3-Unit Multifamily
For Sale
$689,900
257 Lexington Avenue, New Haven, CT 06513
Refreshed units feature updated mechanicals, newer exterior improvements, and off-street parking accessed from the side street.
Property Size3,501 SF
Price / SF$197.06
Days on Market97
Property Features for 257 Lexington Avenue
General Information
Standard status
Active
Size
3,501 SF
Property subtype
3 Family
Units
Unit Mix
2 x 3BR/2BA, 1 x 3BR/1BA
Multifamily Units
3
Building Details
Year Built
1905
Buildings
1
Listing Agency:
William Raveis Real Estate
(203) 509-0390
Listed By:
Ana Pena · License #RES.0771917
(203) 509-0390
Source:
Lockandkeyre
Added: May 27
Changed: Aug 30
Last Checked: Aug 30 at 6:55PM
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 William Raveis Real Estate
Investment Insights
Based on property information with market context.
Built in 1905, this 3,501-square-foot triplex contains three residential units with spacious layouts. The first- and second-floor apartments each include 3 bedrooms and 2 full bathrooms, while the third-floor apartment offers 3 bedrooms and 1 full bathroom. Interior updates and maintained mechanical systems support the property’s current condition.
Exterior work includes newer siding, windows, and roofing, along with brand-new gutters. A large rear parking area provides off-street parking and is reached from the side street. The property is located at 257 Lexington Avenue in New Haven, Connecticut, within a residential neighborhood.
Exterior work includes newer siding, windows, and roofing, along with brand-new gutters. A large rear parking area provides off-street parking and is reached from the side street. The property is located at 257 Lexington Avenue in New Haven, Connecticut, within a residential neighborhood.
Key Highlights
- Three‑unit multifamily property totaling 3,501 square feet
- First- and second‑floor units each offer 3 bedrooms and 2 full bathrooms
- Third‑floor unit includes 3 bedrooms and 1 full bathroom
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
$58,929
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
8.54%
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%
$1,178,580
$1.2M
Cap Rate 7%
$841,843
$841.8K
Cap Rate 9%
$654,767
$654.8K
Market Conditions
NOI Build-Up for 3,501 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
$90.3K $25.80/SF
− Vacancy
−$6.1K −$1.75/SF
EGI
$84.2K $24.05/SF
− OpEx
−$25.3K −$7.21/SF
NOI
$58.9K $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%
$1,178,580
Cap Rate 7%
$841,843
Cap Rate 9%
$654,767
Alternative Uses
Best Use
Multifamily LT 5
$841.8K
$736.6K – $982.2K
NOI $58,929 @ 7.0% cap · market cap 8.54%
Second Best
Apartment 5plus
$783.4K
$685.4K – $913.9K
NOI $54,835 @ 7.0% cap · market cap 7.95%
Theoretical Best
Office A
$1.13M
$985.4K – $1.31M
NOI $78,833 @ 7.0% cap · market cap 11.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
435
Businesses Nearby
Explore this area
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
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 - Refreshed units feature updated mechanicals, newer exterior improvements, and off-street parking accessed from the side street.
Where is this triplex located?
The property is located at 257 Lexington Avenue New Haven, CT.
What is the asking price?
The asking price for this property is $689,900.
What are key features of this property?
This property features: Three‑unit multifamily property totaling 3,501 square feet; First- and second‑floor units each offer 3 bedrooms and 2 full bathrooms; Third‑floor unit includes 3 bedrooms and 1 full bathroom
