Three-Unit Multifamily
For Sale
$924,900
590 Whitney Avenue, New Haven, CT 06511
Well-maintained three-family property with hardwood floors, renovated third-floor unit, and dedicated off-street parking.
Property Size3,103 SF
Days on Market27
Property Features for 590 Whitney Avenue
General Information
Standard status
Active
Size
3,103 SF
Total Parking Spaces
5
Property subtype
Multi Family Home
Zoning
RH1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$16,364
Amenities
hardwood floors
stained glass accents
pocket doors
covered balcony
new kitchen
updated bathroom
laundry room
basement
Building Details
Building Size
3,103 SF
Year Built
1900
Buildings
1
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
Exp Realty
(475) 227-6114
Listed By:
Henry Guo
(475) 227-6114
Source:
Westshorerealty
Added: Jul 13
Changed: Aug 8
Last Checked: Aug 8 at 11:47AM
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 Exp Realty
Investment Insights
Based on property information with market context.
This well-maintained three-family home was built in 1900 and offers two units on the first and second floors plus a third-floor unit. The first- and second-floor units each provide two bedrooms and one full bath, with hardwood floors throughout, oversized windows, charming stained glass accents, and elegant pocket doors. The second-floor unit also includes a covered balcony.
The third-floor unit has been completely renovated from top to bottom and features three bedrooms and one full bath. The brand-new kitchen includes shaker cabinets, stainless steel appliances, and a center island, and the updated bathroom includes a floating vanity, a full glass walk-in shower, and ample storage. This unit also has a dedicated laundry room with a brand-new washer and dryer.
A full basement provides shared laundry and additional storage. The property also includes a paved driveway with five dedicated off-street parking spaces.
The third-floor unit has been completely renovated from top to bottom and features three bedrooms and one full bath. The brand-new kitchen includes shaker cabinets, stainless steel appliances, and a center island, and the updated bathroom includes a floating vanity, a full glass walk-in shower, and ample storage. This unit also has a dedicated laundry room with a brand-new washer and dryer.
A full basement provides shared laundry and additional storage. The property also includes a paved driveway with five dedicated off-street parking spaces.
Key Highlights
- Three‑family building with units on first, second, and third floors
- First- and second‑floor units: two bedrooms and one full bath each
- Third‑floor unit fully renovated with three bedrooms and one full bath
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
$52,229
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
5.65%
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%
$1,044,580
$1.0M
Cap Rate 7%
$746,129
$746.1K
Cap Rate 9%
$580,322
$580.3K
Market Conditions
NOI Build-Up for 3,103 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
$80.1K $25.80/SF
− Vacancy
−$5.4K −$1.75/SF
EGI
$74.6K $24.05/SF
− OpEx
−$22.4K −$7.21/SF
NOI
$52.2K $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%
$1,044,580
Cap Rate 7%
$746,129
Cap Rate 9%
$580,322
Alternative Uses
Best Use
Multifamily LT 5
$746.1K
$652.9K – $870.5K
NOI $52,229 @ 7.0% cap · market cap 5.65%
Second Best
Apartment 5plus
$694.3K
$607.5K – $810.0K
NOI $48,601 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$998.2K
$873.4K – $1.16M
NOI $69,871 @ 7.0% cap · market cap 7.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,003
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 - Well-maintained three-family property with hardwood floors, renovated third-floor unit, and dedicated off-street parking.
Where is this triplex located?
The property is located at 590 Whitney Avenue New Haven, CT.
What is the asking price?
The asking price for this property is $924,900.
What are key features of this property?
This property features: Three‑family building with units on first, second, and third floors; First- and second‑floor units: two bedrooms and one full bath each; Third‑floor unit fully renovated with three bedrooms and one full bath
