Three-Unit Multifamily
For Sale
$689,000
Pending
195-197 Elm Street, West Haven, CT 06516
Three separate apartments offer hardwood floors, updated baths, granite kitchens, stainless-steel appliances, and in-unit laundry.
Property Size3,906 SF
Days on Market179
Property Features for 195-197 Elm Street
General Information
Standard status
Pending
Size
3,906 SF
Property subtype
Multi-Family / 3 Family
Zoning
R4
Units
Unit Mix
3 x 3BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$13,179
Amenities
hardwood flooring
updated tiled bath
granite countertops
stainless steel appliances
in-unit washer and dryer
fire pit area
Yes
Hot Water
15
2
Access Via Hatch
Washer/Dryer All Units
Shed, Porch
Not Applicable
Building Details
Year Built
1928
Listing Agency:
Coldwell Banker Realty
(203) 605-7733
Listed By:
Francine V Morrow · License #RES.0797244
(203) 605-7733
Source:
Compass
Added: Mar 4
Changed: Aug 29
Last Checked: Aug 29 at 4:40PM
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.
This three-unit residential property contains 3906 square feet and was built in 1928. Each apartment includes three bedrooms, one full bathroom with updated tile, hardwood flooring, a kitchen with granite countertops and stainless-steel appliances, and its own washer and dryer. The building provides a total of nine bedrooms and three bathrooms.
Major systems updated within the last ten years include the roof, siding, electrical service, boilers, and hot water heaters. Exterior features include a porch, shed, rear parking for up to ten vehicles, additional off-street parking, and a fire pit area finished with stone pavers. The property is located at 195-197 Elm Street in West Haven, CT, and carries R4 zoning.
Major systems updated within the last ten years include the roof, siding, electrical service, boilers, and hot water heaters. Exterior features include a porch, shed, rear parking for up to ten vehicles, additional off-street parking, and a fire pit area finished with stone pavers. The property is located at 195-197 Elm Street in West Haven, CT, and carries R4 zoning.
Key Highlights
- Three‑unit property with 3906 square feet, 9 bedrooms, and 3 bathrooms
- Each apartment offers 3 bedrooms, hardwood flooring, and 1 full updated tiled bath
- Granite countertops, stainless‑steel appliances, and in‑unit washer/dryer in all apartments
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
$61,179
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
8.88%
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%
$1,223,580
$1.2M
Cap Rate 7%
$873,986
$874.0K
Cap Rate 9%
$679,767
$679.8K
Market Conditions
NOI Build-Up for 3,906 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
$118.6K $30.36/SF
− Vacancy
−$7.4K −$1.88/SF
EGI
$111.2K $28.48/SF
− OpEx
−$50.1K −$12.81/SF
NOI
$61.2K $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%
$1,223,580
Cap Rate 7%
$873,986
Cap Rate 9%
$679,767
Alternative Uses
Best Use
Multifamily LT 5
$939.2K
$821.8K – $1.10M
NOI $65,745 @ 7.0% cap · market cap 9.54%
Second Best
Apartment 5plus
$874.0K
$764.7K – $1.02M
NOI $61,179 @ 7.0% cap · market cap 8.88%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $87,952 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,615
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?
Triplex - Three separate apartments offer hardwood floors, updated baths, granite kitchens, stainless-steel appliances, and in-unit laundry.
Where is this triplex located?
The property is located at 195-197 Elm Street West Haven, CT.
What is the asking price?
The asking price for this property is $689,000.
What are key features of this property?
This property features: Three‑unit property with 3906 square feet, 9 bedrooms, and 3 bathrooms; Each apartment offers 3 bedrooms, hardwood flooring, and 1 full updated tiled bath; Granite countertops, stainless‑steel appliances, and in‑unit washer/dryer in all apartments
