Six-Unit Apartment
38 Bishop Street New Haven, CT 06511
38 Bishop Street, New Haven, CT, 06511
$2,595,000
For Sale
$2,595,000
Six three-bedroom, one-bath apartments with separate metered gas/electric and shared basement laundry.
Property Size9,072 SF
Price / SF$286.04
Days on Market26
Property Features for 38 Bishop Street
General Information
- Standard status
- Active
- Size
- 9,072 SF
- Property subtype
- Multi-Family / 5 Family+
Building Details
- Year Built
- 1900
Listing agency
Seabury Hill REALTORS
(203) 675-3942
Listed by
John Hill · License #REB.0795121
(203) 675-3942
Source
Compass
Added: Jun 27 Updated: Jul 21 at 9:25AM Checked: Jul 21 at 9:25AM
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.
This for-sale multifamily apartment building contains approximately 9,072 square feet of living space configured as six large three-bedroom, one-bath apartments. The property is described as low maintenance and includes a huge basement with washer and dryer provided for tenant use. Heating and electric are separately metered, while hot water is included.
According to the provided remarks, the building is currently generating over $277,000 in income with a net income of $211,011 and an 8.14 cap rate. The exterior configuration includes no driveway or off-street parking, along with a “nice rear lot.”
The seller also notes added value through renovations to kitchens and baths, and highlights that renovations could be used to improve the existing apartment units.
According to the provided remarks, the building is currently generating over $277,000 in income with a net income of $211,011 and an 8.14 cap rate. The exterior configuration includes no driveway or off-street parking, along with a “nice rear lot.”
The seller also notes added value through renovations to kitchens and baths, and highlights that renovations could be used to improve the existing apartment units.
Key Highlights
- Six 3‑bedroom, 1‑bath apartments in an East Rock investment building with over 9,000 SF of living space
- Currently generating over $277,000 in income with a net income of $211,011 and an 8.14 cap rate
- Separate metered gas and electric utilities, with hot water included; Heat type is hot water and cooling system is listed as none
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $275.4k | $30.36 |
| − Vacancy | −$17.1k | −$1.88 |
| EGI | $258.3k | $28.48 |
| − OpEx | −$116.3k | −$12.81 |
| NOI | $142.1k | $15.66 |
9,072 SF · lease $30.36/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.03M
$1.78M – $2.37M
NOI $142,092 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.92M
$2.55M – $3.40M
NOI $204,277 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Rell ARTwork Beatz
Recording Studio
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Six three-bedroom, one-bath apartments with separate metered gas/electric and shared basement laundry.
Where is this apartment building located?
The property is located at 38 Bishop Street New Haven, CT.
What is the asking price?
The asking price for this property is $2,595,000.
What are key features of this property?
This property features: Six 3‑bedroom, 1‑bath apartments in an East Rock investment building with over 9,000 SF of living space; Currently generating over $277,000 in income with a net income of $211,011 and an 8.14 cap rate; Separate metered gas and electric utilities, with hot water included; Heat type is hot water and cooling system is listed as none
