295 Elm StWest Haven, CT 06516

Property Details for 295 Elm St

Year built

1960

Property size (Sq ft)

28,952 SF

Property type

Residential income properties

Property subtype

Multifamily properties

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

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].