Multi-Unit Residential Income
For Sale
$935,000
242 Front Avenue, West Haven, CT 06516
Two connected addresses sold together as a five-unit residential income property.
Property Size2,208 SF
Price / SF$423.46
Days on Market56
Property Features for 242 Front Avenue
General Information
Standard status
Active
Size
2,208 SF
Property subtype
5 Family+
Building Details
Year Built
1900
Listing Agency:
Weichert, Realtors-On The Mark
(203) 668-8862
Listed By:
Gregorio Santiago · License #RES.0800318
(203) 668-8862
Source:
Lockandkeyre
Added: Jun 18
Changed: Aug 11
Last Checked: Aug 11 at 6:21AM
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 Weichert, Realtors-On The Mark
Investment Insights
Based on property information with market context.
242-246 Front Ave is being offered as a single property sold on one deed, totaling five residential units across the combined addresses. The listing is structured for an investor or buyer seeking a small, manageable multifamily income asset.
The property is located at 242 Front Avenue in West Haven, Connecticut. The record identifies the combined offering as covering 242-246 Front Ave, which indicates the units are packaged together for one closing.
With five total units in the consolidated sale, this property can fit buyers looking for a residential income portfolio with multiple units rather than a single home. Prospective owners should review the unit mix and operating details during due diligence, as the listing notes only the total unit count and combined deed structure.
The property is located at 242 Front Avenue in West Haven, Connecticut. The record identifies the combined offering as covering 242-246 Front Ave, which indicates the units are packaged together for one closing.
With five total units in the consolidated sale, this property can fit buyers looking for a residential income portfolio with multiple units rather than a single home. Prospective owners should review the unit mix and operating details during due diligence, as the listing notes only the total unit count and combined deed structure.
Key Highlights
- Sold on one deed as 5‑unit residential income property (242–246 Front Ave)
- Year built: 1900
- Two connected addresses included in the five‑unit setup
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
$34,583
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
3.70%
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%
$691,660
$691.7K
Cap Rate 7%
$494,043
$494.0K
Cap Rate 9%
$384,256
$384.3K
Market Conditions
NOI Build-Up for 2,208 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
$67.0K $30.36/SF
− Vacancy
−$4.2K −$1.88/SF
EGI
$62.9K $28.48/SF
− OpEx
−$28.3K −$12.81/SF
NOI
$34.6K $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%
$691,660
Cap Rate 7%
$494,043
Cap Rate 9%
$384,256
Alternative Uses
Best Use
Apartment 5plus
$494.0K
$432.3K – $576.4K
NOI $34,583 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$710.3K
$621.5K – $828.6K
NOI $49,718 @ 7.0% cap · market cap 5.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,121
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?
Apartment building - Two connected addresses sold together as a five-unit residential income property.
Where is this apartment building located?
The property is located at 242 Front Avenue West Haven, CT.
What is the asking price?
The asking price for this property is $935,000.
What are key features of this property?
This property features: Sold on one deed as 5‑unit residential income property (242–246 Front Ave); Year built: 1900; Two connected addresses included in the five‑unit setup
