Chapel Street Multifamily
For Sale
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1476 Chapel Street, New Haven, CT 06511
18-unit multifamily property in New Haven, Connecticut.
Property Size16,189 SF
Lot Size0.21 Acres
Price / SF$185
Days on Market220
Property Features for 1476 Chapel Street
General Information
Standard status
Active
Size
16,189 SF
Lot size
0.21 Acres
Property subtype
Multifamily
Building Details
Units
18
Listing Agency:
NorthEast Private Client Group Shelton
Listed By:
Bradley Balletto · License #CT: 0792835
(203) 307-1574
Source:
Crexi
Added: Mar 10
Changed: Oct 13
Last Checked: Oct 14 at 11:32PM
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 NorthEast Private Client Group Shelton
Investment Insights
Based on property information with market context.
This 18-unit multifamily investment property is located in New Haven, Connecticut. The three-story brick masonry building has 16,189 square feet of gross living area and is situated on 0.21 acres along Chapel Street. The property is located across from Yale New Haven St Raphael’s Campus new neuroscience facility, set to open in 2027. It offers accessibility to Yale University, Yale New Haven Hospital, and New Haven’s retail, dining, and cultural amenities. Union Station, with Metro-North rail service to New York City, is nearby, as are I-95, I-91, the Merrit Parkway and Route 34. Fifteen of the eighteen units have been renovated. There is a potential 19th unit in the basement that can be brought back to code with updates. Eleven of the units have been converted to tenant-paid electric heat.
Key Highlights
- Prime location in New Haven, CT, directly across from Yale New Haven St Raphael’s Campus new neuroscience facility (opening 2027).
- 18‑unit multifamily investment property in a resilient rental market.
- Significant renovations already completed on 15 of 18 units, offering a largely turnkey asset.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$253,564
Cap Rate
8.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,071,280
$5.1M
Cap Rate 7%
$3,622,343
$3.6M
Cap Rate 9%
$2,817,378
$2.8M
Market Conditions
NOI Build-Up for 16,189 SF
Gross rent
$491.5K $30.36/SF
− Vacancy
−$30.5K −$1.88/SF
EGI
$461.0K $28.48/SF
− OpEx
−$207.5K −$12.81/SF
NOI
$253.6K $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 Rate 5%
$5,071,280
Cap Rate 7%
$3,622,343
Cap Rate 9%
$2,817,378
Alternative Uses
Best Use
Apartment 5plus
$3.62M
$3.17M – $4.23M
NOI $253,564 @ 7.0% cap · market cap 8.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.21M
$4.56M – $6.08M
NOI $364,532 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,871
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
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Frequently Asked Questions
What type of property is this?
Apartment building - 18-unit multifamily property in New Haven, Connecticut.
Where is this apartment building located?
The property is located at 1476 Chapel Street New Haven, CT.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: Prime location in New Haven, CT, directly across from Yale New Haven St Raphael’s Campus new neuroscience facility (opening 2027).; 18‑unit multifamily investment property in a resilient rental market.; Significant renovations already completed on 15 of 18 units, offering a largely turnkey asset.
