Turnkey 6-Unit Multifamily
For Sale
$2,199,999
177 Chestnut Street, New Haven, CT 06511
Fully renovated, fully leased six-unit building with modern interiors and five off-street parking spaces.
Property Size6,009 SF
Price / SF$366.12
Days on Market67
Property Features for 177 Chestnut Street
General Information
Standard status
Active
Size
6,009 SF
Total Parking Spaces
5
Property subtype
5 Family+
Occupancy
100%
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
6
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Serhant Connecticut, LLC
(203) 558-4798
Listed By:
Arian Hoxha · License #RES.0815860
(203) 558-4798
Source:
Lockandkeyre
Added: Jun 3
Changed: Aug 7
Last Checked: Aug 8 at 9:15AM
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 Serhant Connecticut, LLC
Investment Insights
Based on property information with market context.
This turnkey six-unit multifamily property totals approximately 6,009 SF and is described as fully renovated. The units feature updated interiors, including modern kitchens, renovated bathrooms, contemporary finishes, and attractive layouts designed for today’s renters. The offering is noted as fully leased with long-term tenants in place, providing an income-producing structure for an owner seeking immediate occupancy.
Located at 177 Chestnut Street in New Haven’s Wooster Square neighborhood, the property is positioned near Downtown New Haven and major institutions including Yale University, Yale New Haven Hospital, and Union Station. It is also reported to be minutes from I-95 and I-91. Tenants are described as having walkable access to Wooster Square Park and a variety of restaurants, including Frank Pepe’s and Sally’s Apizza, along with shopping, entertainment, and cultural attractions. Direct rail access to New York City is also referenced, supporting resident connectivity.
The building includes five off-street parking spaces, which can be a practical benefit for tenants in a dense urban setting. With its renovated unit mix and fully leased status, the property is positioned for buyers looking to acquire a stabilized multifamily asset with existing long-term tenancy, rather than assuming the initial lease-up and renovation work themselves.
Located at 177 Chestnut Street in New Haven’s Wooster Square neighborhood, the property is positioned near Downtown New Haven and major institutions including Yale University, Yale New Haven Hospital, and Union Station. It is also reported to be minutes from I-95 and I-91. Tenants are described as having walkable access to Wooster Square Park and a variety of restaurants, including Frank Pepe’s and Sally’s Apizza, along with shopping, entertainment, and cultural attractions. Direct rail access to New York City is also referenced, supporting resident connectivity.
The building includes five off-street parking spaces, which can be a practical benefit for tenants in a dense urban setting. With its renovated unit mix and fully leased status, the property is positioned for buyers looking to acquire a stabilized multifamily asset with existing long-term tenancy, rather than assuming the initial lease-up and renovation work themselves.
Key Highlights
- Approx. 6,009 SF, 6‑unit multifamily building built in 1900
- Fully renovated units with modern kitchens and renovated bathrooms
- Building is fully leased with long‑term tenants in place
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
$94,117
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
4.28%
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%
$1,882,340
$1.9M
Cap Rate 7%
$1,344,529
$1.3M
Cap Rate 9%
$1,045,744
$1.0M
Market Conditions
NOI Build-Up for 6,009 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
$182.4K $30.36/SF
− Vacancy
−$11.3K −$1.88/SF
EGI
$171.1K $28.48/SF
− OpEx
−$77.0K −$12.81/SF
NOI
$94.1K $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%
$1,882,340
Cap Rate 7%
$1,344,529
Cap Rate 9%
$1,045,744
Alternative Uses
Best Use
Apartment 5plus
$1.34M
$1.18M – $1.57M
NOI $94,117 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.93M
$1.69M – $2.26M
NOI $135,306 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,289
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated, fully leased six-unit building with modern interiors and five off-street parking spaces.
Where is this apartment building located?
The property is located at 177 Chestnut Street New Haven, CT.
What is the asking price?
The asking price for this property is $2,199,999.
What are key features of this property?
This property features: Approx. 6,009 SF, 6‑unit multifamily building built in 1900; Fully renovated units with modern kitchens and renovated bathrooms; Building is fully leased with long‑term tenants in place
