66 Norton St New Haven, CT 06511
Call to check price and availability
41-Unit Apartment Building, New Haven, CT
Property size:
41,707 SFProperty 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
Listing Agency: NorthEast Private Client Group Shelton Listing Agent: Bradley Balletto
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
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 Profile
Insight Report
Location Intelligence
Current Use by Public Records
Commercial real estate
Location Insight
- Map
- Local Demand
- City
- New Haven
- County
- New Haven
- State
- Connecticut
- Longitude
- -72.9487309
- Latitude
- 41.3129383
Nearby Similar for Sale
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.
