Turnkey Three-Unit
For Sale
$645,000
Pending
875 Elm Street, New Haven, CT 06511
Three-family home with two recently renovated units, newer roof, and off-street parking including a two-car carport.
Property Size3,422 SF
Days on Market74
Property Features for 875 Elm Street
General Information
Standard status
Pending
Size
3,422 SF
Property subtype
Multi-Family / 3 Family
Zoning
RM2
Net Operating Income
$48,600
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,693
Amenities
in-unit laundry
central A/C
carport
No
Hot Air
14
Central Air, Window Unit
All Units Have Hook-Ups
Not Applicable
Building Details
Year Built
1918
Listing Agency:
Real Broker CT, LLC
(203) 605-7865
Listed By:
Jennifer M D'Amato · License #REB.0788209
(203) 605-7865
Source:
Compass
Added: Jun 17
Changed: Aug 8
Last Checked: Jul 24 at 2:07PM
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 Real Broker CT, LLC
Investment Insights
Based on property information with market context.
This turn-key three-family property offers income potential with two fully renovated units and a third unit updated in the early 2000s and well maintained since. Units 1 and 2 have been transformed with new kitchens, updated spa-like bathrooms with tile surrounds and double sinks, new gas heat, replacement windows, new flooring, and in-unit laundry. The first-floor unit also includes central A/C. The property additionally features a newer roof and a two-car carport, along with ample off-street parking.
Located at 875 Elm Street in New Haven, CT, the building provides convenient on-site parking for tenants and their guests.
Located at 875 Elm Street in New Haven, CT, the building provides convenient on-site parking for tenants and their guests.
Key Highlights
- Three‑family home built in 1918 with 14 total rooms
- Units 1 & 2 were fully renovated about two years ago with new kitchens and updated bathrooms with tile surrounds and double sinks
- Unit 1 & 2 include new gas heat, replacement windows, new flooring, and in‑unit laundry (all units have hook‑ups)
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
Lease Details
3
Residential units
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 two recently renovated units, newer roof, and off-street parking including a two-car carport.
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: Three‑family home built in 1918 with 14 total rooms; Units 1 & 2 were fully renovated about two years ago with new kitchens and updated bathrooms with tile surrounds and double sinks; Unit 1 & 2 include new gas heat, replacement windows, new flooring, and in‑unit laundry (all units have hook‑ups)
