Renovated Multifamily
For Sale
Under Contract
$645,000
93 Porter Street, New Haven, CT 06519
Multi-Family For Sale, Units on different Floors,3updown - Unit(s) per Floor, New Haven, CT
Property Size3,225 SF
Lot Size0.18 Acres
Price / SF$200
Days on Market35
Property Features for 93 Porter Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM1
Bedrooms
8
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 7, Bedroom 1, Bathroom 2, Bathroom 1, Bathroom 3, Bedroom 3, Bedroom 6, Bedroom 4, Bedroom 8, Bedroom 2, Bedroom 5
Patio and Porch features
Porch
Exterior features
Porch-Screened,Porch-Enclosed,Fruit Trees,Gazebo,Porch,Gutters
Basement
Full, Unfinished, Concrete
Lot features
Level Lot, On Cul- De- Sac
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
Exit 44 of I-95N, left onto Ella T. Grasso Blvd, right onto Legion Ave, right onto Porter St.
Subdivision
Westville
Standard status
Active Under Contract
Size
3,225 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
10924
Utilities
Sewer type
Public Sewer
Heating system
Other (Heating), Baseboard
Water source
Public
Building Details
Year built
1920
Architectural style
Other
Additional Structures
Gazebo
Listing Agency:
Real Broker CT, LLC
(855) 450-0442
Listed By:
Jennifer D'Amato · License #REB.0788209
(203) 605-7865
Added: Jul 20
Changed: Aug 23
Last Checked: Aug 23 at 3:06PM
MLS# 24191374
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,225-square-foot multifamily property, built in 1920, offers renovated living areas across its floors. The first and second levels each provide three-bedroom layouts, while the upper-level residence combines the second and third floors into a private configuration with a fireplace, kitchenette, bathroom with jacuzzi tub, and in-unit laundry. The layout may support multigenerational occupancy, an owner-occupant arrangement, or conversion to three units, subject to applicable requirements.
Set on a 0.18-acre lot in New Haven, the property is positioned on a cul-de-sac near Yale New Haven Hospital. It is also situated between downtown New Haven, Westville, and the University of New Haven. Exterior features include screened and enclosed porches, a gazebo, fruit trees, and gutters. Public water and public sewer serve the property, and RM1 zoning is identified.
Set on a 0.18-acre lot in New Haven, the property is positioned on a cul-de-sac near Yale New Haven Hospital. It is also situated between downtown New Haven, Westville, and the University of New Haven. Exterior features include screened and enclosed porches, a gazebo, fruit trees, and gutters. Public water and public sewer serve the property, and RM1 zoning is identified.
Key Highlights
- 3,225‑square‑foot multifamily property on a 0.18‑acre lot
- Renovated interiors across the first, second, and third floors
- First and second floors each feature 3‑bedroom layouts
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
$50,512
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
7.83%
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%
$1,010,240
$1.0M
Cap Rate 7%
$721,600
$721.6K
Cap Rate 9%
$561,244
$561.2K
Market Conditions
NOI Build-Up for 3,225 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
$97.9K $30.36/SF
− Vacancy
−$6.1K −$1.88/SF
EGI
$91.8K $28.48/SF
− OpEx
−$41.3K −$12.81/SF
NOI
$50.5K $15.66/SF
Area
New Haven, CT
Vacancy
6.20%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$1,010,240
Cap Rate 7%
$721,600
Cap Rate 9%
$561,244
Alternative Uses
Best Use
Apartment 5plus
$721.6K
$631.4K – $841.9K
NOI $50,512 @ 7.0% cap · market cap 7.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$907.7K – $1.21M
NOI $72,618 @ 7.0% cap · market cap 11.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,651
Businesses Nearby
Explore this area
Business Placement
Demographics for 06519, CT
15,450
Population
6,424
Households
2.4
Avg Household Size
33
Median Age
20%
College-Educated
77%
High-School Grad
1.8 sq mi
ZIP Area
8,583
Density / Sq Mi
$44,394
Median Household Income
$29,745
Median Earnings
$1,356
Median Rent
$247,600
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?
Multifamily property - Flexible apartment layouts include a combined upper-level residence with a fireplace, kitchenette, jacuzzi tub, and in-unit laundry.
Where is this multifamily property located?
The property is located at 93 Porter 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: 3,225‑square‑foot multifamily property on a 0.18‑acre lot; Renovated interiors across the first, second, and third floors; First and second floors each feature 3‑bedroom layouts
