Three-Family Home with Central
For Sale
$645,000
Pending
875 Elm Street, New Haven, CT 06511
MULTI_FAMILY - New Haven, CT
Property Size3,422 SF
Lot Size0.13 Acres
Days on Market52
Property Features for 875 Elm Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 7, Basement, Bedroom 1, Bedroom 2, Bathroom 3, Bedroom 6, Bedroom 3, Bedroom 4, Bathroom 2, Bathroom 1, Bedroom 5
Parking
2
Basement
Full
Lot features
Level Lot
Elementary school
Per Board of Ed
High school
James Hillhouse
Directions
Ella Grasso to Elm
Standard status
Pending
Size
3,422 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
8817
Utilities
Sewer type
Public Sewer
Cooling system
Central Air, Window Unit(s)
Water source
Public
Amenities
in-unit laundry
central A/C
Building Details
Year built
1918
Listing Agency:
Real Broker CT, LLC
(855) 450-0442
Listed By:
Jennifer D'Amato · License #REB.0788209
(203) 605-7865
Added: Jun 18
Changed: Aug 4
Last Checked: Aug 8 at 8:06PM
MLS# 24184694
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.
Three-family home on a 0.13-acre lot containing 3,422 square feet, built in 1918 and zoned RM2. Cooling includes central air plus window units. The first-floor unit and second-floor unit were fully renovated about two years ago with new kitchens, updated bathrooms with tile surrounds and double sinks, new gas heat, replacement windows, updated flooring, and in-unit laundry.
The third-floor unit was updated in the early 2000s and has been well maintained since. Additional improvements include a newer roof. The property also includes a two-car carport and ample off-street parking.
Services include public water and public sewer, supporting a straightforward residential setup across all three units.
The third-floor unit was updated in the early 2000s and has been well maintained since. Additional improvements include a newer roof. The property also includes a two-car carport and ample off-street parking.
Services include public water and public sewer, supporting a straightforward residential setup across all three units.
Key Highlights
- 0.13‑acre lot with 3,422 SF three‑family home
- Built in 1918, zoned RM2
- Central air plus window unit cooling
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
$57,599
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
8.93%
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%
$1,151,980
$1.2M
Cap Rate 7%
$822,843
$822.8K
Cap Rate 9%
$639,989
$640.0K
Market Conditions
NOI Build-Up for 3,422 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
$88.3K $25.80/SF
− Vacancy
−$6.0K −$1.75/SF
EGI
$82.3K $24.05/SF
− OpEx
−$24.7K −$7.21/SF
NOI
$57.6K $16.83/SF
Area
New Haven, CT
Vacancy
6.80%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,151,980
Cap Rate 7%
$822,843
Cap Rate 9%
$639,989
Alternative Uses
Best Use
Multifamily LT 5
$822.8K
$720.0K – $960.0K
NOI $57,599 @ 7.0% cap · market cap 8.93%
Second Best
Apartment 5plus
$765.7K
$670.0K – $893.3K
NOI $53,598 @ 7.0% cap · market cap 8.31%
Theoretical Best
Office A
$1.10M
$963.2K – $1.28M
NOI $77,054 @ 7.0% cap · market cap 11.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,694
Businesses Nearby
Explore this area
Business Placement
Demographics for 06511, CT
55,879
Population
24,579
Households
2.3
Avg Household Size
29
Median Age
48%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
9,634
Density / Sq Mi
$56,300
Median Household Income
$34,409
Median Earnings
$1,534
Median Rent
$313,400
Median Home Value
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?
Triplex - Three-family home with central air, where two units were fully renovated about two years ago with in-unit laundry.
Where is this triplex located?
The property is located at 875 Elm Street New Haven, CT.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: 0.13‑acre lot with 3,422 SF three‑family home; Built in 1918, zoned RM2; Central air plus window unit cooling
