Renovated Triplex with
For Sale
$645,000
Pending
875 Elm Street, New Haven, CT 06511
Multi-Family For Sale, New Haven, CT
Property Size3,422 SF
Lot Size0.13 Acres
Days on Market83
Property Features for 875 Elm Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 7, Basement, Bedroom 6, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 5, Bedroom 4
Parking
2
Basement
Full
Lot features
Level Lot
Elementary school
Per Board of Ed
High school
James Hillhouse
Directions
Ella Grasso to Elm
Standard status
Pending
Size
3,422 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
8817
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1918
Listing Agency:
Real Broker CT, LLC
(855) 450-0442
Listed By:
Jennifer D'Amato · License #REB.0788209
(203) 605-7865
Added: Jun 18
Changed: Sep 6
Last Checked: Sep 8 at 9:06AM
MLS# 24184694
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 three-unit residential income property contains 3,422 square feet on a 0.13-acre lot. Two apartments received substantial renovations approximately two years ago, including kitchens, tiled bathrooms with double sinks, gas heating, replacement windows, flooring, and in-unit laundry. The first-floor residence also has central air conditioning. The third-floor unit was improved in the early 2000s and has been maintained since then.
Built in 1918 and zoned RM2, the property includes a newer roof, a two-car carport, and additional off-street parking. Public water and public sewer serve the building. Window-unit cooling is also present, and the room count includes seven bedrooms, three bathrooms, and a basement.
Built in 1918 and zoned RM2, the property includes a newer roof, a two-car carport, and additional off-street parking. Public water and public sewer serve the building. Window-unit cooling is also present, and the room count includes seven bedrooms, three bathrooms, and a basement.
Key Highlights
- Three‑family property with 3,422 square feet on a 0.13‑acre lot
- Two units renovated approximately two years ago
- Renovated units include new kitchens, tiled bathrooms, gas heat, replacement windows, flooring, and in‑unit laundry
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
$57,599
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
8.93%
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%
$1,151,980
$1.2M
Cap Rate 7%
$822,843
$822.8K
Cap Rate 9%
$639,989
$640.0K
Market Conditions
NOI Build-Up for 3,422 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
$88.3K $25.80/SF
− Vacancy
−$6.0K −$1.75/SF
EGI
$82.3K $24.05/SF
− OpEx
−$24.7K −$7.21/SF
NOI
$57.6K $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%
$1,151,980
Cap Rate 7%
$822,843
Cap Rate 9%
$639,989
Alternative Uses
Best Use
Multifamily LT 5
$822.8K
$720.0K – $960.0K
NOI $57,599 @ 7.0% cap · market cap 8.93%
Second Best
Apartment 5plus
$765.7K
$670.0K – $893.3K
NOI $53,598 @ 7.0% cap · market cap 8.31%
Theoretical Best
Office A
$1.10M
$963.2K – $1.28M
NOI $77,054 @ 7.0% cap · market cap 11.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,694
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?
Triplex - Three-family property with renovated interiors, off-street parking, and public utilities in New Haven.
Where is this triplex located?
The property is located at 875 Elm Street New Haven, CT.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: Three‑family property with 3,422 square feet on a 0.13‑acre lot; Two units renovated approximately two years ago; Renovated units include new kitchens, tiled bathrooms, gas heat, replacement windows, flooring, and in‑unit laundry
