Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Restored Multifamily Asset in East Rock Title is generated by Realmo AI

    1435 State Street, New Haven, CT 06511

    View on Map
    Claim this Listing
    For Sale
    $4,350,000

    21-unit multifamily property in New Haven's desirable East Rock neighborhood.

    Type:Commercial
    Property size:
    19,860 SF
    Lot size:
    1.40 Acres
    Price / SF:
    $219/SF
    Added:
    Oct 24, 2025
    Days on Market:
    225
    Last Refresh:
    Apr 5 at 8:20 pm

    Property Features for 1435 State Street

    General Information

    Standard status
    Active
    Size
    19,860 SF
    Lot size
    1.40 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    LISA COZZI

    Listing agent LISA COZZI License #REB.0789668

    Listing office Century 21 AllPoints Realty

    Listing date Oct 24, 2025

    Source Corcoran

    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 AllPoints Realty

    HighLights

    • Prime East Rock location, minutes from Yale University, East Rock Park, downtown, restaurants, and shops.
    • Beautifully restored 21‑unit multifamily asset blending classic architecture with modern luxury.
    • Assumable Freddie Mac loan at 3.8% (1% assumption fee).
    • Unit mix of studios, one‑bedrooms, and two‑bedrooms, all with granite countertops, stainless steel appliances, in‑unit washer/dryers, and individual HVAC.
    • Outdoor amenities include six EV charging stations, community garden boxes, and a picnic area.
    • Additional features include secure access, a fitness room, and off‑street parking.

    Overview

    This restored 21-unit multifamily property is located in New Haven's East Rock neighborhood. The brick building, formerly the YMCA and a historic Railroad Boarding House, combines classic architecture with modern amenities. The unit mix includes 6 studios, 10 one-bedroom units, and 5 two-bedroom units, some of which have two bathrooms. All units feature granite countertops, stainless steel appliances, in-unit washer/dryers, and individual heating, hot water, and central air. Four ground-floor units have private rear entrances. Outdoor amenities include six EV charging stations set on pavers, community garden boxes, and a picnic area. Additional features include secure access, a fitness room, and off-street parking. The property is located minutes from Yale University, East Rock Park, downtown, and area restaurants and shops. Tenant-paid utilities make this an efficient investment. The property has a total size of 19860 square feet.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $602.9k $30.36
    − Vacancy −$37.4k −$1.88
    EGI $565.6k $28.48
    − OpEx −$254.5k −$12.81
    NOI $311.1k $15.66
    19,860 SF · lease $30.36/SF/yr · vacancy 6.20% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $4.44M
    $3.89M – $5.18M (±1% cap)
    NOI $311,062 @ 7.0% cap · market cap 7.15%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $6.39M
    $5.59M – $7.45M (±1% cap)
    NOI $447,193 @ 7.0% cap · market cap 10.28%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    1435 STATE Apartment Building Rail Yard NH Apartment Complex Crossroads Transportation Llc Handicapped Transportation Service Robson Beth Medical Clinic Marianne Hennessey, LPC Counselor

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Haven
    County
    New Haven
    State
    Connecticut
    Longitude
    -73.2103
    Latitude
    41.1691

    Nearby Similar for Sale

    • $2,300,000
      15,230 SF

      Retail & Office Building Opportunity

      Well-maintained retail and office building in Wooster Square/Mill River.
      900 Grand Avenue, New Haven, CT 06511
      View Details
    • $2,400,000
      6,009 SF

      Turn-Key 6-Unit Multifamily Property

      Turn-key 6-unit multifamily building with renovated interiors and five off-street parking spaces.
      177 Chestnut Street, New Haven, CT 06511
      View Details
    • $525,000
      3,248 SF

      Two-Family Residence with Detached Garage

      Well-maintained two-family home with renovated first floor, newer heating systems, and a detached two-car garage.
      655 Quinnipiac Avenue, New Haven, CT 06513
      View Details
    • $525,000
      3,091 SF

      Renovated Three-Family Home in New Haven

      Turnkey three-family home with immediate income potential in New Haven.
      269 View Street, New Haven, CT 06511
      View Details
    • $2,575,000
      10,394 SF

      Updated Multifamily Portfolio in New Haven

      Well-maintained, fully rented 13-unit portfolio in Fair Haven Heights.
      83 E Grand Avenue, New Haven, CT 06513
      View Details
    • $2,575,000
      10,394 SF

      Updated Multifamily Portfolio in New Haven

      Well-maintained, fully rented 13-unit multifamily portfolio in New Haven.
      83 E Grand Avenue, New Haven, CT 06513
      View Details
    • $2,250,000
      6,343 SF

      Medical Office with Parking Lot

      Medical office building with adjacent parking in Yale medical area.
      1455 Chapel Street, New Haven, CT 06511
      View Details
    • $699,900
      3,360 SF

      Renovated Multifamily Property in Westville

      Extensively renovated three-family property in New Haven's Westville area.
      40 Fairfield Street, New Haven, CT 06515
      View Details
    • $599,999
      3,604 SF

      New Haven Multifamily Investment Opportunity

      Spacious multi-family property near Yale, ideal for investors.
      437 Dixwell Avenue, New Haven, CT 06511
      View Details
    • $599,000
      3,422 SF

      Spacious Multi-Family Home in Westville

      Charming 3-family home in New Haven's desirable Westville area.
      46 Dayton Street, New Haven, CT 06515
      View Details
    • $499,000
      2,936 SF

      Spacious Multifamily Investment Opportunity

      Two-family property with strong income potential in New Haven.
      161 Thompson Street, New Haven, CT 06511
      View Details
    • $1,008,000
      4,752 SF

      East Rock Four-Family Investment Property

      Spacious, fully leased 4-family in desirable East Rock neighborhood.
      51 Nash Street, New Haven, CT 06511
      View Details

    FAQs

    What type of property is this?
    Apartment building - 21-unit multifamily property in New Haven's desirable East Rock neighborhood.
    Where is this apartment building located?
    The property is located at 1435 State Street New Haven, CT.
    What is the asking price?
    The asking price for this property is $4,350,000.
    What are key features of this property?
    This property features: Prime East Rock location, minutes from Yale University, East Rock Park, downtown, restaurants, and shops.; Beautifully restored 21‑unit multifamily asset blending classic architecture with modern luxury.; Assumable Freddie Mac loan at 3.8% (1% assumption fee).
    (860) 263-2121
    We can help!
    Listing Contact
    LISA COZZI
    Real Estate License ID: REB.0789668
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1435 State Street, New Haven, CT 06511
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!