Renovated Three-Unit
For Sale
$649,000
313 Washington Avenue, West Haven, CT 06516
Three residential units offer renovated interiors, separate utilities, and private outdoor space near universities and medical facilities.
Property Size2,761 SF
Price / SF$216.33
Days on Market76
Property Features for 313 Washington Avenue
General Information
Standard status
Active
Size
2,761 SF
Property subtype
Multi Family Home
Zoning
R3
Units
Unit Mix
2 x 3BR/1BA + bonus room, 1 x 3BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$12,235
Amenities
private backyard
Building Details
Building Size
2,761 SF
Year Built
1920
Buildings
1
Stories
3
Units
3
Listing Agency:
Seabury Hill Realtors
(203) 675-3942
Listed By:
John Hill · License #REB.0795121
(203) 675-3942
Source:
Westshorerealty
Added: Jun 16
Changed: Aug 29
Last Checked: Aug 8 at 9:04AM
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 Seabury Hill Realtors
Investment Insights
Based on property information with market context.
Renovated three-unit residential property at 313 Washington Avenue in West Haven, Connecticut, with 2,761 square feet across three floors. The first and second levels share a comparable layout, each combining an open living and kitchen area with stainless steel appliances, white cabinetry, three bedrooms, a bonus room, and a full bathroom. The third-floor unit includes a renovated kitchen, three bedrooms, ample closet storage, and a full bathroom with a stand-up shower. Laminate flooring, hardwood floors, and abundant natural light are featured throughout the home.
Separate utilities serve the building, and the property includes a private backyard. The location is near the University of New Haven, VA Hospital, West Haven beaches, restaurants, local universities, Downtown New Haven, and Yale. Built in 1920, the property is offered as a three-family home with updated interiors and distinct residential units.
Separate utilities serve the building, and the property includes a private backyard. The location is near the University of New Haven, VA Hospital, West Haven beaches, restaurants, local universities, Downtown New Haven, and Yale. Built in 1920, the property is offered as a three-family home with updated interiors and distinct residential units.
Key Highlights
- Three‑unit residential property with 2,761 square feet across three floors
- First- and second‑floor units each include three bedrooms, a bonus room, and a full bathroom
- Third‑floor apartment features a renovated kitchen, three bedrooms, and ample closet space
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
$50,496
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
7.78%
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%
$1,009,920
$1.0M
Cap Rate 7%
$721,371
$721.4K
Cap Rate 9%
$561,067
$561.1K
Market Conditions
NOI Build-Up for 3,000 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
$77.4K $25.80/SF
− Vacancy
−$5.3K −$1.75/SF
EGI
$72.1K $24.05/SF
− OpEx
−$21.6K −$7.21/SF
NOI
$50.5K $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%
$1,009,920
Cap Rate 7%
$721,371
Cap Rate 9%
$561,067
Alternative Uses
Best Use
Multifamily LT 5
$721.4K
$631.2K – $841.6K
NOI $50,496 @ 7.0% cap · market cap 7.78%
Second Best
Apartment 5plus
$671.3K
$587.4K – $783.1K
NOI $46,988 @ 7.0% cap · market cap 7.24%
Theoretical Best
Office A
$965.0K
$844.4K – $1.13M
NOI $67,552 @ 7.0% cap · market cap 10.41%
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
1,029
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?
Triplex - Three residential units offer renovated interiors, separate utilities, and private outdoor space near universities and medical facilities.
Where is this triplex located?
The property is located at 313 Washington Avenue West Haven, CT.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Three‑unit residential property with 2,761 square feet across three floors; First- and second‑floor units each include three bedrooms, a bonus room, and a full bathroom; Third‑floor apartment features a renovated kitchen, three bedrooms, and ample closet space
