Mixed-Use Five-Unit Investment
For Sale
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223 Farren Ave, New Haven, CT 06513
Five-unit mixed-use building includes four 2-bedroom apartments and one commercial space.
Property Size3,432 SF
Price / SF$233.10
Days on Market230
Property Features for 223 Farren Ave
General Information
Standard status
Active
Size
3,432 SF
Property subtype
RETAIL
Site & Location
Neighborhood
Annex
Additional Details
Multifamily Units
4
Building Details
Tenancy
Multi
Listing Agency:
Northeast Private Client Group | CT/Metro North
(203) 692-2420
Listed By:
Derek Mahabir
(203) 307-1583
Source:
Moodyscre
Added: Mar 16
Changed: Oct 26
Last Checked: Oct 30 at 6:09PM
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 Northeast Private Client Group | CT/Metro North
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Investment Insights
Based on property information with market context.
223 Farren Avenue is a five-unit mixed-use building with four 2-bedroom apartments and one commercial space. The property is positioned to serve both residential and neighborhood commercial needs within an established corridor.
Situated in New Haven, the building benefits from an established neighborhood-oriented area that supports workforce housing and essential retail demand. The property’s access to industrial job centers, institutional employers, downtown New Haven, and nearby amenities is designed to support consistent renter demand.
The current configuration provides immediate rental income with value-add potential through unit renovations, offering a practical path to improving overall performance over time.
Situated in New Haven, the building benefits from an established neighborhood-oriented area that supports workforce housing and essential retail demand. The property’s access to industrial job centers, institutional employers, downtown New Haven, and nearby amenities is designed to support consistent renter demand.
The current configuration provides immediate rental income with value-add potential through unit renovations, offering a practical path to improving overall performance over time.
Key Highlights
- Five‑unit mixed‑use building: four 2‑bedroom apartments plus one commercial space.
- Stabilized cash‑flowing property with potential for NOI growth through unit renovations.
- Four 2‑bedroom apartment units provide dependable residential tenancy.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,754
Cap Rate
6.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,075,080
$1.1M
Cap Rate 7%
$767,914
$767.9K
Cap Rate 9%
$597,267
$597.3K
Market Conditions
NOI Build-Up for 3,432 SF
Gross rent
$104.2K $30.36/SF
− Vacancy
−$6.5K −$1.88/SF
EGI
$97.7K $28.48/SF
− OpEx
−$44.0K −$12.81/SF
NOI
$53.8K $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 Rate 5%
$1,075,080
Cap Rate 7%
$767,914
Cap Rate 9%
$597,267
Alternative Uses
Best Use
Apartment 5plus
$767.9K
$671.9K – $895.9K
NOI $53,754 @ 7.0% cap · market cap 6.72%
Second Best
Retail
$708.0K
$619.5K – $826.0K
NOI $49,557 @ 7.0% cap · market cap 6.19%
Theoretical Best
Office A
$1.10M
$966.0K – $1.29M
NOI $77,279 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
550
Businesses Nearby
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Business Placement
Demographics for 06513, CT
38,618
Population
17,006
Households
2.3
Avg Household Size
36
Median Age
19%
College-Educated
80%
High-School Grad
7.2 sq mi
ZIP Area
5,364
Density / Sq Mi
$46,520
Median Household Income
$38,369
Median Earnings
$1,208
Median Rent
$226,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit mixed-use building includes four 2-bedroom apartments and one commercial space.
Where is this apartment building located?
The property is located at 223 Farren Ave New Haven, CT.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Five‑unit mixed‑use building: four 2‑bedroom apartments plus one commercial space.; Stabilized cash‑flowing property with potential for NOI growth through unit renovations.; Four 2‑bedroom apartment units provide dependable residential tenancy.
