514 Winthrop AveNew Haven, CT 06511

  • Residential income properties
  • 4,620 SF
For Sale
$535,000 View listing

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 properties
Property subtype
Residential income homes
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
514 Winthrop Ave, New Haven, Connecticut

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$9,955
$34,720
$223,860
$258,580
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