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254 Main St 19 Unit Apartment Building $2,565,000 ($135,000/Unit) 8.35% Cap Rate West Haven, CT 06516
Executive Summary
Northeast Private Client Group is pleased to present Martin Apartments, a 19-unit multifamily property located at 254 Main Street, West Haven, Connecticut. The offering is a brick-masonry building on a corner parcel, held by the same family ownership for more than 30 years.
The unit mix is sixteen one-bedrooms (three with separate dining rooms) and three studios. All units feature oversized layouts, high ceilings, and hardwood floors. The property features an on-site common laundry room. Parking is on-street, and ample on quiet side streets as well as along Main Street. The property sits minutes from the University of New Haven, the VA Connecticut medical campus, Yale University, Yale New Haven Hospital, Downtown New Haven, West Haven Beach, and the West Haven Metro-North station, anchoring a deep, recession-resilient base of students, medical workers, and professionals.
The unit mix is sixteen one-bedrooms (three with separate dining rooms) and three studios. All units feature oversized layouts, high ceilings, and hardwood floors. The property features an on-site common laundry room. Parking is on-street, and ample on quiet side streets as well as along Main Street. The property sits minutes from the University of New Haven, the VA Connecticut medical campus, Yale University, Yale New Haven Hospital, Downtown New Haven, West Haven Beach, and the West Haven Metro-North station, anchoring a deep, recession-resilient base of students, medical workers, and professionals.
Property Facts
| Price | $2,565,000 | Property Subtype | Apartment |
| Price Per Unit | $135,000 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 8.35% | Lot Size | 0.30 AC |
| Gross Rent Multiplier | 9.6 | Building Size | 15,771 SF |
| No. Units | 19 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1940 |
| Zoning | R4 | ||
| Price | $2,565,000 |
| Price Per Unit | $135,000 |
| Sale Type | Investment |
| Cap Rate | 8.35% |
| Gross Rent Multiplier | 9.6 |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 15,771 SF |
| No. Stories | 3 |
| Year Built | 1940 |
| Zoning | R4 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | - | - |
1 1
Moderately walkable
60/100
Very drivable
80/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | WHAV-000043-000485 | Improvements Assessment | $931,350 |
| Land Assessment | $315,000 | Total Assessment | $1,246,350 |
Property Taxes
Parcel Number
WHAV-000043-000485
Land Assessment
$315,000
Improvements Assessment
$931,350
Total Assessment
$1,246,350
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