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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:
    392
    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.
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    66 Norton St New Haven, CT 06511
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    Realmo Value Estimation

    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.

    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.

    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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