Four-Unit Renovated
New
For Sale
$599,000
158 Bull Hill Ln, West Haven, CT 06516
Two upper apartments feature renovated interiors, while each residence has an energy-efficient mini-split system.
Property Size3,168 SF
Days on Market2
Property Features for 158 Bull Hill Ln
General Information
Standard status
Active
Size
3,168 SF
Property subtype
Multi Family
Building Details
Building Size
3,168 SF
Year Built
1972
Listing Agency:
Coldwell Banker Realty
Listed By:
Joe Scarpellino · License #RES.0803802
(203) 623-4422
Source:
Elliman
Added: Sep 4
Last Checked: Sep 4 at 3:14PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Built in 1972, this four-family property contains four matching two-bedroom, one-bath apartments. The two lower residences are occupied, while both upper apartments are vacant and renovated with new kitchens, refreshed bathrooms, fresh paint, and newer appliances. Cathedral ceilings add volume to the upper-level layouts.
A new roof was installed in August. Each apartment has an energy-efficient mini-split system, and residents pay their own electricity. The property also provides off-street parking and sits on the bus line, with access to I-95, Boston Post Road, shopping, dining, and other area amenities. Showings are limited to vacant Units 1B and 2B; access to occupied apartments and the basement is available upon acceptance of an offer.
A new roof was installed in August. Each apartment has an energy-efficient mini-split system, and residents pay their own electricity. The property also provides off-street parking and sits on the bus line, with access to I-95, Boston Post Road, shopping, dining, and other area amenities. Showings are limited to vacant Units 1B and 2B; access to occupied apartments and the basement is available upon acceptance of an offer.
Key Highlights
- Four matching 2‑bedroom, 1‑bath apartments
- Upper apartments are vacant and renovated with new kitchens, updated bathrooms, fresh paint, and newer appliances
- Cathedral ceilings in the upper units
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
$53,324
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
8.90%
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%
$1,066,480
$1.1M
Cap Rate 7%
$761,771
$761.8K
Cap Rate 9%
$592,489
$592.5K
Market Conditions
NOI Build-Up for 3,168 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
$81.7K $25.80/SF
− Vacancy
−$5.6K −$1.75/SF
EGI
$76.2K $24.05/SF
− OpEx
−$22.9K −$7.21/SF
NOI
$53.3K $16.83/SF
Area
New Haven, CT
Vacancy
6.80%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,066,480
Cap Rate 7%
$761,771
Cap Rate 9%
$592,489
Alternative Uses
Best Use
Multifamily LT 5
$761.8K
$666.6K – $888.7K
NOI $53,324 @ 7.0% cap · market cap 8.90%
Second Best
Apartment 5plus
$708.9K
$620.3K – $827.0K
NOI $49,620 @ 7.0% cap · market cap 8.28%
Theoretical Best
Office A
$1.02M
$891.7K – $1.19M
NOI $71,335 @ 7.0% cap · market cap 11.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
578
Businesses Nearby
Explore this area
Business Placement
Demographics for 06516, CT
55,584
Population
21,884
Households
2.5
Avg Household Size
38
Median Age
29%
College-Educated
88%
High-School Grad
10.8 sq mi
ZIP Area
5,147
Density / Sq Mi
$73,566
Median Household Income
$41,123
Median Earnings
$1,389
Median Rent
$265,200
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 - Two upper apartments feature renovated interiors, while each residence has an energy-efficient mini-split system.
Where is this quadplex located?
The property is located at 158 Bull Hill Ln West Haven, CT.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Four matching 2‑bedroom, 1‑bath apartments; Upper apartments are vacant and renovated with new kitchens, updated bathrooms, fresh paint, and newer appliances; Cathedral ceilings in the upper units
