Three-Family Home with In-Unit
For Sale
$689,000
Pending
195 Elm Street, West Haven, CT 06516
Three-unit residential income property with in-unit washer/dryer, hardwood floors, and upgraded major systems from the past decade.
Property Size3,906 SF
Days on Market187
Property Features for 195 Elm Street
General Information
Standard status
Pending
Size
3,906 SF
Property subtype
Multi-Family / 3 Family
Zoning
R4
Taxes and HOA fees
Annual Taxes
$13,179
Amenities
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
Listed By:
Francine V Morrow · License #RES.0797244
(203) 605-7733
Source:
Compass
Added: Mar 4
Changed: Aug 8
Last Checked: Jul 23 at 6:22PM
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-family home offers a total of 9 bedrooms and 3 full bathrooms. Each apartment includes three bedrooms, hardwood flooring, and 1 full updated tiled bath. Kitchen updates feature granite countertops and stainless-steel appliances, and every unit is equipped with its own in-unit washer and dryer.
Major systems have been upgraded within the last ten years, including the roof and siding, electrical service, boilers, and hot water heaters. Outside, the lot provides ample space for up to 10 vehicles in the rear along with additional off-street parking, plus a fire pit area with stone pavers. The current leases are described as long-term, with leases concluding in May.
Major systems have been upgraded within the last ten years, including the roof and siding, electrical service, boilers, and hot water heaters. Outside, the lot provides ample space for up to 10 vehicles in the rear along with additional off-street parking, plus a fire pit area with stone pavers. The current leases are described as long-term, with leases concluding in May.
Key Highlights
- Three‑family home built in 1928 with 9 beds and 3 baths total
- Each apartment includes 3 bedrooms with hardwood flooring and 1 full updated tiled bath
- Kitchens feature granite countertops and stainless‑steel appliances
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
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential income property with in-unit washer/dryer, hardwood floors, and upgraded major systems from the past decade.
Where is this triplex located?
The property is located at 195 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‑family home built in 1928 with 9 beds and 3 baths total; Each apartment includes 3 bedrooms with hardwood flooring and 1 full updated tiled bath; Kitchens feature granite countertops and stainless‑steel appliances
