Five-Unit Apartment
For Sale
$935,000
242 Front Avenue, West Haven, CT 06516
MULTI_FAMILY - West Haven, CT
Property Size2,208 SF
Lot Size0.34 Acres
Price / SF$423.46
Days on Market52
Property Features for 242 Front Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
IPD
Bedrooms
10
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 8, Bathroom 4, Bathroom 3, Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 7, Bedroom 10, Bathroom 5, Basement, Bedroom 6, Bedroom 4, Bedroom 9, Bathroom 1, Bedroom 5
Parking
10
Basement
Full
Lot features
Level Lot
Elementary school
Per Board of Ed
High school
West Haven
Directions
GPS
Subdivision
Allingtown
Standard status
Active
Size
2,208 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9418
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1900
Architectural style
Other
Listing Agency:
Weichert, Realtors-On The Mark
(203) 283-1422
Listed By:
Gregorio Santiago · License #RES.0800318
(203) 668-8862
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 8 at 3:06PM
MLS# 24185141
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.
242–246 Front Avenue is sold on one deed as a five-unit apartment building, with the property described as two multi-family units under one ownership. The offering includes plenty of parking space for each unit, supporting on-site resident convenience.
The property sits on a 0.34-acre lot and totals 2,208 square feet. It was built in 1900 and features a basement. Heating is provided via hot water heat, and cooling is through window unit(s).
Utilities include public water and public sewer service. Zoning is listed as IPD.
The property sits on a 0.34-acre lot and totals 2,208 square feet. It was built in 1900 and features a basement. Heating is provided via hot water heat, and cooling is through window unit(s).
Utilities include public water and public sewer service. Zoning is listed as IPD.
Key Highlights
- Five units on one deed across 242–246 Front Avenue
- IPD zoning
- 0.34‑acre lot size
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
Lease Details
5
Residential units
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 - Five-unit apartment building with IPD zoning; public water and sewer, hot water heat, and window AC.
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: Five units on one deed across 242–246 Front Avenue; IPD zoning; 0.34‑acre lot size
