Duplex with Harbor
For Sale
$659,900
Pending
99 South Water Street, New Haven, CT 06515
Duplex features covered porches, hardwood floors, in-unit washer/dryer access, and a walk-out basement with large spaces.
Property Size3,037 SF
Days on Market50
Property Features for 99 South Water Street
General Information
Standard status
Pending
Size
3,037 SF
Total Parking Spaces
1
Property subtype
Residential Income
Zoning
RM1
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,612
Amenities
Central Air
Natural Gas, Hot Water
Full, Walk-Out Access, Concrete
Electric Water Heater
Water
Paved, Off Street, On Street, Driveway
Units on different Floors
Building Details
Building Size
3,037 SF
Year Built
1860
Stories
3
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
(203) 640-9329
Listed By:
Steve Burke
(203) 640-9329
Source:
Evrealestate
Added: Jul 11
Changed: Aug 28
Last Checked: Aug 29 at 7:01AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This duplex offers three floors of living space per unit, with a walk-out basement level that includes two large spaces. The interior features include gleaming hardwood floors, open floor plans, and updated-feeling kitchens and baths. Each unit has a covered porch with some water views, along with washers/dryers and access for basement storage. One unit also includes a space for off-street parking. The first floor provides a spacious one-bedroom apartment, while the second apartment occupies the top two floors with three bedrooms and two full baths.
The property is located directly across from Shell & Bones restaurant and the Pequonnock Yacht Club and is described as having harbor views. BikeScore is 62 (Bikeable), walkScore is 78 (Very Walkable), and transitScore is 53 (Good Transit). The Oyster Point neighborhood is noted as home to The Sound School for aspiring mariners.
The building configuration supports both one-bedroom and multi-bedroom living arrangements, with abundant natural light and high ceilings mentioned throughout the units.
The property is located directly across from Shell & Bones restaurant and the Pequonnock Yacht Club and is described as having harbor views. BikeScore is 62 (Bikeable), walkScore is 78 (Very Walkable), and transitScore is 53 (Good Transit). The Oyster Point neighborhood is noted as home to The Sound School for aspiring mariners.
The building configuration supports both one-bedroom and multi-bedroom living arrangements, with abundant natural light and high ceilings mentioned throughout the units.
Key Highlights
- Duplex built in 1860 with three floors of living space plus a walk‑out, basement level with two large spaces
- Spacious 1‑bedroom apartment on the first floor
- Top two floors feature a 3‑bedroom apartment with two full baths
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
$58,673
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
8.89%
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%
$1,173,460
$1.2M
Cap Rate 7%
$838,186
$838.2K
Cap Rate 9%
$651,922
$651.9K
Market Conditions
NOI Build-Up for 3,746 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
$113.7K $30.36/SF
− Vacancy
−$7.1K −$1.88/SF
EGI
$106.7K $28.48/SF
− OpEx
−$48.0K −$12.81/SF
NOI
$58.7K $15.66/SF
Area
New Haven, CT
Vacancy
6.20%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$1,173,460
Cap Rate 7%
$838,186
Cap Rate 9%
$651,922
Alternative Uses
Best Use
Multifamily LT 5
$900.7K
$788.2K – $1.05M
NOI $63,052 @ 7.0% cap · market cap 9.55%
Second Best
Apartment 5plus
$838.2K
$733.4K – $977.9K
NOI $58,673 @ 7.0% cap · market cap 8.89%
Theoretical Best
Office A
$1.21M
$1.05M – $1.41M
NOI $84,350 @ 7.0% cap · market cap 12.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
Explore this area
Business Placement
Demographics for 06515, CT
17,877
Population
7,531
Households
2.4
Avg Household Size
33
Median Age
48%
College-Educated
91%
High-School Grad
4.6 sq mi
ZIP Area
3,886
Density / Sq Mi
$74,044
Median Household Income
$40,209
Median Earnings
$1,410
Median Rent
$284,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex features covered porches, hardwood floors, in-unit washer/dryer access, and a walk-out basement with large spaces.
Where is this duplex located?
The property is located at 99 South Water Street New Haven, CT.
What is the asking price?
The asking price for this property is $659,900.
What are key features of this property?
This property features: Duplex built in 1860 with three floors of living space plus a walk‑out, basement level with two large spaces; Spacious 1‑bedroom apartment on the first floor; Top two floors feature a 3‑bedroom apartment with two full baths
