Four-Family Property with
For Sale
$1,190,000
538 Chapel Street, New Haven, CT 06511
Historic multifamily asset offering updated systems, shared laundry, separate utilities, and flexible apartment configurations.
Property Size4,194 SF
Price / SF$283.74
Days on Market137
Property Features for 538 Chapel Street
General Information
Standard status
Active
Size
4,194 SF
Total Parking Spaces
2
Property subtype
4 Family
Additional Details
Multifamily Units
4
Amenities
common laundry
storage shed
potting shed
Building Details
Year Built
1844
Listing Agency:
Seabury Hill REALTORS
(203) 996-8328
Listed By:
Cheryl Szczarba
(203) 996-8328
Source:
Lockandkeyre
Added: Apr 17
Changed: Aug 31
Last Checked: Aug 31 at 2:59AM
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.
This four-family property contains 4,194 square feet and combines vintage architectural elements with a range of modern improvements. The front three apartments offer hardwood flooring, abundant natural light, and cross ventilation. A renovated two-level rear apartment includes mini-split systems, radiant-heated floors, a private deck, and finished basement rooms with a full bath. Updated mechanical features include newer furnaces, mini-splits, and a newer hot water system. A former configuration joined the two first-floor apartments, creating flexibility for expanded living space.
The property provides two tandem off-street parking spaces, common laundry, separate utilities, and a shared on-demand hot water heater. Outdoor features include a deep backyard, storage shed, and potting shed. It is located steps from Wooster Square Park and moments from Yale, downtown New Haven, and area restaurants.
The property provides two tandem off-street parking spaces, common laundry, separate utilities, and a shared on-demand hot water heater. Outdoor features include a deep backyard, storage shed, and potting shed. It is located steps from Wooster Square Park and moments from Yale, downtown New Haven, and area restaurants.
Key Highlights
- 4,194‑square‑foot four‑family property with historic architectural details
- Two tandem off‑street parking spaces
- Renovated rear two‑level apartment with mini‑splits and radiant‑heated floors
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
$70,593
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
5.93%
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%
$1,411,860
$1.4M
Cap Rate 7%
$1,008,471
$1.0M
Cap Rate 9%
$784,367
$784.4K
Market Conditions
NOI Build-Up for 4,194 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
$108.2K $25.80/SF
− Vacancy
−$7.4K −$1.75/SF
EGI
$100.8K $24.05/SF
− OpEx
−$30.3K −$7.21/SF
NOI
$70.6K $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%
$1,411,860
Cap Rate 7%
$1,008,471
Cap Rate 9%
$784,367
Alternative Uses
Best Use
Multifamily LT 5
$1.01M
$882.4K – $1.18M
NOI $70,593 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$938.4K
$821.1K – $1.09M
NOI $65,689 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,437 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,077
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Historic multifamily asset offering updated systems, shared laundry, separate utilities, and flexible apartment configurations.
Where is this quadplex located?
The property is located at 538 Chapel Street New Haven, CT.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: 4,194‑square‑foot four‑family property with historic architectural details; Two tandem off‑street parking spaces; Renovated rear two‑level apartment with mini‑splits and radiant‑heated floors
