Two-Unit Home with Detached
For Sale
$529,900
98 Gorham Avenue, Hamden, CT 06514
Freshly painted duplex with two residential units, private outdoor space, and convenient access to shopping, schools, and major highways.
Property Size2,503 SF
Price / SF$211.71
Days on Market9
Property Features for 98 Gorham Avenue
General Information
Standard status
Active
Size
2,503 SF
Total Parking Spaces
2
Property subtype
2 Family
Additional Details
Highway Access
Yes
Building Details
Year Built
1930
Tenancy
Multi
Listing Agency:
Maple Vale Realty LLC
(203) 400-9924
Listed By:
Edgar Ramirez · License #RES.0817422
(203) 400-9924
Source:
Lockandkeyre
Added: Jul 31
Changed: Aug 8
Last Checked: Aug 8 at 9:11AM
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 Maple Vale Realty LLC
Investment Insights
Based on property information with market context.
This 2,503-square-foot duplex, built in 1930, contains two residential units with a practical two-bedroom, one-bathroom layout in each. Fresh paint and well-maintained interiors support immediate occupancy, while the property’s configuration accommodates both investment and owner-occupant use.
Exterior features include a detached two-car garage and a generous backyard suitable for recreation or outdoor gatherings. The property is located near local amenities, shopping, schools, and major highways, providing everyday convenience for residents.
With two separately configured living spaces, established site improvements, and dedicated garage storage, the property offers a straightforward multifamily format in Hamden, Connecticut.
Exterior features include a detached two-car garage and a generous backyard suitable for recreation or outdoor gatherings. The property is located near local amenities, shopping, schools, and major highways, providing everyday convenience for residents.
With two separately configured living spaces, established site improvements, and dedicated garage storage, the property offers a straightforward multifamily format in Hamden, Connecticut.
Key Highlights
- Two‑unit duplex with 2,503 SF of building area
- Each unit includes 2 bedrooms and 1 full bathroom
- Freshly painted interiors in well‑maintained condition
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
$42,130
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
7.95%
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%
$842,600
$842.6K
Cap Rate 7%
$601,857
$601.9K
Cap Rate 9%
$468,111
$468.1K
Market Conditions
NOI Build-Up for 2,503 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
$64.6K $25.80/SF
− Vacancy
−$4.4K −$1.75/SF
EGI
$60.2K $24.05/SF
− OpEx
−$18.1K −$7.21/SF
NOI
$42.1K $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%
$842,600
Cap Rate 7%
$601,857
Cap Rate 9%
$468,111
Alternative Uses
Best Use
Multifamily LT 5
$601.9K
$526.6K – $702.2K
NOI $42,130 @ 7.0% cap · market cap 7.95%
Second Best
Apartment 5plus
$560.1K
$490.1K – $653.4K
NOI $39,204 @ 7.0% cap · market cap 7.40%
Theoretical Best
Office A
$805.2K
$704.5K – $939.4K
NOI $56,361 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
709
Businesses Nearby
Explore this area
Business Placement
Demographics for 06514, CT
26,613
Population
11,388
Households
2.3
Avg Household Size
40
Median Age
42%
College-Educated
92%
High-School Grad
11.1 sq mi
ZIP Area
2,398
Density / Sq Mi
$85,227
Median Household Income
$46,594
Median Earnings
$1,633
Median Rent
$250,300
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 - Freshly painted duplex with two residential units, private outdoor space, and convenient access to shopping, schools, and major highways.
Where is this duplex located?
The property is located at 98 Gorham Avenue Hamden, CT.
What is the asking price?
The asking price for this property is $529,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,503 SF of building area; Each unit includes 2 bedrooms and 1 full bathroom; Freshly painted interiors in well‑maintained condition
