13-Unit Multifamily
For Sale
$2,575,000
Pending
83 E Grand Avenue, New Haven, CT 06513
Commercial For Sale, New Haven, CT
Property Size10,394 SF
Lot Size0.79 Acres
Days on Market165
Property Features for 83 E Grand Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RM1
Bathrooms
14
Full bathrooms
13
Half bathrooms
1
Rooms
Bathroom 13, Bathroom 9, Bathroom 11, Bathroom 10, Bathroom 3, Bathroom 12, Bathroom 5, Bathroom 1, Bathroom 14, Bathroom 6, Bathroom 7, Bathroom 2, Bathroom 4, Bathroom 8
Exterior features
Gutters,Lighting
Lot features
Level Lot
Directions
Quinnipiac to East Grand
Standard status
Pending
Size
10,394 SF
Lot size
0.79 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
37428
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Central Air, Window Unit(s)
Water source
Public
Building Details
Year built
1979
Flooring type
Tile - Ceramic, Wood, Carpet - Full
Listing Agency:
Pulse Realty LLC
(203) 672-4888
Listed By:
Douglas Ledewitz · License #REB.0759199
(203) 305-5282
Added: Mar 25
Changed: Sep 2
Last Checked: Sep 5 at 8:06PM
MLS# 24161782
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 13-unit apartment portfolio comprises three buildings on 0.79 acres, with 10,394 square feet of total property area. The unit mix includes one-bedroom townhome-style apartments, ADA-compliant two-bedroom units, and larger three- and four-bedroom apartments. Interior features include ceramic tile, hardwood and carpet flooring, wood kitchen cabinetry, granite countertops, and maintained kitchens and bathrooms. The property is fully rented and uses public water and public sewer.
Two-, three-, and four-bedroom units have gas heat and central air, while the one-bedroom units are all electric and do not have central AC. The property is positioned on East Grand Avenue in New Haven's Fair Haven Heights neighborhood, with access to I-91, I-95, downtown New Haven, Yale University, public transportation, schools, shopping, dining, and local businesses.
Two-, three-, and four-bedroom units have gas heat and central air, while the one-bedroom units are all electric and do not have central AC. The property is positioned on East Grand Avenue in New Haven's Fair Haven Heights neighborhood, with access to I-91, I-95, downtown New Haven, Yale University, public transportation, schools, shopping, dining, and local businesses.
Key Highlights
- 13‑unit apartment portfolio across three buildings
- 10,394 square feet on 0.79 acres
- Unit mix includes 1‑bedroom, 2‑bedroom ADA‑compliant, 3‑bedroom, and 4‑bedroom apartments
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
$162,798
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
6.32%
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%
$3,255,960
$3.3M
Cap Rate 7%
$2,325,686
$2.3M
Cap Rate 9%
$1,808,867
$1.8M
Market Conditions
NOI Build-Up for 10,394 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
$315.6K $30.36/SF
− Vacancy
−$19.6K −$1.88/SF
EGI
$296.0K $28.48/SF
− OpEx
−$133.2K −$12.81/SF
NOI
$162.8K $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%
$3,255,960
Cap Rate 7%
$2,325,686
Cap Rate 9%
$1,808,867
Alternative Uses
Best Use
Apartment 5plus
$2.33M
$2.03M – $2.71M
NOI $162,798 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.34M
$2.93M – $3.90M
NOI $234,045 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
977
Businesses Nearby
Explore this area
Business Placement
Demographics for 06513, CT
38,618
Population
17,006
Households
2.3
Avg Household Size
36
Median Age
19%
College-Educated
80%
High-School Grad
7.2 sq mi
ZIP Area
5,364
Density / Sq Mi
$46,520
Median Household Income
$38,369
Median Earnings
$1,208
Median Rent
$226,600
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?
Apartment building - Three-building apartment property with varied floor plans, public utilities, and RM1 zoning.
Where is this apartment building located?
The property is located at 83 E Grand Avenue New Haven, CT.
What is the asking price?
The asking price for this property is $2,575,000.
What are key features of this property?
This property features: 13‑unit apartment portfolio across three buildings; 10,394 square feet on 0.79 acres; Unit mix includes 1‑bedroom, 2‑bedroom ADA‑compliant, 3‑bedroom, and 4‑bedroom apartments
