Apartment Building with In-Unit
New
For Sale
$3,899,999
527 Chapel St, New Haven, CT 06511
Offers one- and two-bedroom apartments with separate utilities and natural gas heat.
Property Size14,692 SF
Price / SF$265.45
Days on Market4
Property Features for 527 Chapel St
General Information
Standard status
Active
Size
14,692 SF
Property subtype
Multi Family
Units
Unit Mix
8 x 1BR, 8 x 2BR
Multifamily Units
16
Additional Details
Gross Income
$357,000
Public Transit
Yes
Amenities
in-unit laundry
Building Details
Building Size
14,692 SF
Year Built
1890
Buildings
1
Construction
brick
Listing Agency:
Social & Co Realty
Listed By:
Joseph A. Tracey · License #RES.0805092
(203) 676-9953
Source:
Elliman
Added: Sep 15
Last Checked: Sep 16 at 5:28PM
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 Social & Co Realty
Investment Insights
Based on property information with market context.
Built in 1890, this brick apartment building at 527 Chapel St comprises 16 units and approximately 14,692 square feet. The residential layout includes eight one-bedroom apartments and eight two-bedroom apartments, providing an even mix of unit types. Nine units have in-unit laundry, while separate utilities and natural gas heat reduce the scope of owner-paid building services. Two units are currently vacant, creating an opportunity to place additional apartments into service.
The property is located in New Haven’s Wooster Square area near Wooster Square Park, Downtown New Haven, Yale University, restaurants, public transportation, and major highways. Nearby parking is available through the St. Andrew's Society, subject to availability and a separate arrangement. The location also has recorded walk, bike, and transit scores of 97, 98, and 78, respectively.
The property is located in New Haven’s Wooster Square area near Wooster Square Park, Downtown New Haven, Yale University, restaurants, public transportation, and major highways. Nearby parking is available through the St. Andrew's Society, subject to availability and a separate arrangement. The location also has recorded walk, bike, and transit scores of 97, 98, and 78, respectively.
Key Highlights
- 16‑unit brick apartment building totaling approximately 14,692 SF
- Unit mix includes eight 1‑bedroom and eight 2‑bedroom apartments
- Nine of 16 units feature in‑unit laundry
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
$230,117
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
5.90%
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%
$4,602,340
$4.6M
Cap Rate 7%
$3,287,386
$3.3M
Cap Rate 9%
$2,556,856
$2.6M
Market Conditions
NOI Build-Up for 14,692 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
$446.0K $30.36/SF
− Vacancy
−$27.7K −$1.88/SF
EGI
$418.4K $28.48/SF
− OpEx
−$188.3K −$12.81/SF
NOI
$230.1K $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%
$4,602,340
Cap Rate 7%
$3,287,386
Cap Rate 9%
$2,556,856
Alternative Uses
Best Use
Apartment 5plus
$3.29M
$2.88M – $3.84M
NOI $230,117 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.73M
$4.14M – $5.51M
NOI $330,824 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
3,642
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Offers one- and two-bedroom apartments with separate utilities and natural gas heat.
Where is this apartment building located?
The property is located at 527 Chapel St New Haven, CT.
What is the asking price?
The asking price for this property is $3,899,999.
What are key features of this property?
This property features: 16‑unit brick apartment building totaling approximately 14,692 SF; Unit mix includes eight 1‑bedroom and eight 2‑bedroom apartments; Nine of 16 units feature in‑unit laundry
