13-Unit Apartment
For Sale
$2,575,000
Pending
83 E Grand Avenue, New Haven, CT 06513
MULTI_FAMILY - New Haven, CT
Property Size10,394 SF
Lot Size0.79 Acres
Days on Market141
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
Bedroom 7, Bathroom 2, Bathroom 14, Bedroom 4, Bathroom 11, Bathroom 15, Bathroom 9, Bedroom 20, Bedroom 6, Bathroom 7, Basement, Bedroom 3, Bedroom 12, Bedroom 15, Bathroom 16, Bedroom 18, Bedroom 17, Bedroom 8, Bedroom 10, Bathroom 3, Bedroom 16, Bedroom 19, Bedroom 2, Bathroom 12, Bathroom 5, Bedroom 13, Bedroom 1, Bedroom 9, Bedroom 11, Bathroom 4, Bathroom 1, Bedroom 14, Bathroom 13, Bedroom 5, Bathroom 10, Bathroom 6, Bathroom 8
Patio and Porch features
Patio
Exterior features
Lighting,Patio
Basement
Partial, Partially Finished
Lot features
Lightly Wooded, Level Lot
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
Quinnipiac to E Grand.
Standard status
Pending
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
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: Mar 25
Changed: Aug 10
Last Checked: Aug 12 at 1:06AM
MLS# 24162101
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.
Updated and well-maintained, fully rented 13-unit apartment building portfolio at 83 E Grand Avenue in New Haven’s Fair Haven Heights neighborhood. The property consists of three buildings with a unit mix that includes 1-bedroom townhome-style units, ADA-compliant 2-bedroom units, and larger 3- and 4-bedroom apartments.
Unit finishes include tile flooring, wood kitchen cabinets, granite countertops, and hardwood floors, along with well-maintained kitchens and baths. Heating is provided via baseboard. Cooling is split by unit type: 2-, 3-, and 4-bedroom units have gas heat and central air, while the 1-bedroom units are all electric with no central A/C and use window units. The property also features a patio and exterior lighting, and it is served by public water and public sewer.
Year built per City records is 1979, 1930, and 1870.
Unit finishes include tile flooring, wood kitchen cabinets, granite countertops, and hardwood floors, along with well-maintained kitchens and baths. Heating is provided via baseboard. Cooling is split by unit type: 2-, 3-, and 4-bedroom units have gas heat and central air, while the 1-bedroom units are all electric with no central A/C and use window units. The property also features a patio and exterior lighting, and it is served by public water and public sewer.
Year built per City records is 1979, 1930, and 1870.
Key Highlights
- Fully rented 13‑unit apartment building portfolio across three buildings
- Zoned RM1 with public water and public sewer
- Unit mix includes 1‑bedroom townhome‑style units, ADA‑compliant 2‑bed units, plus 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
6.32%
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
Lease Details
13
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road 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
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 - Fully rented 13-unit apartment building zoned RM1 with patio and public water and sewer access.
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 $2,575,000.
What are key features of this property?
This property features: Fully rented 13‑unit apartment building portfolio across three buildings; Zoned RM1 with public water and public sewer; Unit mix includes 1‑bedroom townhome‑style units, ADA‑compliant 2‑bed units, plus 3- and 4‑bedroom apartments
