Three-Unit Triplex with
For Sale
$645,000
135-137 , New Haven, CT 06511
All three apartments provide three bedrooms, one full bath, hardwood floors, and refreshed kitchens and bathrooms.
Property Size1,920 SF
Price / SF$185.24
Days on Market12
Property Features for 135-137
General Information
Standard status
Active
Size
1,920 SF
Property subtype
3 Family
Lease Term
Listing ID: 24209706, Standard Status: Active, MLS Status: Active, Property Subtype: 3 Family
Units
Unit Mix
3 x 3BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
off street parking
basement laundry hookup
additional basement storage
Building Details
Building Size
1,920 SF
Year Built
1920
Buildings
1
Listing Agency:
Real Broker CT, LLC
(855) 450-0442
Listed By:
Jennifer D'Amato · License #REB.0788209
(203) 562-1220
Source:
Iverty
Added: Sep 24
Changed: Oct 4
Last Checked: Oct 4 at 10:51AM
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 Real Broker CT, LLC
Investment Insights
Based on property information with market context.
Built in 1920, this triplex contains three apartments, each arranged with three bedrooms and one full bathroom. Hardwood flooring extends throughout, and the kitchens and bathrooms have been updated. The third-floor apartment has elevated ceilings, while basement space includes laundry hookups and storage. Off-street parking is also provided.
The property is near Edgewood Park, shopping, public transportation, and downtown New Haven. RM2 zoning applies. Long-term tenants occupy the apartments, and the property may also suit an owner-occupant seeking to live in one unit while receiving rent from the others.
The property is near Edgewood Park, shopping, public transportation, and downtown New Haven. RM2 zoning applies. Long-term tenants occupy the apartments, and the property may also suit an owner-occupant seeking to live in one unit while receiving rent from the others.
Key Highlights
- Three apartments, each with three bedrooms and one full bathroom
- Hardwood floors throughout; updated kitchens and bathrooms
- Third‑floor apartment features higher ceilings
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
$58,609
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
9.09%
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%
$1,172,180
$1.2M
Cap Rate 7%
$837,271
$837.3K
Cap Rate 9%
$651,211
$651.2K
Market Conditions
NOI Build-Up for 3,482 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
$89.8K $25.80/SF
− Vacancy
−$6.1K −$1.75/SF
EGI
$83.7K $24.05/SF
− OpEx
−$25.1K −$7.21/SF
NOI
$58.6K $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%
$1,172,180
Cap Rate 7%
$837,271
Cap Rate 9%
$651,211
Alternative Uses
Best Use
Multifamily LT 5
$837.3K
$732.6K – $976.8K
NOI $58,609 @ 7.0% cap · market cap 9.09%
Second Best
Apartment 5plus
$779.1K
$681.7K – $909.0K
NOI $54,538 @ 7.0% cap · market cap 8.46%
Theoretical Best
Office A
$1.12M
$980.1K – $1.31M
NOI $78,405 @ 7.0% cap · market cap 12.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,303
Businesses Nearby
Explore this area
Business Placement
Demographics for 06511, CT
55,879
Population
24,579
Households
2.3
Avg Household Size
29
Median Age
48%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
9,634
Density / Sq Mi
$56,300
Median Household Income
$34,409
Median Earnings
$1,534
Median Rent
$313,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - All three apartments provide three bedrooms, one full bath, hardwood floors, and refreshed kitchens and bathrooms.
Where is this triplex located?
The property is located at 135-137 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: Three apartments, each with three bedrooms and one full bathroom; Hardwood floors throughout; updated kitchens and bathrooms; Third‑floor apartment features higher ceilings
