Four-Unit Townhome
For Sale
$1,750,000
15 Colby Court, New Haven, CT 06515
New four-unit townhome property with private garages, decks, and separately metered units designed for low-maintenance rental operations.
Property Size10,000 SF
Price / SF$175
Days on Market105
Property Features for 15 Colby Court
General Information
Standard status
Active
Size
10,000 SF
Property subtype
4 Family
Building Details
Year Built
2026
Listing Agency:
HomeSmart Homes and Estates
(203) 833-3681
Listed By:
Michael Bachmann · License #RES.0824866
(203) 833-3681
Source:
Lockandkeyre
Added: May 18
Changed: Aug 28
Last Checked: Aug 30 at 6:24PM
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 HomeSmart Homes and Estates
Investment Insights
Based on property information with market context.
New construction four-unit townhome asset offered as a single investment property, totaling approximately 10,000 gross square feet. The building contains four modern townhome units, each approximately 2,500 SF, configured as 4 bedrooms and 3.1 bathrooms. Each unit features a private one-car garage, a private deck, and high-end interior finishes intended for durability and long-term rental performance. Interiors include hardwood flooring, tile bathrooms, central air conditioning, stainless steel appliances, and in-unit washer and dryer. All units are separately metered to support clean operations and efficient expense allocation, and there is no condominium association created at the time of sale.
The property includes three on-site guest parking spaces plus a bike rack for tenant convenience. The seller is a reputable local builder, and taxes are described as phased in for the first five years. Ownership will transfer as one asset, with a future condo conversion remaining an optional strategy rather than a requirement.
Each unit’s layout and finishes are uniform across the four homes, supported by separate metering and private exterior/garage access. The structure is described as strong throughout, positioned for long-term hold as a residential income property.
The property includes three on-site guest parking spaces plus a bike rack for tenant convenience. The seller is a reputable local builder, and taxes are described as phased in for the first five years. Ownership will transfer as one asset, with a future condo conversion remaining an optional strategy rather than a requirement.
Each unit’s layout and finishes are uniform across the four homes, supported by separate metering and private exterior/garage access. The structure is described as strong throughout, positioned for long-term hold as a residential income property.
Key Highlights
- New construction 4‑unit townhome asset totaling approx. 10,000 gross SF, offered as a single investment property
- Each unit is approx. 2,500 SF with 4 bedrooms and 3.1 bathrooms
- Private one‑car garage plus private deck for every unit, with hardwood floors and tile 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
$156,627
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
8.95%
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%
$3,132,540
$3.1M
Cap Rate 7%
$2,237,529
$2.2M
Cap Rate 9%
$1,740,300
$1.7M
Market Conditions
NOI Build-Up for 10,000 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
$303.6K $30.36/SF
− Vacancy
−$18.8K −$1.88/SF
EGI
$284.8K $28.48/SF
− OpEx
−$128.1K −$12.81/SF
NOI
$156.6K $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 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%
$3,132,540
Cap Rate 7%
$2,237,529
Cap Rate 9%
$1,740,300
Alternative Uses
Best Use
Multifamily LT 5
$2.40M
$2.10M – $2.81M
NOI $168,319 @ 7.0% cap · market cap 9.62%
Second Best
Apartment 5plus
$2.24M
$1.96M – $2.61M
NOI $156,627 @ 7.0% cap · market cap 8.95%
Theoretical Best
Office A
$3.22M
$2.81M – $3.75M
NOI $225,173 @ 7.0% cap · market cap 12.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
354
Businesses Nearby
Explore this area
Business Placement
Demographics for 06515, CT
17,877
Population
7,531
Households
2.4
Avg Household Size
33
Median Age
48%
College-Educated
91%
High-School Grad
4.6 sq mi
ZIP Area
3,886
Density / Sq Mi
$74,044
Median Household Income
$40,209
Median Earnings
$1,410
Median Rent
$284,200
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?
Quadplex - New four-unit townhome property with private garages, decks, and separately metered units designed for low-maintenance rental operations.
Where is this quadplex located?
The property is located at 15 Colby Court New Haven, CT.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: New construction 4‑unit townhome asset totaling approx. 10,000 gross SF, offered as a single investment property; Each unit is approx. 2,500 SF with 4 bedrooms and 3.1 bathrooms; Private one‑car garage plus private deck for every unit, with hardwood floors and tile bathrooms
