Waterfront Four-Unit Apartment
86-88 Cove Street New Haven, CT 06512
For Sale
$1,795,000
Four-unit residential income building with private balconies, forced hot air and central air, plus a four-car garage.
Property Size4,010 SF
Price / SF$447.63
Days on Market325
Property Features for 86-88 Cove Street
General Information
- Standard status
- Active
- Size
- 4,010 SF
- Property subtype
- Multi-Family / 4 Family
Building Details
- Year Built
- 1920
Listing Agency:
RE/MAX RISE
(203) 804-0058
Listed By:
David E Candelora · License #REB.0790431
(203) 804-0058
Source:
Compass
Added: Sep 3, 2025
Changed: Jul 23
Last Checked: Jul 23 at 3:15AM
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 RE/MAX RISE
Investment Insights
Based on property information with market context.
86-88 Cove Street presents a well-maintained four-unit residential income building with direct waterfront character. Each unit features hardwood floors, forced hot air combined with central air conditioning, and private balconies overlooking the water. Fireplaces are also included, adding to the property’s established charm.
The building includes a four-car garage, offering practical parking and storage for residents. Situated in New Haven’s Cove neighborhood, the property’s waterfront setting is a standout attribute for tenants who value an outdoor, water-view environment.
Overall, this is a compact, four-unit asset with strong in-unit comfort features and balcony space, supported by on-site garage parking.
The building includes a four-car garage, offering practical parking and storage for residents. Situated in New Haven’s Cove neighborhood, the property’s waterfront setting is a standout attribute for tenants who value an outdoor, water-view environment.
Overall, this is a compact, four-unit asset with strong in-unit comfort features and balcony space, supported by on-site garage parking.
Key Highlights
- Direct waterfront four‑unit building on L.I. Sound frontage with walk to water, beach, and water views
- Units include forced hot air with central air and private balconies overlooking the water
- 6 fireplaces total and hardwood floors featured in the units
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $103.5k | $25.80 |
| − Vacancy | −$7.0k | −$1.75 |
| EGI | $96.4k | $24.05 |
| − OpEx | −$28.9k | −$7.21 |
| NOI | $67.5k | $16.83 |
4,010 SF · lease $25.80/SF/yr · vacancy 6.80% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$964.2K
$843.7K – $1.12M
NOI $67,496 @ 7.0% cap · market cap 3.76%
Second Best
Apartment 5plus
$897.3K
$785.1K – $1.05M
NOI $62,808 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,294 @ 7.0% cap · market cap 5.03%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Four-unit residential income building with private balconies, forced hot air and central air, plus a four-car garage.
Where is this quadplex located?
The property is located at 86-88 Cove Street New Haven, CT.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: Direct waterfront four‑unit building on L.I. Sound frontage with walk to water, beach, and water views; Units include forced hot air with central air and private balconies overlooking the water; 6 fireplaces total and hardwood floors featured in the units
