Renovated Five-Unit Apartment
For Sale
$891,999
271 Sherman, New Haven, CT 06511
Custom kitchens, tiled bathrooms, and updated building systems are installed throughout.
Property Size4,055 SF
Price / SF$219.98
Days on Market60
Property Features for 271 Sherman
General Information
Standard status
Active
Size
4,055 SF
Property subtype
5 Family+
Building Details
Year Built
1900
Listing Agency:
mygoodagent
(888) 257-8265
Listed By:
Dominique Larose · License #RES.0793571
(203) 876-7507
Source:
Lockandkeyre
Added: Aug 13
Changed: Oct 10
Last Checked: Oct 11 at 7:28AM
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 mygoodagent
Investment Insights
Based on property information with market context.
This five-unit apartment building at 271 Sherman Ave in New Haven combines a four-unit one-bedroom mix with one large three-bedroom apartment. Property improvements include a new roof, custom kitchens with stone countertops, remodeled bathrooms with tiled walls, hardwood and tile flooring, new windows, updated mechanical systems, and upgraded electric and plumbing. The building was constructed in 1900.
The apartments are described as leased with stabilized occupancy. The unit configuration includes four one-bedroom residences and a larger three-bedroom layout, providing a range of apartment sizes within one property. The location records a BikeScore of 97, a WalkScore of 79, and a TransitScore of 60. The property is in the Dwight neighborhood of New Haven.
The apartments are described as leased with stabilized occupancy. The unit configuration includes four one-bedroom residences and a larger three-bedroom layout, providing a range of apartment sizes within one property. The location records a BikeScore of 97, a WalkScore of 79, and a TransitScore of 60. The property is in the Dwight neighborhood of New Haven.
Key Highlights
- Four 1‑bedroom apartments and one large 3‑bedroom apartment
- New roof, windows, mechanicals, electric, and plumbing
- Custom kitchens with stone countertops in every unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$63,512
Cap Rate
7.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,270,240
$1.3M
Cap Rate 7%
$907,314
$907.3K
Cap Rate 9%
$705,689
$705.7K
Market Conditions
NOI Build-Up for 4,055 SF
Gross rent
$123.1K $30.36/SF
− Vacancy
−$7.6K −$1.88/SF
EGI
$115.5K $28.48/SF
− OpEx
−$52.0K −$12.81/SF
NOI
$63.5K $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%
$1,270,240
Cap Rate 7%
$907,314
Cap Rate 9%
$705,689
Alternative Uses
Best Use
Apartment 5plus
$907.3K
$793.9K – $1.06M
NOI $63,512 @ 7.0% cap · market cap 7.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,308 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,446
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Custom kitchens, tiled bathrooms, and updated building systems are installed throughout.
Where is this apartment building located?
The property is located at 271 Sherman New Haven, CT.
What is the asking price?
The asking price for this property is $891,999.
What are key features of this property?
This property features: Four 1‑bedroom apartments and one large 3‑bedroom apartment; New roof, windows, mechanicals, electric, and plumbing; Custom kitchens with stone countertops in every unit
