Renovated Triplex with Two-Car
New
For Sale
$575,000
370 Shelton Ave, New Haven, CT 06511
Three updated apartments feature refreshed interiors, separate utility responsibility, and access to a private driveway.
Property Size3,177 SF
Price / SF$180.99
Days on Market5
Property Features for 370 Shelton Ave
General Information
Standard status
Active
Size
3,177 SF
Total Parking Spaces
2
Property subtype
Multi Family
Units
Unit Mix
2 x 3BR/1BA, 1 x 4BR
Multifamily Units
3
Building Details
Building Size
3,177 SF
Year Built
1900
Buildings
1
Listing Agency:
Century 21 Scala Group
Listed By:
Thomas Payne · License #RES.0824672
(203) 233-7445
Source:
Elliman
Added: Sep 20
Last Checked: Sep 22 at 7:17PM
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 Century 21 Scala Group
Investment Insights
Based on property information with market context.
This 3,177-square-foot triplex at 370 Shelton Ave includes three residential units with updated interiors. Each apartment has new hardwood flooring, remodeled bathrooms with tiled showers, new kitchen cabinetry and countertops, fresh paint, updated electrical systems, and vinyl siding. The property also includes a new roof, three new gas furnaces, new hot water heaters, a private driveway, and a 2-car garage.
The first-floor unit offers 3 bedrooms and 1 bath under a month-to-month lease. The second-floor unit also has 3 bedrooms and 1 bath, with its lease ending 12/31/2026. The third-floor apartment provides 4 bedrooms and is currently vacant. Residents are responsible for their own utilities. The property was built in 1900 and has a BikeScore of 70, WalkScore of 67, and TransitScore of 42.
The first-floor unit offers 3 bedrooms and 1 bath under a month-to-month lease. The second-floor unit also has 3 bedrooms and 1 bath, with its lease ending 12/31/2026. The third-floor apartment provides 4 bedrooms and is currently vacant. Residents are responsible for their own utilities. The property was built in 1900 and has a BikeScore of 70, WalkScore of 67, and TransitScore of 42.
Key Highlights
- 3,177 sq ft triplex with three residential units
- Each apartment has new hardwood floors, tiled‑shower bathrooms, kitchen cabinets, countertops, and fresh paint
- Three new gas furnaces and hot water heaters
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
$49,760
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
8.65%
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%
$995,200
$995.2K
Cap Rate 7%
$710,857
$710.9K
Cap Rate 9%
$552,889
$552.9K
Market Conditions
NOI Build-Up for 3,177 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
$96.5K $30.36/SF
− Vacancy
−$6.0K −$1.88/SF
EGI
$90.5K $28.48/SF
− OpEx
−$40.7K −$12.81/SF
NOI
$49.8K $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%
$995,200
Cap Rate 7%
$710,857
Cap Rate 9%
$552,889
Alternative Uses
Best Use
Multifamily LT 5
$763.9K
$668.4K – $891.3K
NOI $53,475 @ 7.0% cap · market cap 9.30%
Second Best
Apartment 5plus
$710.9K
$622.0K – $829.3K
NOI $49,760 @ 7.0% cap · market cap 8.65%
Theoretical Best
Office A
$1.02M
$894.2K – $1.19M
NOI $71,537 @ 7.0% cap · market cap 12.44%
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
649
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three updated apartments feature refreshed interiors, separate utility responsibility, and access to a private driveway.
Where is this triplex located?
The property is located at 370 Shelton Ave New Haven, CT.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 3,177 sq ft triplex with three residential units; Each apartment has new hardwood floors, tiled‑shower bathrooms, kitchen cabinets, countertops, and fresh paint; Three new gas furnaces and hot water heaters
