Three-Story Apartment
For Sale
Contact for pricing
48 Dixwell Ave, New Haven, CT 06511
Rental property with updated interiors, electric A/C, gas heat, and an exterior patio.
Property Size6,972 SF
Price / SF$172.12
Days on Market145
Property Features for 48 Dixwell Ave
General Information
Standard status
Active
Size
6,972 SF
Property subtype
Multifamily
Zoning
BB
Building Details
Year Built
1910
Buildings
2
Stories
3
Listing Agency:
Reno Properties Group, LLC
(860) 680-3417
Listed By:
John Mullin · License #0754988
Source:
Crexi
Added: Apr 8
Changed: Aug 30
Last Checked: Aug 30 at 4:17AM
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 Reno Properties Group, LLC
Investment Insights
Based on property information with market context.
This three-story apartment property at 48 Dixwell Ave includes a 4,092 SF building with 10 bedrooms, 5 bathrooms, and 12 total rooms. Interior improvements, electric A/C, gas heat, and an exterior patio contribute to the property’s current configuration. The offering also includes a separate 2,880 SF vacant building, providing additional space for future redevelopment, repositioning, or supplemental use.
Located in New Haven near Yale University, Yale New Haven Health, and a substantial employment base, the property is positioned within an established rental market. The main building is supported by a new one-year lease beginning June 1, 2026, with tenants responsible for utilities. Built in 1910, the property is zoned BB and combines an income-producing apartment building with an additional vacant structure.
Located in New Haven near Yale University, Yale New Haven Health, and a substantial employment base, the property is positioned within an established rental market. The main building is supported by a new one-year lease beginning June 1, 2026, with tenants responsible for utilities. Built in 1910, the property is zoned BB and combines an income-producing apartment building with an additional vacant structure.
Key Highlights
- 4,092 SF three‑story apartment building with 10 bedrooms, 5 bathrooms, and 12 total rooms
- Separate 2,880 SF vacant building included in the offering
- New one‑year lease begins June 1, 2026; tenants are responsible for utilities
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
$109,201
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
9.10%
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%
$2,184,020
$2.2M
Cap Rate 7%
$1,560,014
$1.6M
Cap Rate 9%
$1,213,344
$1.2M
Market Conditions
NOI Build-Up for 6,972 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
$211.7K $30.36/SF
− Vacancy
−$13.1K −$1.88/SF
EGI
$198.5K $28.48/SF
− OpEx
−$89.3K −$12.81/SF
NOI
$109.2K $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%
$2,184,020
Cap Rate 7%
$1,560,014
Cap Rate 9%
$1,213,344
Alternative Uses
Best Use
Apartment 5plus
$1.56M
$1.37M – $1.82M
NOI $109,201 @ 7.0% cap · market cap 9.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.24M
$1.96M – $2.62M
NOI $156,990 @ 7.0% cap · market cap 13.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,209
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 - Rental property with updated interiors, electric A/C, gas heat, and an exterior patio.
Where is this apartment building located?
The property is located at 48 Dixwell Ave New Haven, CT.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 4,092 SF three‑story apartment building with 10 bedrooms, 5 bathrooms, and 12 total rooms; Separate 2,880 SF vacant building included in the offering; New one‑year lease begins June 1, 2026; tenants are responsible for utilities
