Triplex with Rear Two-Car
For Sale
$899,000
16 Edwards Street, New Haven, CT 06511
RM2-zoned multifamily property with a rear garage and patio.
Property Size3,229 SF
Price / SF$278.41
Days on Market180
Property Features for 16 Edwards Street
General Information
Standard status
Active
Size
3,229 SF
Property subtype
Multi-Family / 3 Family
Zoning
RM2
Taxes and HOA fees
Annual Taxes
$14,686
Amenities
No
Hot Air
7
Window Unit
Sidewalk, Patio
Not Applicable
Building Details
Year Built
1900
Listing Agency:
Houlihan Lawrence WD
(401) 808-9895
Listed By:
Blake Arruda · License #RES.0815162
(401) 808-9895
Source:
Compass
Added: Mar 4
Changed: Aug 30
Last Checked: Aug 30 at 6:06PM
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 Houlihan Lawrence WD
Investment Insights
Based on property information with market context.
This three-unit property is located at 16 Edwards Street in New Haven’s East Rock area. Built in 1900, the building includes a rear two-car garage, although the garage cannot be accessed by car, along with a patio and sidewalk frontage.
The property is near gourmet markets, restaurants, Yale shuttle and public bus service, Downtown New Haven, and Yale graduate schools. Zoning is RM2. The property is also identified as eligible for the Yale Homebuyer Program.
The property is near gourmet markets, restaurants, Yale shuttle and public bus service, Downtown New Haven, and Yale graduate schools. Zoning is RM2. The property is also identified as eligible for the Yale Homebuyer Program.
Key Highlights
- Triplex property built in 1900
- RM2 zoning
- Rear two‑car garage; no car access to the garage
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
$54,350
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
6.05%
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%
$1,087,000
$1.1M
Cap Rate 7%
$776,429
$776.4K
Cap Rate 9%
$603,889
$603.9K
Market Conditions
NOI Build-Up for 3,229 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
$83.3K $25.80/SF
− Vacancy
−$5.7K −$1.75/SF
EGI
$77.6K $24.05/SF
− OpEx
−$23.3K −$7.21/SF
NOI
$54.4K $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%
$1,087,000
Cap Rate 7%
$776,429
Cap Rate 9%
$603,889
Alternative Uses
Best Use
Multifamily LT 5
$776.4K
$679.4K – $905.8K
NOI $54,350 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$722.5K
$632.2K – $842.9K
NOI $50,575 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$1.04M
$908.9K – $1.21M
NOI $72,708 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
686
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - RM2-zoned multifamily property with a rear garage and patio.
Where is this triplex located?
The property is located at 16 Edwards Street New Haven, CT.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Triplex property built in 1900; RM2 zoning; Rear two‑car garage; no car access to the garage
