13-Unit Multifamily
New
For Sale
$2,495,000
83 East Grand Ave, New Haven, CT 06513
Three-building apartment property with a varied unit mix, updated interiors, and full occupancy in Fair Haven Heights.
Property Size10,394 SF
Price / SF$240.04
Days on Market4
Property Features for 83 East Grand Ave
General Information
Standard status
Active
Size
10,394 SF
Property subtype
Commercial
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
13
Building Details
Year Built
1979
Buildings
3
Listing Agency:
Coldwell Banker Realty
(203) 577-7308
Listed By:
Linda Edelwich Team
(860) 818-3610
Source:
Agentsonmain
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 22 at 4:46PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 13-unit multifamily property comprises three buildings on East Grand Avenue in New Haven’s Fair Haven Heights neighborhood. The unit mix includes one-bedroom townhome-style apartments, ADA-compliant two-bedroom units, and larger three- and four-bedroom residences. Interior features include tile and hardwood flooring, wood kitchen cabinetry, granite countertops, and maintained kitchens and baths. The property is fully rented and offers in-place rental income.
Two-, three-, and four-bedroom units have gas heat and central air, while the one-bedroom apartments are all-electric and do not have central AC. The property is located minutes from I-91, I-95, downtown New Haven, and Yale University, with public transportation, schools, shopping, dining, and local businesses nearby. The property information also identifies possible future unit expansion opportunities, subject to buyer due diligence.
Two-, three-, and four-bedroom units have gas heat and central air, while the one-bedroom apartments are all-electric and do not have central AC. The property is located minutes from I-91, I-95, downtown New Haven, and Yale University, with public transportation, schools, shopping, dining, and local businesses nearby. The property information also identifies possible future unit expansion opportunities, subject to buyer due diligence.
Key Highlights
- 13‑unit multifamily property across three buildings
- Unit mix includes 1‑bedroom townhome‑style, ADA‑compliant 2‑bedroom, and 3- and 4‑bedroom apartments
- Fully rented with in‑place rental income
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
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Current Use
Lease Details
13
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road 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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-building apartment property with a varied unit mix, updated interiors, and full occupancy in Fair Haven Heights.
Where is this apartment building located?
The property is located at 83 East Grand Ave 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 1‑bedroom townhome‑style, ADA‑compliant 2‑bedroom, and 3- and 4‑bedroom apartments; Fully rented with in‑place rental income
