Renovated 6-Unit Apartment
For Sale
$2,199,999
177 Chestnut Street, New Haven, CT 06511
Multi-Family For Sale, Units on different Floors,Units are Side-by-Side, New Haven, CT
Property Size6,009 SF
Lot Size0.12 Acres
Price / SF$366.12
Days on Market92
Property Features for 177 Chestnut Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
16
Bathrooms
12
Full bathrooms
12
Rooms
Bedroom 8, Bedroom 3, Bedroom 16, Bathroom 9, Bedroom 5, Basement, Bathroom 1, Bathroom 2, Bedroom 7, Bedroom 11, Bedroom 1, Bedroom 2, Bathroom 10, Bathroom 11, Bathroom 3, Bathroom 6, Bathroom 5, Bedroom 6, Bathroom 7, Bedroom 15, Bathroom 4, Bathroom 8, Bedroom 9, Bedroom 10, Bedroom 14, Bedroom 12, Bathroom 12, Bedroom 4, Bedroom 13
Parking
5
Basement
Full, Unfinished
Lot features
Lightly Wooded
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
St John St to Chestnut
Subdivision
Wooster Square
Standard status
Active
Size
6,009 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
26765
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Architectural style
Other
Listing Agency:
Serhant Connecticut, LLC
(203) 489-7800
Listed By:
Arian Hoxha · License #RES.0815860
(203) 558-4798
Added: Jun 4
Changed: Aug 30
Last Checked: Sep 3 at 8:06AM
MLS# 24181250
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6-unit apartment building contains approximately 6,009 square feet on a 0.12-acre lot. Built in 1900, the property has been fully renovated with updated kitchens, refreshed bathrooms, contemporary finishes, and varied layouts. Central air and hot-water heating serve the units, while public water and public sewer provide essential utilities. Five off-street parking spaces are included, and the building is fully leased to long-term tenants.
The property is located in New Haven’s Wooster Square neighborhood, with access to Downtown New Haven, Yale University, Yale New Haven Hospital, Union Station, I-95, and I-91. Wooster Square Park, restaurants, shopping, entertainment, and cultural destinations are also within walkable reach. Direct rail service to New York City adds another transportation connection. RM2 zoning applies to the property.
The property is located in New Haven’s Wooster Square neighborhood, with access to Downtown New Haven, Yale University, Yale New Haven Hospital, Union Station, I-95, and I-91. Wooster Square Park, restaurants, shopping, entertainment, and cultural destinations are also within walkable reach. Direct rail service to New York City adds another transportation connection. RM2 zoning applies to the property.
Key Highlights
- 6‑unit apartment building with approximately 6,009 SF
- Fully renovated units with updated kitchens, bathrooms, and contemporary finishes
- Fully leased to long‑term tenants
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
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated interiors, central air, and public utilities serve a fully leased property.
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: 6‑unit apartment building with approximately 6,009 SF; Fully renovated units with updated kitchens, bathrooms, and contemporary finishes; Fully leased to long‑term tenants
