Renovated Triplex with River
New
For Sale
$675,000
453 Quinnipiac Ave, New Haven, CT 06513
Three apartments feature updated kitchens, hardwood floors, in-unit laundry, separate utilities, and off-street parking.
Property Size3,653 SF
Days on Market4
Property Features for 453 Quinnipiac Ave
General Information
Standard status
Active
Size
3,653 SF
Total Parking Spaces
5
Property subtype
Multi Family
Occupancy
100%
Units
Unit Mix
1 x 2/3BR/1BA, 1 x 3/4BR/2.5BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Highway Access
Yes
Amenities
in-unit laundry
private porch
air conditioning
river views
Building Details
Building Size
3,653 SF
Year Built
1840
Buildings
1
Listing Agency:
Seabury Hill REALTORS
(203) 675-3942
Listed By:
John Hill · License #REB.0795121
(203) 675-3942
Source:
Elliman
Added: Aug 5
Changed: Aug 6
Last Checked: Aug 8 at 10:59AM
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.
Built in 1840, this fully rented triplex contains three apartments with distinct layouts and renovated interiors. The first-floor residence offers 2/3 bedrooms, one remodeled bathroom, in-unit laundry, hardwood flooring, wood trim, and an updated eat-in kitchen with granite countertops and full appliances. A two-story apartment occupies the second and third floors, with 3-4 bedrooms, 2.5 bathrooms, an open living arrangement, hardwood floors, and an eat-in kitchen with an island. Its top-floor primary suite includes a private porch, en-suite shower bath, and AC. The garden-level unit provides one bedroom, one bathroom, a spacious floor plan, and an exposed brick wall.
The property sits on an elevated lot with Quinnipiac River views and includes off-street parking for 4-5 cars. Separate utilities serve the apartments. The address offers access to major highways, Downtown New Haven, and Yale, with a 76 walkScore, 54 bikeScore, and 45 transitScore.
The property sits on an elevated lot with Quinnipiac River views and includes off-street parking for 4-5 cars. Separate utilities serve the apartments. The address offers access to major highways, Downtown New Haven, and Yale, with a 76 walkScore, 54 bikeScore, and 45 transitScore.
Key Highlights
- Three‑apartment triplex built in 1840
- Fully rented with separate utilities
- Unit mix includes 2/3 bedrooms, 3‑4 bedrooms, and 1 bedroom
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
$61,487
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
9.11%
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%
$1,229,740
$1.2M
Cap Rate 7%
$878,386
$878.4K
Cap Rate 9%
$683,189
$683.2K
Market Conditions
NOI Build-Up for 3,653 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
$94.2K $25.80/SF
− Vacancy
−$6.4K −$1.75/SF
EGI
$87.8K $24.05/SF
− OpEx
−$26.4K −$7.21/SF
NOI
$61.5K $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%
$1,229,740
Cap Rate 7%
$878,386
Cap Rate 9%
$683,189
Alternative Uses
Best Use
Multifamily LT 5
$878.4K
$768.6K – $1.02M
NOI $61,487 @ 7.0% cap · market cap 9.11%
Second Best
Apartment 5plus
$817.4K
$715.2K – $953.6K
NOI $57,216 @ 7.0% cap · market cap 8.48%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,256 @ 7.0% cap · market cap 12.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
595
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 - Three apartments feature updated kitchens, hardwood floors, in-unit laundry, separate utilities, and off-street parking.
Where is this triplex located?
The property is located at 453 Quinnipiac Ave New Haven, CT.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Three‑apartment triplex built in 1840; Fully rented with separate utilities; Unit mix includes 2/3 bedrooms, 3‑4 bedrooms, and 1 bedroom
