Three-Unit Multifamily
For Sale
$675,000
586 Orchard St, New Haven, CT 06511
Three residential units provide flexible occupancy options with rear parking and RM2 zoning.
Property Size3,946 SF
Price / SF$171.06
Days on Market11
Property Features for 586 Orchard St
General Information
Standard status
Active
Size
3,946 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1905
Buildings
1
Listing Agency:
Exceptional Real Estate LLC
Listed By:
Patrick Garrett (203) 927-7309
(203) 927-7309
Source:
Yourcthomeguide
Added: Sep 14
Changed: Sep 16
Last Checked: Sep 22 at 4:57PM
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 Exceptional Real Estate LLC
Investment Insights
Based on property information with market context.
This 1905-built triplex in New Haven contains three residential units with a combined 10 bedrooms and 3 full baths. The property also includes a rear parking lot and is offered in as-is condition, with the seller making no repairs.
RM2 zoning supports the property's multifamily classification. The three-unit layout provides options for an investor seeking rental income or an owner-occupant planning to live in one unit while leasing the others. Located at 586 Orchard Street, the property is positioned within an established residential area of New Haven.
RM2 zoning supports the property's multifamily classification. The three-unit layout provides options for an investor seeking rental income or an owner-occupant planning to live in one unit while leasing the others. Located at 586 Orchard Street, the property is positioned within an established residential area of New Haven.
Key Highlights
- Three residential units with 10 total bedrooms
- 3 full baths across the property
- Rear parking lot included
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
$61,805
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
9.16%
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%
$1,236,100
$1.2M
Cap Rate 7%
$882,929
$882.9K
Cap Rate 9%
$686,722
$686.7K
Market Conditions
NOI Build-Up for 3,946 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
$119.8K $30.36/SF
− Vacancy
−$7.4K −$1.88/SF
EGI
$112.4K $28.48/SF
− OpEx
−$50.6K −$12.81/SF
NOI
$61.8K $15.66/SF
Area
New Haven, CT
Vacancy
6.20%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$1,236,100
Cap Rate 7%
$882,929
Cap Rate 9%
$686,722
Alternative Uses
Best Use
Multifamily LT 5
$948.8K
$830.2K – $1.11M
NOI $66,419 @ 7.0% cap · market cap 9.84%
Second Best
Apartment 5plus
$882.9K
$772.6K – $1.03M
NOI $61,805 @ 7.0% cap · market cap 9.16%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,853 @ 7.0% cap · market cap 13.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,414
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units provide flexible occupancy options with rear parking and RM2 zoning.
Where is this triplex located?
The property is located at 586 Orchard St New Haven, CT.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Three residential units with 10 total bedrooms; 3 full baths across the property; Rear parking lot included
