Westville Jazz-Age Apartment
55-57 Marvel Road, New Haven, CT 06515
Unique 11-unit apartment building with development potential.
Type:Multi-Family / 5 Family+
Property size:
10,204 SFPrice / SF:
$176/SF- Added:
- Sep 8, 2025
- Days on Market:
- 269
- Last Refresh:
- Mar 19 at 9:04 pm
Property Features for 55-57 Marvel Road
General Information
- Standard status
- Active
- Size
- 10,204 SF
- Property subtype
- Multi-Family / 5 Family+
Building Details
- Year Built
- 1920
Listing agent Rebecca Weiner License #RES.0791631 (203) 687-8227
Listing office Betsy Grauer Realty, Inc (203) 687-8227
Listing date Sep 8, 2025
Source Compass
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 Betsy Grauer Realty, Inc
HighLights
- Six vacant units at closing offer immediate opportunity for renovation and re‑rental.
- Substantial unfinished space (5000+ sq ft on 3rd floor, 4000 sq ft in lower level) presents significant development potential.
- Prime Westville location on a quiet, highly desirable residential block.
- Grandfathered status as‑built in 1926, making it a unique property.
- Historic jazz‑age apartment building with original craftsmanship like 9' ceilings, hardwood floors, moldings, balusters.
- Currently designated as 11 units with regular LCI inspections.
Overview
This unique piece of New Haven History is a jazz-age apartment building located in the heart of Westville. Constructed in 1926, the building features 9' ceilings, hardwood floors, moldings, and balusters. Much of the original craftsmanship remains. The building is grandfathered as-built and sits on a quiet, highly coveted mostly single-family residential block in an RS2 zone. Based on apartment layouts, doors, windows, & moldings, it appears 10 apartments + superintendent unit were original design. Used as 11 units since at least the 1950s, the building is designated as 11 units with LCI, which has regularly inspected. The Certificate of Occupancy however was issued in 1926 for 8 units. Six units will be empty at closing, ready for new owners to update and re-rent. Five other tenants hope to stay. The unfinished 3rd floor features over 5000 sq ft of potentially developable space, with an additional approximately 4000 sq ft more in the lower level. The property size is 10204 square feet.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $309.8k | $30.36 |
| − Vacancy | −$19.2k | −$1.88 |
| EGI | $290.6k | $28.48 |
| − OpEx | −$130.8k | −$12.81 |
| NOI | $159.8k | $15.66 |
10,204 SF · lease $30.36/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.28M
$2.00M – $2.66M
NOI $159,822 @ 7.0% cap · market cap 8.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.28M
$2.87M – $3.83M
NOI $229,766 @ 7.0% cap · market cap 12.76%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- New Haven
- County
- New Haven
- State
- Connecticut
- Longitude
- -72.9632539
- Latitude
- 41.3202116
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Unique 11-unit apartment building with development potential.
Where is this apartment building located?
The property is located at 55-57 Marvel Road New Haven, CT.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Six vacant units at closing offer immediate opportunity for renovation and re‑rental.; Substantial unfinished space (5000+ sq ft on 3rd floor, 4000 sq ft in lower level) presents significant development potential.; Prime Westville location on a quiet, highly desirable residential block.
