Historic Tudor Apartment
For Sale
$1,595,000
51 Trumbull Street, New Haven, CT 06510
Three-level landmark property with preserved architectural details, a new roof, handicap ramp, and substantial outdoor space.
Property Size6,651 SF
Price / SF$239.81
Days on Market100
Property Features for 51 Trumbull Street
General Information
Standard status
Active
Size
6,651 SF
Property subtype
General Commercial
Amenities
RO
Building Details
Year Built
1890
Buildings
1
Stories
3
Construction
Tudor style
Listing Agency:
Seabury Hill REALTORS
(203) 675-3942
Listed By:
John Hill · License #REB.0795121
(203) 675-3942
Source:
Xome
Added: May 24
Changed: Aug 30
Last Checked: Aug 30 at 1:49PM
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 three-level Tudor-style property contains 6,651 square feet, with an additional 2,672 square feet of unfinished basement area. Interior character includes a grand staircase, multiple fireplaces, leaded glass, arched openings, coffered ceilings, and detailed woodwork. The building also features oil heat, a new roof, a handicap ramp, and a large backyard.
New Haven City Plan approved conversion of the property into ten studio apartments. Other documented use concepts include restoration as a primary residence, adaptation for live-work use, or occupancy by a nonprofit organization. The property is located at 51 Trumbull St. at the gateway between East Rock and Downtown, with a Walk Score of 88, Bike Score of 70, and Transit Score of 45.
New Haven City Plan approved conversion of the property into ten studio apartments. Other documented use concepts include restoration as a primary residence, adaptation for live-work use, or occupancy by a nonprofit organization. The property is located at 51 Trumbull St. at the gateway between East Rock and Downtown, with a Walk Score of 88, Bike Score of 70, and Transit Score of 45.
Key Highlights
- 6,651 SF Tudor‑style building across three levels
- 2,672 SF unfinished basement provides additional area
- New Haven City Plan approved conversion into ten studio apartments
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
$104,173
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
6.53%
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%
$2,083,460
$2.1M
Cap Rate 7%
$1,488,186
$1.5M
Cap Rate 9%
$1,157,478
$1.2M
Market Conditions
NOI Build-Up for 6,651 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
$201.9K $30.36/SF
− Vacancy
−$12.5K −$1.88/SF
EGI
$189.4K $28.48/SF
− OpEx
−$85.2K −$12.81/SF
NOI
$104.2K $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%
$2,083,460
Cap Rate 7%
$1,488,186
Cap Rate 9%
$1,157,478
Alternative Uses
Best Use
Apartment 5plus
$1.49M
$1.30M – $1.74M
NOI $104,173 @ 7.0% cap · market cap 6.53%
Second Best
Office B
$1.44M
$1.26M – $1.68M
NOI $100,874 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$2.14M
$1.87M – $2.50M
NOI $149,762 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,053
Businesses Nearby
Explore this area
Business Placement
Demographics for 06510, CT
4,409
Population
2,953
Households
1.5
Avg Household Size
29
Median Age
82%
College-Educated
96%
High-School Grad
0.3 sq mi
ZIP Area
14,697
Density / Sq Mi
$63,598
Median Household Income
$55,591
Median Earnings
$1,908
Median Rent
$495,500
Median Home Value
Market
Vacancy Rate% for Office in New Haven, CT
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-level landmark property with preserved architectural details, a new roof, handicap ramp, and substantial outdoor space.
Where is this apartment building located?
The property is located at 51 Trumbull Street New Haven, CT.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: 6,651 SF Tudor‑style building across three levels; 2,672 SF unfinished basement provides additional area; New Haven City Plan approved conversion into ten studio apartments
