Building Details

Building Size 6,651 SF

Year Built 1890

Buildings 1

Stories 3

Units 1

Construction Tudor style

Listing Agency: Seabury Hill Realtors Show Phone

Listed By: John Hill · License #REB.0795121 Show Phone

Source: Cappellorealty

Added: Jun 3 Changed: Oct 22 Last Checked: Oct 22 at 2:23PM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This three-level Tudor-style property contains 6,651 square feet, plus a 2,672-square-foot unfinished basement. Interior details include a grand staircase, fireplaces, leaded glass, arched doorways, coffered ceilings and intricate woodwork. Building features also include oil heat, a recently installed roof, a handicap ramp and a large backyard.

New Haven City Plan approved a conversion into ten apartments. The RO-zoned property is at 51 Trumbull Street in New Haven, between East Rock and Downtown.

Key Highlights

• 6,651‑square‑foot building across three levels
• New Haven City Plan approved conversion to ten apartments
• Additional 2,672‑square‑foot unfinished basement

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$104,173

Cap Rate

8.04%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,083,460 $2.1M

Cap Rate 7%

$1,488,186 $1.5M

Cap Rate 9%

$1,157,478 $1.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,651 SF

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 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 (±1% cap)

NOI $104,173 @ 7.0% cap · market cap 8.04%

Second Best

Office B

$1.44M

$1.26M – $1.68M (±1% cap)

NOI $100,874 @ 7.0% cap · market cap 7.79%

Theoretical Best

Office A

$2.14M

$1.87M – $2.50M (±1% cap)

NOI $149,762 @ 7.0% cap · market cap 11.56%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Ely Center of Contemporary ... Art Gallery

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Veterinary Clinic Locksmith Butcher Tattoo & Piercing Shop Clothing & Fashion Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

11.9% 2019

12.4% 2020

17.7% 2021

18.8% 2022

18.7% 2023

16.5% 2024

17.2% 2025

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Frequently Asked Questions

What type of property is this?

Live-work space - RO-zoned property with an approved plan for conversion to ten apartments.

Where is this live-work space located?

The property is located at 51 Trumbull Street New Haven, CT.

What is the asking price?

The asking price for this property is $1,295,000.

What are key features of this property?

This property features: 6,651‑square‑foot building across three levels; New Haven City Plan approved conversion to ten apartments; Additional 2,672‑square‑foot unfinished basement