295 Elm StWest Haven, CT 06516

Property Details for 295 Elm St

Year built

1960

Property size (Sq ft)

28,952 SF

Property type

Apartment buildings

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.

Location Insight

City

West Haven

County

New Haven

State

Connecticut

Latitude

41.2761

Longitude

-72.9523

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