Three-Unit Residential Income
For Sale
$430,000
Pending
246 Newhall St, New Haven, CT 06511
Three-family property in New Haven with separate utilities for each unit and an included adjacent lot.
Property Size1,817 SF
Days on Market67
Property Features for 246 Newhall St
General Information
Standard status
Pending
Size
1,817 SF
Property subtype
Multi Family
Additional Details
Highway Access
Yes
Multifamily Units
3
Building Details
Building Size
1,817 SF
Year Built
1903
Tenancy
Multi
Listing Agency:
Smart Realty Services Corp
Listed By:
Nathaniel Correa · License #RES.0794003
(203) 247-8512
Source:
Elliman
Added: Jul 1
Changed: Aug 26
Last Checked: Sep 5 at 11:46AM
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 Smart Realty Services Corp
Investment Insights
Based on property information with market context.
This three-family residential income property offers a practical layout for generating rental income while also supporting owner-occupancy. The sale includes the adjacent lot at 242 Newhall Drive. Each unit is served by separate utilities, which can simplify day-to-day management and tenant billing.
The property is located in New Haven, with convenience to downtown, Yale University, major hospitals, public transportation, shopping, and dining. It also provides easy access to major highways. Walk, bike, and transit scores are reported as 66, 82, and 41, respectively.
Prospective buyers should conduct their own due diligence regarding zoning, permits, and any future development possibilities related to the adjacent lot.
The property is located in New Haven, with convenience to downtown, Yale University, major hospitals, public transportation, shopping, and dining. It also provides easy access to major highways. Walk, bike, and transit scores are reported as 66, 82, and 41, respectively.
Prospective buyers should conduct their own due diligence regarding zoning, permits, and any future development possibilities related to the adjacent lot.
Key Highlights
- Three‑family property built in 1903 in New Haven
- Each unit has separate utilities for simplified property management
- Sale includes the adjacent lot at 242 Newhall Drive
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
$30,584
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
7.11%
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%
$611,680
$611.7K
Cap Rate 7%
$436,914
$436.9K
Cap Rate 9%
$339,822
$339.8K
Market Conditions
NOI Build-Up for 1,817 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
$46.9K $25.80/SF
− Vacancy
−$3.2K −$1.75/SF
EGI
$43.7K $24.05/SF
− OpEx
−$13.1K −$7.21/SF
NOI
$30.6K $16.83/SF
Area
New Haven, CT
Vacancy
6.80%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$611,680
Cap Rate 7%
$436,914
Cap Rate 9%
$339,822
Alternative Uses
Best Use
Multifamily LT 5
$436.9K
$382.3K – $509.7K
NOI $30,584 @ 7.0% cap · market cap 7.11%
Second Best
Apartment 5plus
$406.6K
$355.7K – $474.3K
NOI $28,459 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$584.5K
$511.4K – $681.9K
NOI $40,914 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
740
Businesses Nearby
Explore this area
Business Placement
Demographics for 06511, CT
55,879
Population
24,579
Households
2.3
Avg Household Size
29
Median Age
48%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
9,634
Density / Sq Mi
$56,300
Median Household Income
$34,409
Median Earnings
$1,534
Median Rent
$313,400
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-family property in New Haven with separate utilities for each unit and an included adjacent lot.
Where is this triplex located?
The property is located at 246 Newhall St New Haven, CT.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Three‑family property built in 1903 in New Haven; Each unit has separate utilities for simplified property management; Sale includes the adjacent lot at 242 Newhall Drive
