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    Property profile & analytics

    295 Elm St West Haven, CT 06516

    • Commercial real estate
    • 28,952 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-1196027
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 295 Elm St

    Year built
    1960
    Property size
    28,952 SF
    Property type
    Commercial real estate

    Description

    This exceptional 40-unit apartment building, located at 295 Elm St, West Haven, CT 06516, presents a compelling value-add opportunity. The property boasts 28,952 square feet and comprises 18 studio, 18 one-bedroom, and 2 three-bedroom units. Built in 1960, the building offers residents off-street parking and laundry hookups, complemented by luxury finishes in many renovated units. The current Net Operating Income (NOI) is $338,836, yielding a 6.00% cap rate, with a pro-forma cap rate of 7.88% indicating significant upside potential. A substantial $6,762 monthly loss to lease to market rents represents a clear path to increased profitability. The property's strategic location offers convenient access to a variety of amenities, including numerous dining options, the VA Hospital (0.8 miles), and the New Haven Metro North train station (1 mile). Its proximity to Route 95 (0.5 miles) ensures easy commuting. Furthermore, its location near Yale University, the University of New Haven, and Yale New Haven Hospital provides a strong tenant base and consistent demand. This property is being offered for sale at $5,495,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    West Haven
    County
    New Haven
    State
    Connecticut
    Longitude
    -72.9522851
    Latitude
    41.2761318

    Comparable in this City

    • $1,100,000
      11,593 SF

      Mixed-Use Property with Redevelopment Potential

      Mixed-use property near shopping, restaurants, and transportation.
      92-96 Elm St, West Haven, CT 06516
      View Details
    • $1,600,000

      West Haven Multifamily Investment Opportunity

      Fully occupied 8-unit residential building in well-maintained condition.
      59 Hine St, West Haven, CT 06516
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    • $1,200,000

      Fully Rented Six-Unit Building

      Six-unit building with renovated apartments and off-street parking.
      116 Hinman St, West Haven, CT 06516
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    • $2,900,000
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      Retail and Residential Investment Opportunity

      Mixed-use property with retail stores, apartments, and parking.
      841-867 Jones Hill Rd, West Haven, CT 06516
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    • $460,000

      West Haven Multifamily Property

      Multifamily property for sale in West Haven, Connecticut.
      57 Dalton St, West Haven, CT 06516
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    • $325,000

      Multifamily Property for Sale

      Multifamily property available for purchase.
      325 Savin Ave, West Haven, CT 06516
      View Details

    Similar Nearby for Sale

    • $2,900,000
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      Retail and Residential Investment Opportunity

      Mixed-use property with retail stores, apartments, and parking.
      841-867 Jones Hill Rd, West Haven, CT 06516
      View Details
    • $1,100,000
      11,593 SF

      Mixed-Use Property with Redevelopment Potential

      Mixed-use property near shopping, restaurants, and transportation.
      92-96 Elm St, West Haven, CT 06516
      View Details
    • $1,600,000

      West Haven Multifamily Investment Opportunity

      Fully occupied 8-unit residential building in well-maintained condition.
      59 Hine St, West Haven, CT 06516
      View Details
    • $1,200,000

      Fully Rented Six-Unit Building

      Six-unit building with renovated apartments and off-street parking.
      116 Hinman St, West Haven, CT 06516
      View Details
    • $475,000

      Downtown Triplex Investment Opportunity

      Prime downtown triplex near hospital and university with strong income.
      941 Campbell Ave, West Haven, CT 06516
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    • $675,000

      Waterfront Multi-Unit Potential Property

      Single-family home with in-law, potential for multi-unit conversion.
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    Similar Nearby for Lease

    • $2,200 /Mo

      Renovated Apartment Near University

      Recently renovated apartment near UNH, bus lines, and I-95.
      128 Spring St, West Haven, CT 06516
      View Details
    • $4,300 /Mo

      Renovated Furnished Student Housing

      Newly renovated, furnished 4-bedroom unit near University of New Haven.
      16 Hillside St, West Haven, CT 06516
      View Details
    • $1,450 /Mo

      Well-Kept Apartment with Water Views

      One-bedroom apartment near I-95 with water views available for rent.
      23 Kimberly Ave, West Haven, CT 06516
      View Details
    • $2,200 /Mo

      Spacious Corner Lot Apartment

      First-floor, 2-bedroom apartment with modern appliances and convenient location.
      537 1St Ave, West Haven, CT 06516
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    • $2,000 /Mo

      Remodeled Three-Bedroom Apartment Available

      Spacious, remodeled three-bedroom apartment near Yale and UNH.
      120 Fl., West Haven, CT 06516
      View Details
    • $1,200 /Mo

      West Haven Apartment For Rent

      One-bedroom apartment for rent in West Haven, Connecticut.
      379 Derby Ave, West Haven, CT 06516
      View Details

    Property Visit Statistics

    • Visits by month
      18.7k
    • Visitors by month
      10.1k
    • Avg Time on site
      13 min
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    295 Elm St
    West Haven, CT 06516
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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