13-Unit Apartment Building
New
For Sale
$2,495,000
83 E Grand Avenue, New Haven, CT 06513
Commercial For Sale, New Haven, CT
Property Size10,394 SF
Lot Size0.79 Acres
Price / SF$240.04
Days on Market5
Property Features for 83 E Grand Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RM1
Bathrooms
15
Full bathrooms
13
Half bathrooms
2
Rooms
Bathroom 9, Bathroom 14, Bathroom 3, Bathroom 15, Bathroom 7, Bathroom 2, Bathroom 13, Bathroom 1, Bathroom 5, Bathroom 12, Bathroom 10, Bathroom 11, Bathroom 8, Bathroom 6, Bathroom 4
Exterior features
Gutters,Lighting
Lot features
Level Lot
Directions
Quinnipiac to East Grand
Standard status
Active
Size
10,394 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
Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1979
Flooring type
Tile - Ceramic, Wood, Carpet - Full
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# 24208278
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 multifamily portfolio includes 13 apartments across three buildings on a 0.79-acre site. The 10,394-square-foot property offers a mix of one-bedroom townhouse-style units, ADA-compliant two-bedroom apartments, and larger three- and four-bedroom layouts. Interior features include ceramic tile, hardwood flooring, wood cabinetry, granite countertops, and maintained kitchen and bathroom areas. Two-, three-, and four-bedroom units have gas heat and central air, while the one-bedroom units are all-electric and do not have central AC.
The property is positioned on East Grand Avenue in New Haven’s Fair Haven Heights neighborhood, with access to I-91 and I-95, downtown New Haven, Yale University, public transportation, schools, shopping, dining, and nearby employment centers. Zoning is RM1, and the buildings use public water and public sewer. City records identify construction years of 1979, 1930, and 1870 for the three buildings.
The property is positioned on East Grand Avenue in New Haven’s Fair Haven Heights neighborhood, with access to I-91 and I-95, downtown New Haven, Yale University, public transportation, schools, shopping, dining, and nearby employment centers. Zoning is RM1, and the buildings use public water and public sewer. City records identify construction years of 1979, 1930, and 1870 for the three buildings.
Key Highlights
- 13‑unit multifamily portfolio comprising three buildings
- 10,394 square feet on 0.79 acres
- Unit mix includes 1‑bedroom, ADA‑compliant 2‑bedroom, and 3- and 4‑bedroom 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
6.52%
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 6.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.34M
$2.93M – $3.90M
NOI $234,045 @ 7.0% cap · market cap 9.38%
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
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
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 apartment layouts, public utilities, and established occupancy.
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 portfolio comprising three buildings; 10,394 square feet on 0.79 acres; Unit mix includes 1‑bedroom, ADA‑compliant 2‑bedroom, and 3- and 4‑bedroom apartments
