Three-Unit Residential
For Sale
$645,000
135-137 Pendleton Street, New Haven, CT 06511
Multi-Family For Sale, 3updown - Unit(s) per Floor, New Haven, CT
Property Size3,482 SF
Lot Size0.11 Acres
Price / SF$185.24
Days on Market10
Property Features for 135-137 Pendleton Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 8, Bedroom 1, Bedroom 9, Bedroom 3, Bedroom 5, Bedroom 2, Basement, Bathroom 2, Bedroom 6, Bedroom 4, Bedroom 7, Bathroom 1
Parking
3
Basement
Full
Elementary school
Per Board of Ed
High school
James Hillhouse
Directions
Whalley to Pendleton
Subdivision
Westville
Standard status
Active
Size
3,482 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
9763
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
off street parking
basement laundry hookup
additional basement storage
Building Details
Year built
1920
Architectural style
Other
Listing Agency:
Real Broker CT, LLC
(855) 450-0442
Listed By:
Jennifer D'Amato · License #REB.0788209
(203) 605-7865
Added: Sep 26
Changed: Oct 4
Last Checked: Oct 5 at 7:06AM
MLS# 24209706
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.
Built in 1920, this three-unit property contains 3,482 square feet on a 0.11-acre lot. Each apartment has three bedrooms and one full bathroom, with hardwood floors and updated kitchens and baths. The upper-floor apartment has taller ceilings. Basement features include laundry hookups and storage, and the property has off-street parking.
The property is near Edgewood Park, shopping, public transportation, and downtown New Haven. It has public water and public sewer service and is zoned RM2.
The property is near Edgewood Park, shopping, public transportation, and downtown New Haven. It has public water and public sewer service and is zoned RM2.
Key Highlights
- Three apartments, each with three bedrooms and one full bathroom
- 3,482 square feet on a 0.11‑acre lot
- Hardwood floors and updated 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
$58,609
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
9.09%
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%
$1,172,180
$1.2M
Cap Rate 7%
$837,271
$837.3K
Cap Rate 9%
$651,211
$651.2K
Market Conditions
NOI Build-Up for 3,482 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
$89.8K $25.80/SF
− Vacancy
−$6.1K −$1.75/SF
EGI
$83.7K $24.05/SF
− OpEx
−$25.1K −$7.21/SF
NOI
$58.6K $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%
$1,172,180
Cap Rate 7%
$837,271
Cap Rate 9%
$651,211
Alternative Uses
Best Use
Multifamily LT 5
$837.3K
$732.6K – $976.8K
NOI $58,609 @ 7.0% cap · market cap 9.09%
Second Best
Apartment 5plus
$779.1K
$681.7K – $909.0K
NOI $54,538 @ 7.0% cap · market cap 8.46%
Theoretical Best
Office A
$1.12M
$980.1K – $1.31M
NOI $78,405 @ 7.0% cap · market cap 12.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,091
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Each apartment offers three bedrooms, one full bath, and hardwood flooring.
Where is this triplex located?
The property is located at 135-137 Pendleton 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 apartments, each with three bedrooms and one full bathroom; 3,482 square feet on a 0.11‑acre lot; Hardwood floors and updated kitchens and bathrooms
