Restored Multifamily Asset in East
For Sale
$3,995,000
1435 State Street, New Haven, CT 06511
21-unit multifamily property in New Haven's desirable East Rock neighborhood.
Property Size19,860 SF
Price / SF$201.16
Days on Market342
Property Features for 1435 State Street
General Information
Standard status
Active
Size
19,860 SF
Property subtype
Commercial
Building Details
Year Built
1900
Listing Agency:
Century 21 AllPoints Realty ((860) 508-2102)
(860) 508-2102
Listed By:
Lisa Cozzi · License #REB.0789668
(860) 508-2102
Source:
Cthomeseekers
Added: Sep 19, 2025
Changed: Aug 23
Last Checked: Aug 26 at 9:52AM
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 ((860) 508-2102)
Investment Insights
Based on property information with market context.
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.
Key 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).
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
$311,062
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
7.79%
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%
$6,221,240
$6.2M
Cap Rate 7%
$4,443,743
$4.4M
Cap Rate 9%
$3,456,244
$3.5M
Market Conditions
NOI Build-Up for 19,860 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
$602.9K $30.36/SF
− Vacancy
−$37.4K −$1.88/SF
EGI
$565.6K $28.48/SF
− OpEx
−$254.5K −$12.81/SF
NOI
$311.1K $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%
$6,221,240
Cap Rate 7%
$4,443,743
Cap Rate 9%
$3,456,244
Alternative Uses
Best Use
Apartment 5plus
$4.44M
$3.89M – $5.18M
NOI $311,062 @ 7.0% cap · market cap 7.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.39M
$5.59M – $7.45M
NOI $447,193 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,289
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?
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 $3,995,000.
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).
