Renovated Multifamily Property Near
For Sale
$850,000
163 Chapel St, New Haven, CT 06513
Fully renovated 5-unit property with upside potential in New Haven.
Property Size3,523 SF
Days on Market109
Property Features for 163 Chapel St
General Information
Standard status
Active
Size
3,523 SF
Property subtype
Multi Family
Building Details
Building Size
3,523 SF
Year Built
1900
Listing Agency:
Roundtree Realty LLC
(347) 981-0571
Listed By:
Jacob Mochkin · License #0795713
(347) 981-0571
Source:
Elliman
Added: Apr 22
Changed: Aug 7
Last Checked: Aug 8 at 12:40PM
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 Roundtree Realty LLC
Investment Insights
Based on property information with market context.
This is a fully renovated 5-unit multifamily property situated on Chapel Street in the Fair Haven neighborhood, approximately 10 minutes from Downtown New Haven. The property features updated units with modern finishes, including renovated kitchens and bathrooms. New hot water tanks and a furnace have been installed. The property benefits from strong in-place income with below-market rents, suggesting potential for future rent increases. The location offers convenient access to major employers, public transportation, and local amenities. The property is located in a growing rental market with continued demand. The bike score is 54, indicating it is bikeable. The walk score is 76, indicating it is very walkable. The transit score is 45, indicating some transit options are available.
Key Highlights
- Fully renovated 5‑unit multifamily property offers a turnkey, low‑maintenance investment.
- Strong in‑place income with below‑market rents provides upside potential.
- Updated units feature modern finishes, including renovated kitchens and bathrooms.
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
$55,180
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
6.49%
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%
$1,103,600
$1.1M
Cap Rate 7%
$788,286
$788.3K
Cap Rate 9%
$613,111
$613.1K
Market Conditions
NOI Build-Up for 3,523 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
$107.0K $30.36/SF
− Vacancy
−$6.6K −$1.88/SF
EGI
$100.3K $28.48/SF
− OpEx
−$45.1K −$12.81/SF
NOI
$55.2K $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%
$1,103,600
Cap Rate 7%
$788,286
Cap Rate 9%
$613,111
Alternative Uses
Best Use
Apartment 5plus
$788.3K
$689.8K – $919.7K
NOI $55,180 @ 7.0% cap · market cap 6.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$991.6K – $1.32M
NOI $79,328 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
858
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 - Fully renovated 5-unit property with upside potential in New Haven.
Where is this apartment building located?
The property is located at 163 Chapel St New Haven, CT.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Fully renovated 5‑unit multifamily property offers a turnkey, low‑maintenance investment.; Strong in‑place income with below‑market rents provides upside potential.; Updated units feature modern finishes, including renovated kitchens and bathrooms.
