66 Norton St New Haven, CT 06511

This exceptional 41-unit apartment building in New Haven, CT, presents a compelling value-add opportunity. The property, a five-story, 41,707 square foot building constructed in 1900 and fully renovated in 2021, boasts 12 one-bedroom, 9 two-bedroom, and 20 three-bedroom units. Each unit features in-unit laundry and dishwashers, and the building includes an elevator and mail room. Recent renovations encompassed a complete gut-rehab, including mechanicals, electrical, plumbing, and unit finishes, along with exterior improvements such as a new roof, repaved driveway, and rebuilt rear decking and fire escapes. The property sits on a 0.39-acre lot and is zoned RM2. Currently generating a NOI of $488,296 and a 6.98% cap rate, a pro-forma NOI of $550,514 and a 7.87% pro-forma cap rate are projected. The asking price is $6,995,000, or $170,610 per unit. Its prime location near Yale New Haven Hospital, Yale University, and downtown New Haven offers strong tenant demand. The property's proximity to major transportation routes, including the New Haven Metro North train station and Route 95 & 91, further enhances its appeal. This turnkey investment offers a chance to increase rents to market levels with minimal capital expenditure risk, given that current average rents are 5% below achieved rents within the property, and further premium to market rents are indicated by analysis of direct rental competitors.