Nine-Unit Apartment
For Sale
$1,900,000
66-70 William Street, New Haven, CT 06511
Two buildings provide renovated apartments, six garages, and off-street parking in a professionally managed multifamily asset.
Property Size6,852 SF
Days on Market109
Property Features for 66-70 William Street
General Information
Standard status
Active
Size
6,852 SF
Property subtype
Multi Family Home
Zoning
RM2
Net Operating Income
$144,171
Taxes and HOA fees
Annual Taxes
$21,058
Building Details
Building Size
6,852 SF
Year Built
1900
Units
9
Listing Agency:
Farnam Realty Group
(203) 671-2719
Listed By:
James Huffman
(203) 671-2719
Source:
Westshorerealty
Added: May 15
Changed: Aug 29
Last Checked: Aug 30 at 5:34PM
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 Farnam Realty Group
Investment Insights
Based on property information with market context.
This RM2-zoned apartment property comprises two buildings at 66-70 William Street: a six-unit building at 66 William and a three-unit building at 70 William. The nine apartments include six garages and additional off-street parking. Seven units have been renovated within the past couple of years, while eight include in-unit washer and dryer connections or equipment; a basement coin-operated laundry area is also available. Two apartments have mini-split air-conditioning systems.
The property was built in 1900 and has received a series of documented improvements. Work includes three new hot water heaters in 2019, exterior paint and new trim in 2019, electrical upgrades to 100w in 2019, a partial roof replacement in 2019, driveway repair and striping in 2019, garage painting and selected new doors in 2019, and common-area renovations in 2020. Professional management is in place.
The property was built in 1900 and has received a series of documented improvements. Work includes three new hot water heaters in 2019, exterior paint and new trim in 2019, electrical upgrades to 100w in 2019, a partial roof replacement in 2019, driveway repair and striping in 2019, garage painting and selected new doors in 2019, and common-area renovations in 2020. Professional management is in place.
Key Highlights
- Nine apartments across two buildings: six units at 66 William Street and three units at 70 William Street
- Seven of 9 units renovated within the past couple of years
- Six garages plus additional off‑street parking
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
$107,321
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%
$2,146,420
$2.1M
Cap Rate 7%
$1,533,157
$1.5M
Cap Rate 9%
$1,192,456
$1.2M
Market Conditions
NOI Build-Up for 6,852 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
$208.0K $30.36/SF
− Vacancy
−$12.9K −$1.88/SF
EGI
$195.1K $28.48/SF
− OpEx
−$87.8K −$12.81/SF
NOI
$107.3K $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%
$2,146,420
Cap Rate 7%
$1,533,157
Cap Rate 9%
$1,192,456
Alternative Uses
Best Use
Apartment 5plus
$1.53M
$1.34M – $1.79M
NOI $107,321 @ 7.0% cap · market cap 5.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.20M
$1.93M – $2.57M
NOI $154,288 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,077
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?
Apartment building - Two buildings provide renovated apartments, six garages, and off-street parking in a professionally managed multifamily asset.
Where is this apartment building located?
The property is located at 66-70 William Street New Haven, CT.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Nine apartments across two buildings: six units at 66 William Street and three units at 70 William Street; Seven of 9 units renovated within the past couple of years; Six garages plus additional off‑street parking
