Renovated Five-Unit Apartment
New
For Sale
$908,000
271 Sherman Avenue, New Haven, CT 06511
MULTI_FAMILY - New Haven, CT
Property Size4,055 SF
Lot Size0.11 Acres
Price / SF$223.92
Days on Market2
Property Features for 271 Sherman Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 7, Bedroom 2, Bedroom 5, Basement, Bathroom 5, Bathroom 1, Bathroom 2, Bedroom 6, Bathroom 3, Bathroom 4, Bedroom 3, Bedroom 4, Bedroom 1
Parking
1
Patio and Porch features
Porch
Exterior features
Porch-Wrap Around,Balcony,Sidewalk,Breezeway,Porch,Deck,Gutters,Lighting,Covered Deck
Basement
Full, Unfinished
Lot features
Corner Lot
Elementary school
Barnard
High school
Per Board of Ed
Directions
GPS
Standard status
Active
Size
4,055 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
10563
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1900
Architectural style
Other
Listing Agency:
mygoodagent
(888) 257-8265
Listed By:
Dominique Larose
(203) 606-5010
Added: Aug 13
Last Checked: Aug 14 at 7:06AM
MLS# 24199180
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.
This 4,055-square-foot apartment building contains five units: four one-bedroom apartments and one larger three-bedroom apartment. Property improvements include a new roof, custom kitchens with stone countertops, tiled bathroom walls, new windows, updated mechanical systems, and electrical and plumbing upgrades. Hardwood and tile flooring are installed throughout the units. Natural gas heating serves the building, with public water and public sewer.
Built in 1900, the property occupies 0.11 acres and is zoned RM2. Exterior features include a wrap-around porch, balcony, deck, covered deck, breezeway, sidewalks, gutters, and lighting. The apartments are described as leased, supporting an existing residential income configuration.
Built in 1900, the property occupies 0.11 acres and is zoned RM2. Exterior features include a wrap-around porch, balcony, deck, covered deck, breezeway, sidewalks, gutters, and lighting. The apartments are described as leased, supporting an existing residential income configuration.
Key Highlights
- Five‑unit apartment building with four 1‑bedroom units and one 3‑bedroom unit
- 4,055 square feet on 0.11 acres
- New roof, windows, mechanicals, electric, and plumbing
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
$63,512
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
6.99%
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%
$1,270,240
$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
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
$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 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%
$1,270,240
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 6.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,308 @ 7.0% cap · market cap 10.06%
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
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
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 - Updated interiors feature custom kitchens, tiled bathrooms, and a mix of hardwood and tile flooring.
Where is this apartment building located?
The property is located at 271 Sherman Avenue New Haven, CT.
What is the asking price?
The asking price for this property is $908,000.
What are key features of this property?
This property features: Five‑unit apartment building with four 1‑bedroom units and one 3‑bedroom unit; 4,055 square feet on 0.11 acres; New roof, windows, mechanicals, electric, and plumbing
