Turnkey Three-Family Income
For Sale
$550,000
Pending
758 Legion Avenue, New Haven, CT 06519
Turnkey three-family property with five total bedrooms and three total bathrooms across three units.
Property Size3,116 SF
Days on Market128
Property Features for 758 Legion Avenue
General Information
Standard status
Pending
Size
3,116 SF
Property subtype
3 Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1929
Tenancy
Multi
Listing Agency:
Roundtree Realty LLC
Listed By:
Javyn Roundtree · License #REB.0795713
(475) 227-4312
Source:
Lockandkeyre
Added: May 3
Changed: Aug 8
Last Checked: Jul 23 at 5:44AM
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 Roundtree Realty LLC
Investment Insights
Based on property information with market context.
758 Legion Avenue is a turnkey three-family residential income property configured as three separate units with a total of five bedrooms and three bathrooms. The units feature functional layouts and the building is positioned to support straightforward operations for an owner-operator or investor.
The property is located in close proximity to Yale University and major hospitals, with ongoing redevelopment activity described throughout New Haven. This location profile can be relevant for renters seeking access to employment and healthcare destinations in the area.
As a three-unit asset, 758 Legion Avenue provides consolidated ownership of multiple living spaces under one roof, offering a practical way to add multifamily exposure in an established rental market.
The property is located in close proximity to Yale University and major hospitals, with ongoing redevelopment activity described throughout New Haven. This location profile can be relevant for renters seeking access to employment and healthcare destinations in the area.
As a three-unit asset, 758 Legion Avenue provides consolidated ownership of multiple living spaces under one roof, offering a practical way to add multifamily exposure in an established rental market.
Key Highlights
- Three‑family property built in 1929 in New Haven
- Total of 5 bedrooms and 3 bathrooms across 3 units
- Property presented as turnkey for immediate investment
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
$48,805
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
8.87%
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%
$976,100
$976.1K
Cap Rate 7%
$697,214
$697.2K
Cap Rate 9%
$542,278
$542.3K
Market Conditions
NOI Build-Up for 3,116 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
$94.6K $30.36/SF
− Vacancy
−$5.9K −$1.88/SF
EGI
$88.7K $28.48/SF
− OpEx
−$39.9K −$12.81/SF
NOI
$48.8K $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%
$976,100
Cap Rate 7%
$697,214
Cap Rate 9%
$542,278
Alternative Uses
Best Use
Multifamily LT 5
$749.3K
$655.6K – $874.1K
NOI $52,448 @ 7.0% cap · market cap 9.54%
Second Best
Apartment 5plus
$697.2K
$610.1K – $813.4K
NOI $48,805 @ 7.0% cap · market cap 8.87%
Theoretical Best
Office A
$1.00M
$877.1K – $1.17M
NOI $70,164 @ 7.0% cap · market cap 12.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,330
Businesses Nearby
Explore this area
Business Placement
Demographics for 06519, CT
15,450
Population
6,424
Households
2.4
Avg Household Size
33
Median Age
20%
College-Educated
77%
High-School Grad
1.8 sq mi
ZIP Area
8,583
Density / Sq Mi
$44,394
Median Household Income
$29,745
Median Earnings
$1,356
Median Rent
$247,600
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 - Turnkey three-family property with five total bedrooms and three total bathrooms across three units.
Where is this triplex located?
The property is located at 758 Legion Avenue New Haven, CT.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Three‑family property built in 1929 in New Haven; Total of 5 bedrooms and 3 bathrooms across 3 units; Property presented as turnkey for immediate investment
