Renovated Two-Family
For Sale
$439,000
945 Ella T Grasso Boulevard, New Haven, CT 06511
Fully updated duplex with matching two-bedroom units, modern kitchens, separate utilities, and in-unit laundry hookups.
Property Size1,484 SF
Price / SF$295.82
Days on Market73
Property Features for 945 Ella T Grasso Boulevard
General Information
Standard status
Active
Size
1,484 SF
Property subtype
2 Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1950
Buildings
1
Listing Agency:
Larracuente & Johnson Realty, LLC
(203) 913-2844
Listed By:
Lucy Larracuente-Johnson · License #REB.0756556
(203) 913-2844
Source:
Lockandkeyre
Added: Jun 19
Changed: Aug 30
Last Checked: Aug 30 at 1:38AM
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 Larracuente & Johnson Realty, LLC
Investment Insights
Based on property information with market context.
This two-family duplex offers 1,484 square feet with matching layouts in both residences. Each unit includes two bedrooms, an updated full bathroom, an open-concept living area, and a kitchen fitted with quartz countertops, new cabinetry, stainless steel appliances, and washer and dryer hookups. Two refrigerators, two stoves, and over-the-range microwaves are included across the property.
The building was comprehensively renovated, including new roofing, vinyl siding, windows, plumbing, electrical wiring, gas lines, ductwork, and insulation. Mechanical improvements include two high-efficiency gas furnaces and two Navien tankless water heaters. Each residence has its own electrical meter and panel, while recessed lighting, new flooring, and replacement interior and exterior doors complete the interior updates. The property also includes front and rear porches and a paved driveway.
The building was comprehensively renovated, including new roofing, vinyl siding, windows, plumbing, electrical wiring, gas lines, ductwork, and insulation. Mechanical improvements include two high-efficiency gas furnaces and two Navien tankless water heaters. Each residence has its own electrical meter and panel, while recessed lighting, new flooring, and replacement interior and exterior doors complete the interior updates. The property also includes front and rear porches and a paved driveway.
Key Highlights
- Two‑family duplex with matching two‑bedroom unit layouts
- 1,484 square feet of property size
- Renovated from the studs up with new plumbing, wiring, roofing, siding, windows, and insulation
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
$24,979
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
5.69%
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%
$499,580
$499.6K
Cap Rate 7%
$356,843
$356.8K
Cap Rate 9%
$277,544
$277.5K
Market Conditions
NOI Build-Up for 1,484 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
$38.3K $25.80/SF
− Vacancy
−$2.6K −$1.75/SF
EGI
$35.7K $24.05/SF
− OpEx
−$10.7K −$7.21/SF
NOI
$25.0K $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%
$499,580
Cap Rate 7%
$356,843
Cap Rate 9%
$277,544
Alternative Uses
Best Use
Multifamily LT 5
$356.8K
$312.2K – $416.3K
NOI $24,979 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$332.0K
$290.5K – $387.4K
NOI $23,243 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$477.4K
$417.7K – $556.9K
NOI $33,416 @ 7.0% cap · market cap 7.61%
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
1,330
Businesses Nearby
Explore this area
Business Placement
Demographics for 06511, CT
55,879
Population
24,579
Households
2.3
Avg Household Size
29
Median Age
48%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
9,634
Density / Sq Mi
$56,300
Median Household Income
$34,409
Median Earnings
$1,534
Median Rent
$313,400
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 - Fully updated duplex with matching two-bedroom units, modern kitchens, separate utilities, and in-unit laundry hookups.
Where is this duplex located?
The property is located at 945 Ella T Grasso Boulevard New Haven, CT.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: Two‑family duplex with matching two‑bedroom unit layouts; 1,484 square feet of property size; Renovated from the studs up with new plumbing, wiring, roofing, siding, windows, and insulation
