF$230.82
Days on Market193
Property Features for 8 Prospect Place
General Information
Standard status
Active
Size
2,729 SF
Property subtype
Multi-Family / 2 Family
Zoning
R3
Occupancy
100%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$14,283
Amenities
No
Hot Air
12
Central Air
Building Details
Year Built
1915
Listing Agency:
William Raveis Real Estate
(203) 876-7507
Listed By:
Ana Pena · License #RES.0771917
(203) 876-7507
Source:
Compass
Added: Feb 20
Changed: Aug 31
Last Checked: Aug 31 at 9:49PM
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 2,729-square-foot duplex in West Haven contains two residential units and was built in 1915. The first-floor residence includes two bedrooms, a living room, kitchen, and sliding-door access to a private deck. The second unit is arranged across two levels, with two bedrooms, a living room, kitchen space, and a third-floor primary suite with a large bathroom. A separate walk-out deck provides water views and additional outdoor space.
The property sits on a waterfront lot with direct shoreline access. Both units are fully occupied, and the building includes hot-air heat and central air. R3 zoning applies to the property.
The property sits on a waterfront lot with direct shoreline access. Both units are fully occupied, and the building includes hot-air heat and central air. R3 zoning applies to the property.
Key Highlights
- 2,729 SF duplex in West Haven
- Two fully occupied residential units
- Waterfront lot with direct shoreline access
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
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
679
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 feature private decks and direct access to the shoreline.
Where is this duplex located?
The property is located at 8 Prospect Place 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: 2,729 SF duplex in West Haven; Two fully occupied residential units; Waterfront lot with direct shoreline access
