New Haven Multifamily Investment
For Sale
$2,575,000
Pending
83 E Grand Ave, New Haven, CT 06513
Thirteen-unit multifamily portfolio in New Haven's Fair Haven Heights.
Property Size10,394 SF
Lot Size0.79 Acres
Days on Market146
Property Features for 83 E Grand Ave
General Information
Standard status
Pending
Size
10,394 SF
Lot size
0.79 Acres
Property subtype
Multi Family
Building Details
Building Size
10,394 SF
Year Built
1979
Listing Agency:
Pulse Realty LLC
(203) 305-5282
Listed By:
Douglas Ledewitz · License #REB.0759199
(203) 305-5282
Source:
Elliman
Added: Mar 31
Changed: Aug 17
Last Checked: Aug 23 at 5:50AM
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 Pulse Realty LLC
Investment Insights
Based on property information with market context.
This is a fully rented, 13-unit multifamily portfolio located on East Grand Ave in New Haven's Fair Haven Heights neighborhood. The property consists of three buildings with a unit mix including 1-bedroom townhome-style units, ADA-compliant 2-bedroom units, and larger 3 and 4 bedroom apartments. Units feature interior finishes such as tile flooring, wood kitchen cabinets, granite countertops, and hardwood floors. The asset benefits from historically low tenant turnover. There is strong in-place income with upside potential through future rent growth and possible unit expansion opportunities. The property is located minutes from I-91, I-95, downtown New Haven, Yale University, and major employment centers, with close proximity to public transportation, schools, shopping, dining, and local businesses within a high-demand rental market. The 2, 3, and 4-bedroom units have gas heat and central air. The 1-bedroom units are all approximately the same size and are all electric with no central AC. The years the buildings were built are 1979, 1930, and 1870.
Key Highlights
- Fully rented 13‑unit multifamily portfolio in a high‑demand rental market.
- Strong in‑place income with upside potential through rent growth.
- Desirable unit mix including 1‑bedroom townhomes and ADA‑compliant 2‑bedroom units, plus larger apartments.
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
$162,798
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
6.32%
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%
$3,255,960
$3.3M
Cap Rate 7%
$2,325,686
$2.3M
Cap Rate 9%
$1,808,867
$1.8M
Market Conditions
NOI Build-Up for 10,394 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
$315.6K $30.36/SF
− Vacancy
−$19.6K −$1.88/SF
EGI
$296.0K $28.48/SF
− OpEx
−$133.2K −$12.81/SF
NOI
$162.8K $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%
$3,255,960
Cap Rate 7%
$2,325,686
Cap Rate 9%
$1,808,867
Alternative Uses
Best Use
Apartment 5plus
$2.33M
$2.03M – $2.71M
NOI $162,798 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.34M
$2.93M – $3.90M
NOI $234,045 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
977
Businesses Nearby
Explore this area
Business Placement
Demographics for 06513, CT
38,618
Population
17,006
Households
2.3
Avg Household Size
36
Median Age
19%
College-Educated
80%
High-School Grad
7.2 sq mi
ZIP Area
5,364
Density / Sq Mi
$46,520
Median Household Income
$38,369
Median Earnings
$1,208
Median Rent
$226,600
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?
Apartment building - Thirteen-unit multifamily portfolio in New Haven's Fair Haven Heights.
Where is this apartment building located?
The property is located at 83 E Grand Ave New Haven, CT.
What is the asking price?
The asking price for this property is $2,575,000.
What are key features of this property?
This property features: Fully rented 13‑unit multifamily portfolio in a high‑demand rental market.; Strong in‑place income with upside potential through rent growth.; Desirable unit mix including 1‑bedroom townhomes and ADA‑compliant 2‑bedroom units, plus larger apartments.
