13-Unit Apartment
New
For Sale
$2,495,000
83 E Grand Avenue, New Haven, CT 06513
Multi-Family For Sale, Units on different Floors,Units are Side-by-Side, New Haven, CT
Property Size6,386 SF
Lot Size0.79 Acres
Price / SF$390.70
Days on Market5
Property Features for 83 E Grand Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM1
Bedrooms
20
Bathrooms
16
Full bathrooms
14
Half bathrooms
2
Rooms
Bathroom 15, Bathroom 7, Bedroom 5, Bedroom 3, Bedroom 4, Bathroom 3, Bathroom 5, Bedroom 17, Bedroom 19, Bedroom 12, Bedroom 8, Bathroom 6, Bathroom 12, Bathroom 10, Bedroom 7, Bedroom 18, Bedroom 20, Bathroom 16, Bedroom 14, Bathroom 9, Bedroom 1, Bathroom 2, Bedroom 10, Bedroom 2, Bedroom 11, Bathroom 4, Bathroom 14, Bedroom 9, Bedroom 13, Bathroom 8, Bedroom 6, Bathroom 11, Bedroom 16, Bedroom 15, Bathroom 1, Basement, Bathroom 13
Patio and Porch features
Patio
Exterior features
Lighting,Patio
Basement
Partially Finished, Partial
Lot features
Lightly Wooded, Level Lot
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
Quinnipiac to East Grand
Standard status
Active
Size
6,386 SF
Lot size
0.79 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
37428
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Central Air, Window Unit(s)
Water source
Public
Building Details
Year built
1979
Architectural style
Other
Listing Agency:
Pulse Realty LLC
(203) 672-4888
Listed By:
Douglas Ledewitz · License #REB.0759199
(203) 305-5282
Added: Sep 20
Last Checked: Sep 24 at 12:06AM
MLS# 24208234
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 13-unit multifamily property spans three buildings on 0.79 acres and contains 6,386 square feet. The unit mix includes nine one-bedroom townhouse-style apartments, two ADA-compliant two-bedroom units, and larger three- and four-bedroom apartments. Interiors include tile and hardwood flooring, wood cabinetry, granite countertops, and maintained kitchens and bathrooms. The property is fully occupied, with central air and gas heat serving the two-, three-, and four-bedroom units; the one-bedroom apartments are all-electric.
Located on East Grand Avenue in New Haven, the property provides access to I-91, I-95, Downtown New Haven, Yale University, public transportation, shopping, dining, and major employment centers. Public water and sewer serve the property, which also includes patio areas and exterior lighting. Zoning is RM1.
Located on East Grand Avenue in New Haven, the property provides access to I-91, I-95, Downtown New Haven, Yale University, public transportation, shopping, dining, and major employment centers. Public water and sewer serve the property, which also includes patio areas and exterior lighting. Zoning is RM1.
Key Highlights
- 13‑unit multifamily property across three buildings
- Unit mix includes nine 1‑bedroom, two 2‑bedroom, and larger 3- and 4‑bedroom apartments
- 6,386 square feet on 0.79 acres
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
$100,022
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
4.01%
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%
$2,000,440
$2.0M
Cap Rate 7%
$1,428,886
$1.4M
Cap Rate 9%
$1,111,356
$1.1M
Market Conditions
NOI Build-Up for 6,386 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
$193.9K $30.36/SF
− Vacancy
−$12.0K −$1.88/SF
EGI
$181.9K $28.48/SF
− OpEx
−$81.8K −$12.81/SF
NOI
$100.0K $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%
$2,000,440
Cap Rate 7%
$1,428,886
Cap Rate 9%
$1,111,356
Alternative Uses
Best Use
Apartment 5plus
$1.43M
$1.25M – $1.67M
NOI $100,022 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.05M
$1.80M – $2.40M
NOI $143,795 @ 7.0% cap · market cap 5.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
13
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
475
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Three-building multifamily property with varied layouts, public utilities, and convenient access to transportation, shopping, dining, and employment centers.
Where is this apartment building located?
The property is located at 83 E Grand Avenue New Haven, CT.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: 13‑unit multifamily property across three buildings; Unit mix includes nine 1‑bedroom, two 2‑bedroom, and larger 3- and 4‑bedroom apartments; 6,386 square feet on 0.79 acres
