Colonial Quadplex with Carriage
For Sale
$999,000
Pending
540 Whitney Avenue, New Haven, CT 06511
Updated kitchens, separate utilities, balconies, and basement storage complement the four-unit rental configuration.
Property Size4,134 SF
Lot Size0.17 Acres
Days on Market167
Property Features for 540 Whitney Avenue
General Information
Standard status
Pending
Size
4,134 SF
Total Parking Spaces
5
Lot size
0.17 Acres
Property subtype
Multi-Family / 4 Family
Zoning
RH1
Net Operating Income
$46,563
Additional Details
Public Transit
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$18,763
Amenities
balconies
on-site laundry
basement storage
No
Baseboard
16
Common Laundry Area
Balcony
Not Applicable
Building Details
Year Built
1904
Listing Agency:
Citi Atlas Real Estate Co LLC
(203) 671-3467
Listed By:
Timothy Serpe · License #REB.0790957
(203) 671-3467
Source:
Compass
Added: Mar 18
Changed: Aug 30
Last Checked: Aug 30 at 7:13PM
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 Citi Atlas Real Estate Co LLC
Investment Insights
Based on property information with market context.
This 4,134-square-foot quadplex combines three apartments in the main residence with a detached single-family carriage house. The 1904 property retains hardwood flooring, crown molding, fireplace mantels, ornate architectural features, and large windows, while updated kitchens add modern cabinets, countertops, and appliances. Balconies serve the second and third floors, and the property includes common laundry, basement storage, and separate utilities. Recent improvements include kitchen renovations, electrical panels, hot water heaters, the roof, and exterior paint.
Set on a 0.17-acre lot at 540 Whitney Avenue in New Haven, the property provides five off-street parking spaces and RH1 zoning. East Rock Park, local markets, restaurants, neighborhood shops, public transit, the Yale shuttle, downtown New Haven, parks, and recreation are all identified nearby. The configuration also supports an owner-occupant arrangement alongside rental use.
Set on a 0.17-acre lot at 540 Whitney Avenue in New Haven, the property provides five off-street parking spaces and RH1 zoning. East Rock Park, local markets, restaurants, neighborhood shops, public transit, the Yale shuttle, downtown New Haven, parks, and recreation are all identified nearby. The configuration also supports an owner-occupant arrangement alongside rental use.
Key Highlights
- Four‑unit layout with three apartments in the main house and a separate single‑family carriage house
- 4,134 square feet on a 0.17‑acre lot
- Built in 1904 with recent updates to kitchens, electrical panels, hot water heaters, roof, and exterior paint
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
$69,583
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
6.97%
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%
$1,391,660
$1.4M
Cap Rate 7%
$994,043
$994.0K
Cap Rate 9%
$773,144
$773.1K
Market Conditions
NOI Build-Up for 4,134 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
$106.7K $25.80/SF
− Vacancy
−$7.3K −$1.75/SF
EGI
$99.4K $24.05/SF
− OpEx
−$29.8K −$7.21/SF
NOI
$69.6K $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%
$1,391,660
Cap Rate 7%
$994,043
Cap Rate 9%
$773,144
Alternative Uses
Best Use
Multifamily LT 5
$994.0K
$869.8K – $1.16M
NOI $69,583 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$925.0K
$809.4K – $1.08M
NOI $64,750 @ 7.0% cap · market cap 6.48%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $93,086 @ 7.0% cap · market cap 9.32%
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
1,285
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?
Quadplex - Updated kitchens, separate utilities, balconies, and basement storage complement the four-unit rental configuration.
Where is this quadplex located?
The property is located at 540 Whitney Avenue New Haven, CT.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Four‑unit layout with three apartments in the main house and a separate single‑family carriage house; 4,134 square feet on a 0.17‑acre lot; Built in 1904 with recent updates to kitchens, electrical panels, hot water heaters, roof, and exterior paint
