Three-Family Property with Separate
New
For Sale
$650,000
54 Pearl Street, New Haven, CT 06511
RM2-zoned triplex near Yale University, neighborhood retail, cafes, and everyday amenities in New Haven’s East Rock area.
Property Size1,900 SF
Price / SF$292.79
Days on Market6
Property Features for 54 Pearl Street
General Information
Standard status
Active
Size
1,900 SF
Property subtype
2 Family
Building Details
Building Size
1,900 SF
Year Built
1900
Listing Agency:
KW Legacy Partners
(203) 508-0123
Listed By:
Chanelle Goldson · License #452508574
(203) 508-0123
Source:
Iverty
Added: Aug 28
Changed: Aug 31
Last Checked: Sep 1 at 6:04PM
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 KW Legacy Partners
Investment Insights
Based on property information with market context.
This three-family property has served as a triplex for more than 30 years and is being offered as-is. The current configuration includes five bedrooms, while the property card reflects six; buyers should verify the layout and bedroom count during due diligence. Each unit has an individual boiler, water heater, and gas meter, providing distinct building systems across the apartments.
The property is located on Pearl Street in New Haven’s East Rock neighborhood, near boutique shops, cafes, and other neighborhood amenities. Yale University is only minutes away, and the surrounding street is described as having minimal traffic. RM2 zoning supports the existing multifamily classification, subject to buyer verification. Utilities have historically been included in rents, and the units have been leased below market. Conventional, rehab-loan, and cash transactions are identified as acceptable purchase methods.
The property is located on Pearl Street in New Haven’s East Rock neighborhood, near boutique shops, cafes, and other neighborhood amenities. Yale University is only minutes away, and the surrounding street is described as having minimal traffic. RM2 zoning supports the existing multifamily classification, subject to buyer verification. Utilities have historically been included in rents, and the units have been leased below market. Conventional, rehab-loan, and cash transactions are identified as acceptable purchase methods.
Key Highlights
- Established three‑family use for more than 30 years
- Individual boiler, water heater, and gas meter for each unit
- Five‑bedroom current configuration; property card reflects six bedrooms
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
$37,367
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
5.75%
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%
$747,340
$747.3K
Cap Rate 7%
$533,814
$533.8K
Cap Rate 9%
$415,189
$415.2K
Market Conditions
NOI Build-Up for 2,220 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
$57.3K $25.80/SF
− Vacancy
−$3.9K −$1.75/SF
EGI
$53.4K $24.05/SF
− OpEx
−$16.0K −$7.21/SF
NOI
$37.4K $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%
$747,340
Cap Rate 7%
$533,814
Cap Rate 9%
$415,189
Alternative Uses
Best Use
Multifamily LT 5
$533.8K
$467.1K – $622.8K
NOI $37,367 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$496.7K
$434.6K – $579.5K
NOI $34,771 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$714.1K
$624.9K – $833.1K
NOI $49,988 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
766
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?
Triplex - RM2-zoned triplex near Yale University, neighborhood retail, cafes, and everyday amenities in New Haven’s East Rock area.
Where is this triplex located?
The property is located at 54 Pearl Street New Haven, CT.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Established three‑family use for more than 30 years; Individual boiler, water heater, and gas meter for each unit; Five‑bedroom current configuration; property card reflects six bedrooms
