Four-Unit Multifamily
For Sale
$675,000
88 Elizabeth Ann Drive, New Haven, CT 06512
RM1-zoned property with off-street parking and hot-air heating.
Property Size3,382 SF
Price / SF$199.59
Days on Market176
Property Features for 88 Elizabeth Ann Drive
General Information
Standard status
Active
Size
3,382 SF
Property subtype
Multi-Family / 4 Family
Zoning
RM1
Taxes and HOA fees
Annual Taxes
$9,780
Amenities
No
Hot Air
21
Not Applicable
Building Details
Year Built
1964
Listing Agency:
Roundtree Realty LLC
(475) 227-4312
Listed By:
Aharon Cowen · License #RES.0832571
(475) 227-4312
Source:
Compass
Added: Mar 8
Changed: Aug 30
Last Checked: Aug 30 at 8:49PM
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 Roundtree Realty LLC
Investment Insights
Based on property information with market context.
Located at 88 Elizabeth Ann Drive in New Haven, this quadplex contains four residential units within a 3,382-square-foot multifamily building. Constructed in 1964, the property includes hot-air heating and off-street parking, providing practical features for a residential income asset.
The RM1 zoning designation supports the property’s multifamily classification. Its New Haven location offers access to major routes, shopping, dining, and everyday amenities, as described for the surrounding area. The building’s four-unit configuration provides a compact multifamily format within an established residential setting.
The RM1 zoning designation supports the property’s multifamily classification. Its New Haven location offers access to major routes, shopping, dining, and everyday amenities, as described for the surrounding area. The building’s four-unit configuration provides a compact multifamily format within an established residential setting.
Key Highlights
- Four‑unit multifamily property
- 3,382‑square‑foot building constructed in 1964
- RM1 zoning designation
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
$56,926
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
8.43%
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%
$1,138,520
$1.1M
Cap Rate 7%
$813,229
$813.2K
Cap Rate 9%
$632,511
$632.5K
Market Conditions
NOI Build-Up for 3,382 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
$87.3K $25.80/SF
− Vacancy
−$5.9K −$1.75/SF
EGI
$81.3K $24.05/SF
− OpEx
−$24.4K −$7.21/SF
NOI
$56.9K $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%
$1,138,520
Cap Rate 7%
$813,229
Cap Rate 9%
$632,511
Alternative Uses
Best Use
Multifamily LT 5
$813.2K
$711.6K – $948.8K
NOI $56,926 @ 7.0% cap · market cap 8.43%
Second Best
Apartment 5plus
$756.7K
$662.1K – $882.9K
NOI $52,971 @ 7.0% cap · market cap 7.85%
Theoretical Best
Office A
$1.09M
$951.9K – $1.27M
NOI $76,153 @ 7.0% cap · market cap 11.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
417
Businesses Nearby
Explore this area
Business Placement
Demographics for 06512, CT
29,457
Population
12,945
Households
2.3
Avg Household Size
43
Median Age
30%
College-Educated
91%
High-School Grad
10.6 sq mi
ZIP Area
2,779
Density / Sq Mi
$84,034
Median Household Income
$48,981
Median Earnings
$1,464
Median Rent
$265,200
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?
Quadplex - RM1-zoned property with off-street parking and hot-air heating.
Where is this quadplex located?
The property is located at 88 Elizabeth Ann Drive New Haven, CT.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Four‑unit multifamily property; 3,382‑square‑foot building constructed in 1964; RM1 zoning designation
