Fully Rented Six-Unit
For Sale
$925,000
116 Hinman St, West Haven, CT 06516
Six-unit building with renovated apartments and off-street parking.
Property Size4,350 SF
Lot Size0.14 Acres
Days on Market268
Property Features for 116 Hinman St
General Information
Standard status
Active
Size
4,350 SF
Lot size
0.14 Acres
Property subtype
Multi Family
Building Details
Building Size
4,350 SF
Year Built
1910
Listing Agency:
(203) 910-5517
Listed By:
Theresa Gorman
(203) 910-5517
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 13
Last Checked: Aug 22 at 8:44AM
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 Theresa Gorman
Investment Insights
Based on property information with market context.
This is a fully rented six-unit building featuring large one-bedroom apartments, each with an eat-in kitchen. The bathrooms and kitchens have been recently renovated. The units have hardwood floors and newer windows. The building is equipped with energy-efficient natural gas heating, which is only two years old. The electric has been updated and includes separate gas and electric meters. A half bath and washer/dryer hook-up are located in the basement. Off-street parking is available for eight cars. Heat and hot water are included in the rent. The property is conveniently located near shopping.
Key Highlights
- Fully rented 6‑unit building provides immediate income.
- Recently renovated bathrooms and kitchens enhance appeal and reduce maintenance.
- Energy‑efficient natural gas heating system (only 2 years old) lowers operating costs.
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
$68,133
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
7.37%
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%
$1,362,660
$1.4M
Cap Rate 7%
$973,329
$973.3K
Cap Rate 9%
$757,033
$757.0K
Market Conditions
NOI Build-Up for 4,350 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
$132.1K $30.36/SF
− Vacancy
−$8.2K −$1.88/SF
EGI
$123.9K $28.48/SF
− OpEx
−$55.7K −$12.81/SF
NOI
$68.1K $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%
$1,362,660
Cap Rate 7%
$973,329
Cap Rate 9%
$757,033
Alternative Uses
Best Use
Apartment 5plus
$973.3K
$851.7K – $1.14M
NOI $68,133 @ 7.0% cap · market cap 7.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.22M – $1.63M
NOI $97,950 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
474
Businesses Nearby
Explore this area
Business Placement
Demographics for 06516, CT
55,584
Population
21,884
Households
2.5
Avg Household Size
38
Median Age
29%
College-Educated
88%
High-School Grad
10.8 sq mi
ZIP Area
5,147
Density / Sq Mi
$73,566
Median Household Income
$41,123
Median Earnings
$1,389
Median Rent
$265,200
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?
Apartment building - Six-unit building with renovated apartments and off-street parking.
Where is this apartment building located?
The property is located at 116 Hinman St West Haven, CT.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Fully rented 6‑unit building provides immediate income.; Recently renovated bathrooms and kitchens enhance appeal and reduce maintenance.; Energy‑efficient natural gas heating system (only 2 years old) lowers operating costs.
