For Sale
$5,495,000

295 Elm StWest Haven, CT 06516

40-Unit Apartment Building, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
113
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.

Highlights

  • 40-unit apartment building, 28,952 square feet, located at 295 Elm St, West Haven, CT.
  • Value-add opportunity with significant upside potential; current NOI $338,836, 6.00% cap rate, pro-forma 7.88% cap rate.
  • $6,762 monthly loss to lease to market rents.
  • Excellent location near Yale University, University of New Haven, Yale New Haven Hospital, and VA Hospital; close to Route 95 and Metro North.

Property Details for 295 Elm St

Property type
Apartment buildings
Square Feet
28,952 SF
Year Built
1960
Units
40

Location Insight

City
West Haven
County
New Haven
State
Connecticut
Latitude
41.2761318
Longitude
-72.9522851
295 Elm St, West Haven, Connecticut

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295 Elm St
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