Four-Unit Multifamily
New
For Sale
$799,900
97-99 Greenwich Ave, New Haven, CT 06519
Four residential units with off-street parking near downtown New Haven and public transportation.
Property Size3,840 SF
Lot Size0.17 Acres
Price / SF$208.31
Days on Market3
Property Features for 97-99 Greenwich Ave
General Information
Standard status
Active
Size
3,840 SF
Total Parking Spaces
6
Lot size
0.17 Acres
Property subtype
Commercial
Additional Details
Multifamily Units
4
Building Details
Year Built
1930
Listing Agency:
Derek Greene
(888) 278-5840
Listed By:
Linda Edelwich Team
(860) 818-3610
Source:
Agentsonmain
Added: Sep 8
Changed: Sep 9
Last Checked: Sep 9 at 7:59AM
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 Derek Greene
Investment Insights
Based on property information with market context.
This four-unit multifamily property at 97-99 Greenwich Avenue includes approximately 3,840 square feet of living space on a 0.17-acre lot. Constructed in 1930, the property is offered in its current condition and is being sold as-is. Approximately six off-street parking spaces are provided.
The property is near downtown New Haven, hospitals, universities, shopping, dining, major highways, and public transportation. Buyers are responsible for conducting due diligence regarding unit configuration, legal unit count, zoning, permitted use, permits, utilities, taxes, rental information, and overall property condition.
The property is near downtown New Haven, hospitals, universities, shopping, dining, major highways, and public transportation. Buyers are responsible for conducting due diligence regarding unit configuration, legal unit count, zoning, permitted use, permits, utilities, taxes, rental information, and overall property condition.
Key Highlights
- Four residential units in a multifamily property
- Approximately 3,840 square feet on a 0.17‑acre lot
- Approximately six off‑street parking spaces
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
$64,635
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
8.08%
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%
$1,292,700
$1.3M
Cap Rate 7%
$923,357
$923.4K
Cap Rate 9%
$718,167
$718.2K
Market Conditions
NOI Build-Up for 3,840 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
$99.1K $25.80/SF
− Vacancy
−$6.7K −$1.75/SF
EGI
$92.3K $24.05/SF
− OpEx
−$27.7K −$7.21/SF
NOI
$64.6K $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%
$1,292,700
Cap Rate 7%
$923,357
Cap Rate 9%
$718,167
Alternative Uses
Best Use
Multifamily LT 5
$923.4K
$807.9K – $1.08M
NOI $64,635 @ 7.0% cap · market cap 8.08%
Second Best
Apartment 5plus
$859.2K
$751.8K – $1.00M
NOI $60,145 @ 7.0% cap · market cap 7.52%
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,466 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
608
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?
Quadplex - Four residential units with off-street parking near downtown New Haven and public transportation.
Where is this quadplex located?
The property is located at 97-99 Greenwich Ave New Haven, CT.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Four residential units in a multifamily property; Approximately 3,840 square feet on a 0.17‑acre lot; Approximately six off‑street parking spaces
