Occupied Brick Triplex With
For Sale
$789,000
55 Parmalee Ave, New Haven, CT 06511
Fully occupied three-unit property with hardwood floors, off-street parking, and a detached garage.
Property Size3,900 SF
Days on Market8
Property Features for 55 Parmalee Ave
General Information
Standard status
Active
Size
3,900 SF
Property subtype
Multi Family
Building Details
Building Size
3,900 SF
Year Built
1965
Listing Agency:
HomeSmart Homes and Estates
(203) 833-3681
Listed By:
Michael Bachmann · License #RES.0824866
(203) 833-3681
Source:
Elliman
Added: Aug 16
Changed: Aug 17
Last Checked: Aug 22 at 10:31AM
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 HomeSmart Homes and Estates
Investment Insights
Based on property information with market context.
This 1965 brick triplex contains approximately 3,900 square feet of living space across three residential units. Each apartment offers hardwood flooring, a generously sized living room, a separate dining room, and an ample layout. The property also includes a detached one-car garage, off-street parking, and a large backyard.
The property is located minutes from Yale New Haven Hospital Saint Raphael Campus and Downtown New Haven, with access to Route 34 and other major commuter routes. WalkScore is 74, BikeScore is 71, and TransitScore is 55, reflecting convenient access to walking, cycling, and public transportation options.
The property is located minutes from Yale New Haven Hospital Saint Raphael Campus and Downtown New Haven, with access to Route 34 and other major commuter routes. WalkScore is 74, BikeScore is 71, and TransitScore is 55, reflecting convenient access to walking, cycling, and public transportation options.
Key Highlights
- Fully occupied brick triplex with 3 residential units
- Approximately 3,900 sq. ft. of living space; built in 1965
- Each unit includes hardwood floors, a large living room, and a dining room
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
$65,644
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
8.32%
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%
$1,312,880
$1.3M
Cap Rate 7%
$937,771
$937.8K
Cap Rate 9%
$729,378
$729.4K
Market Conditions
NOI Build-Up for 3,900 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
$100.6K $25.80/SF
− Vacancy
−$6.8K −$1.75/SF
EGI
$93.8K $24.05/SF
− OpEx
−$28.1K −$7.21/SF
NOI
$65.6K $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%
$1,312,880
Cap Rate 7%
$937,771
Cap Rate 9%
$729,378
Alternative Uses
Best Use
Multifamily LT 5
$937.8K
$820.6K – $1.09M
NOI $65,644 @ 7.0% cap · market cap 8.32%
Second Best
Apartment 5plus
$872.6K
$763.6K – $1.02M
NOI $61,085 @ 7.0% cap · market cap 7.74%
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,817 @ 7.0% cap · market cap 11.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,482
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 - Fully occupied three-unit property with hardwood floors, off-street parking, and a detached garage.
Where is this triplex located?
The property is located at 55 Parmalee Ave New Haven, CT.
What is the asking price?
The asking price for this property is $789,000.
What are key features of this property?
This property features: Fully occupied brick triplex with 3 residential units; Approximately 3,900 sq. ft. of living space; built in 1965; Each unit includes hardwood floors, a large living room, and a dining room
