Six-Unit Multifamily
New
For Sale
$1,350,000
1003-1005 Whalley Avenue, New Haven, CT 06515
Two residential buildings offer varied layouts, private basements, garages, and in-unit laundry.
Property Size7,867 SF
Price / SF$171.60
Days on Market6
Property Features for 1003-1005 Whalley Avenue
General Information
Standard status
Active
Size
7,867 SF
Property subtype
5 Family+
Occupancy
100%
Units
Unit Mix
3 x 2BR/1BA, 3 x 2BR/1.5BA
Multifamily Units
6
Additional Details
Public Transit
Yes
Amenities
hardwood floors
in-unit laundry
private basement
garages
central air conditioning
forced warm air heat
Building Details
Year Built
1925
Buildings
2
Listing Agency:
Coldwell Banker Realty
Listed By:
Eric Radziunas
(203) 530-9244
Source:
Lockandkeyre
Added: Sep 12
Changed: Sep 17
Last Checked: Sep 16 at 6:29PM
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 multifamily property includes two residential structures on one lot. The front building is a 1925 three-family home with three 1,250-square-foot units, each configured with two bedrooms, one full bath, and hardwood floors. A separate 1989 townhouse-style building contains three 1,380-square-foot units, each with two bedrooms, one and one-half baths, in-unit laundry, a private basement, and a garage. The townhouse units also feature forced warm air heat and central air conditioning.
The property is fully rented and located at 1003-1005 Whalley Ave in New Haven’s Westville neighborhood. Westville Center, dining, shopping, and direct public transportation are all identified in the surrounding context, with transit access positioned in front of the property.
The property is fully rented and located at 1003-1005 Whalley Ave in New Haven’s Westville neighborhood. Westville Center, dining, shopping, and direct public transportation are all identified in the surrounding context, with transit access positioned in front of the property.
Key Highlights
- Six residential units across two separate buildings
- Front three‑family home with three 1,250‑square‑foot units
- Rear townhouse building contains three 1,380‑square‑foot units
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
$123,219
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
9.13%
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%
$2,464,380
$2.5M
Cap Rate 7%
$1,760,271
$1.8M
Cap Rate 9%
$1,369,100
$1.4M
Market Conditions
NOI Build-Up for 7,867 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
$238.8K $30.36/SF
− Vacancy
−$14.8K −$1.88/SF
EGI
$224.0K $28.48/SF
− OpEx
−$100.8K −$12.81/SF
NOI
$123.2K $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%
$2,464,380
Cap Rate 7%
$1,760,271
Cap Rate 9%
$1,369,100
Alternative Uses
Best Use
Multifamily LT 5
$1.89M
$1.66M – $2.21M
NOI $132,417 @ 7.0% cap · market cap 9.81%
Second Best
Apartment 5plus
$1.76M
$1.54M – $2.05M
NOI $123,219 @ 7.0% cap · market cap 9.13%
Theoretical Best
Office A
$2.53M
$2.21M – $2.95M
NOI $177,143 @ 7.0% cap · market cap 13.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
708
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two residential buildings offer varied layouts, private basements, garages, and in-unit laundry.
Where is this multifamily property located?
The property is located at 1003-1005 Whalley Avenue New Haven, CT.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Six residential units across two separate buildings; Front three‑family home with three 1,250‑square‑foot units; Rear townhouse building contains three 1,380‑square‑foot units
