Well-Maintained Multifamily with Finished
For Sale
$550,000
Pending
24 Hazel St, New Haven, CT 06511
Well-kept multifamily with off-street parking and a finished basement, offering flexibility for owner-occupancy or leasing.
Property Size2,832 SF
Days on Market61
Property Features for 24 Hazel St
General Information
Standard status
Pending
Size
2,832 SF
Property subtype
Multi Family
Building Details
Building Size
2,832 SF
Year Built
1900
Listing Agency:
(203) 821-1162
Listed By:
Damien DePonte-Keough
(203) 821-1162
Source:
Elliman
Added: Jun 10
Changed: Aug 8
Last Checked: Aug 8 at 11:51AM
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 Damien DePonte-Keough
Investment Insights
Based on property information with market context.
This well-maintained multifamily home includes off-street parking and a fully finished basement. The first-floor unit is currently unrented, providing the option for immediate possession for an owner-occupant or a streamlined path to lease-up. With a finished lower level, the property offers additional interior space that can support a variety of residential setups.
The home is located close to transit lines and shops, with Walk Score and Transit Score values provided of 66 and 41, respectively, along with a Bike Score of 82. These details can be useful for tenants and owners looking for day-to-day access to nearby amenities and transportation.
From a leasing and occupancy standpoint, the availability of the first-floor unit can simplify timing for a new household or new tenant. For investors, the finished basement and off-street parking are practical residential features, and the current vacancy supports quicker execution once an operator is ready to begin occupancy. For owner-occupants, the ability to move in immediately while planning for income generation from the remaining configuration may help balance housing costs.
The home is located close to transit lines and shops, with Walk Score and Transit Score values provided of 66 and 41, respectively, along with a Bike Score of 82. These details can be useful for tenants and owners looking for day-to-day access to nearby amenities and transportation.
From a leasing and occupancy standpoint, the availability of the first-floor unit can simplify timing for a new household or new tenant. For investors, the finished basement and off-street parking are practical residential features, and the current vacancy supports quicker execution once an operator is ready to begin occupancy. For owner-occupants, the ability to move in immediately while planning for income generation from the remaining configuration may help balance housing costs.
Key Highlights
- Multifamily home built in 1900
- Off‑street parking available
- First‑floor unit is currently unrented, allowing immediate possession or quick lease‑up
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
$44,357
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
8.06%
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%
$887,140
$887.1K
Cap Rate 7%
$633,671
$633.7K
Cap Rate 9%
$492,856
$492.9K
Market Conditions
NOI Build-Up for 2,832 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
$86.0K $30.36/SF
− Vacancy
−$5.3K −$1.88/SF
EGI
$80.6K $28.48/SF
− OpEx
−$36.3K −$12.81/SF
NOI
$44.4K $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%
$887,140
Cap Rate 7%
$633,671
Cap Rate 9%
$492,856
Alternative Uses
Best Use
Apartment 5plus
$633.7K
$554.5K – $739.3K
NOI $44,357 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$911.0K
$797.1K – $1.06M
NOI $63,769 @ 7.0% cap · market cap 11.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
960
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?
Multifamily property - Well-kept multifamily with off-street parking and a finished basement, offering flexibility for owner-occupancy or leasing.
Where is this multifamily property located?
The property is located at 24 Hazel St New Haven, CT.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Multifamily home built in 1900; Off‑street parking available; First‑floor unit is currently unrented, allowing immediate possession or quick lease‑up
