Updated Four-Family with Off-Street
For Sale
Contact for pricing
97 GREENWICH AVE, New Haven, CT 06519
Turnkey four-family residence with updated systems and six dedicated off-street parking spaces.
Property Size3,840 SF
Price / SF$221.35
Days on Market123
Property Features for 97 GREENWICH AVE
General Information
Standard status
Active
Size
3,840 SF
Property subtype
Retail, Multifamily
Net Operating Income
$73,708
Building Details
Year Built
1930
Stories
2
Units
4
Listing Agency:
Alpha Capital Realty
Listed By:
Anthony DeLorenzo · License #REB.0794751
(203) 814-7387
Source:
Crexi
Added: May 6
Changed: Sep 4
Last Checked: Aug 29 at 10:55PM
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 Alpha Capital Realty
Investment Insights
Based on property information with market context.
97 Greenwich Avenue is a four-family residential income property in New Haven’s Hill neighborhood, featuring a side-by-side multi-family layout and modern updates within a 1930s architectural framework. The home offers approximately 3,264 to 3,840 square feet of living space and includes warm air heating systems and modern electrical updates designed to support a low-maintenance, turnkey ownership experience.
The property sits on a level 0.17-acre lot and provides six dedicated off-street parking spaces. It is positioned within a short distance of the New Haven waterfront, Yale University, and Yale New Haven Hospital, with convenient access to major commuter routes and downtown amenities.
The property sits on a level 0.17-acre lot and provides six dedicated off-street parking spaces. It is positioned within a short distance of the New Haven waterfront, Yale University, and Yale New Haven Hospital, with convenient access to major commuter routes and downtown amenities.
Key Highlights
- Updated four‑family residence built in 1930 in New Haven’s Hill neighborhood
- Side‑by‑side multi‑family layout with approximately 3,264 to 3,840 SF of living space
- Level 0.17‑acre lot with six dedicated 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
7.60%
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 7.60%
Second Best
Apartment 5plus
$859.2K
$751.8K – $1.00M
NOI $60,145 @ 7.0% cap · market cap 7.08%
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,466 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Turnkey four-family residence with updated systems and six dedicated off-street parking spaces.
Where is this quadplex located?
The property is located at 97 GREENWICH AVE New Haven, CT.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Updated four‑family residence built in 1930 in New Haven’s Hill neighborhood; Side‑by‑side multi‑family layout with approximately 3,264 to 3,840 SF of living space; Level 0.17‑acre lot with six dedicated off‑street parking spaces
