514 Winthrop AveNew Haven, CT 06511
- Residential income homes
- 4,620 SF
Property Details for 514 Winthrop Ave
- Year built
- 1920
- Lot size
- 0.19 AC
- Property size (Sq ft)
- 4,620 SF
- Zone code
- RM2
- Property type
- Residential income homes
- Property subtype
- Small apartment buildings
- APN
- NHVN M:332 B:0295 L:05000
- APU
- NHVNM332B0295L05000
Description
This exceptional investment opportunity presents a four-unit multifamily property located at 514 Winthrop Avenue, New Haven, CT 06511, in the desirable Beaver Hills neighborhood. The property boasts a total of 4,620 square feet and sits on a lot with off-street parking. Built in 1920, this two-story building offers a compelling combination of classic charm and strong rental income. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $69,960, representing a 13.08% capitalization rate. The asking price is $535,000, or $133,750 per unit. The property's four units are individually attractive: Unit 1 (3 bedrooms, 1 bath) rents for $1750 with a lease expiring 8/31/23; Unit 2 (2 bedrooms, 1 bath) rents for $1100 on a month-to-month lease; Unit 3 (2 bedrooms, 1 bath) rents for $1750 with a lease expiring 8/31/23; and Unit 4 (2 bedrooms, 1 bath) rents for $1230 on a month-to-month lease with a long-term tenant (7 years). All utilities are paid by tenants. The property's location offers proximity to Hamilton Park, the Connecticut Open tournament, and the West River, enhancing its appeal to renters. This presents a rare chance to acquire a well-maintained, high-performing multifamily asset in a thriving New Haven neighborhood. The strong cash flow and attractive cap rate make this an ideal investment for both seasoned and aspiring investors.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $947,142
- 6.5%
- $874,285
- 7%
- $811,836
-
Comparable approach
- Method
- Valuation
- Relative Method
- $935,656
- Geo Method
- $935,656
-
Alternative Use
- Use
- Valuation
- Residential
- $874,285
- Hospitality
- $800,840
- Educational
- $666,290
- Medical
- $689,204
- Retail
- $1,036,450
Location Insight
- City
- New Haven
- County
- New Haven
- State
- Connecticut
- Latitude
- 41.3193
- Longitude
- -72.9439
- CBSA code
- 35300
- CBSA name
- NEW HAVEN-MILFORD, CT METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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