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    66 Norton St New Haven, CT 06511

    Sponsored
    For Sale
    $6,995,000

    41-Unit Apartment Building, New Haven, CT

    Property size:
    41,707 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    This exceptional 41-unit apartment building in New Haven, CT, presents a compelling value-add opportunity. The property, a five-story, 41,707 square foot building constructed in 1900 and fully renovated in 2021, boasts 12 one-bedroom, 9 two-bedroom, and 20 three-bedroom units. Each unit features in-unit laundry and dishwashers, and the building includes an elevator and mail room. Recent renovations encompassed a complete gut-rehab, including mechanicals, electrical, plumbing, and unit finishes, along with exterior improvements such as a new roof, repaved driveway, and rebuilt rear decking and fire escapes. The property sits on a 0.39-acre lot and is zoned RM2. Currently generating a NOI of $488,296 and a 6.98% cap rate, a pro-forma NOI of $550,514 and a 7.87% pro-forma cap rate are projected. The asking price is $6,995,000, or $170,610 per unit. Its prime location near Yale New Haven Hospital, Yale University, and downtown New Haven offers strong tenant demand. The property's proximity to major transportation routes, including the New Haven Metro North train station and Route 95 & 91, further enhances its appeal. This turnkey investment offers a chance to increase rents to market levels with minimal capital expenditure risk, given that current average rents are 5% below achieved rents within the property, and further premium to market rents are indicated by analysis of direct rental competitors.

    Property Features for 66 Norton St

    General Information

    Property type
    Multifamily properties
    Square Feet
    41,707 SF
    Class
    B
    Lot Size
    16,988 SF

    Building Details

    Year Built/Renovated
    1900/2021
    Buildings
    1
    Stories
    5
    Units
    41

    HighLights

    • Turnkey investment opportunity in a prime New Haven location.
    • Excellent submarket with strong tenant demand near Yale New Haven Hospital and Yale University.
    • Value‑add potential: Current rents are 5% below achieved rents, with further upside potential.
    • Strategic location near major transportation (Metro North, Route 95 & 91), universities, hospitals, and employment centers.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Hair Salon Dental Office Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Haven
    County
    New Haven
    State
    Connecticut
    Longitude
    -72.9487309
    Latitude
    41.3129383

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    FAQs

    What type of property is this?
    Multifamily property - 41-Unit Apartment Building, New Haven, CT
    Where is this multifamily property located?
    The property is located at 66 Norton St New Haven, CT.
    What is the asking price?
    The asking price for this property is $6,995,000.
    What are key features of this property?
    This property features: Turnkey investment opportunity in a prime New Haven location.; Excellent submarket with strong tenant demand near Yale New Haven Hospital and Yale University.; Value-add potential: Current rents are 5% below achieved rents, with further upside potential.
    Request Owner's contact information
    66 Norton St New Haven, CT 06511
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    66 Norton St New Haven, CT 06511
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