66 Norton StNew Haven, CT 06511

Property Details for 66 Norton St

Year built

1900

Lot size

0.39 AC

Property size (Sq ft)

41,707 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

New Haven

County

New Haven

State

Connecticut

Latitude

41.3129

Longitude

-72.9487

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].