Northeast Private Client Group is pleased to present 550 Whitney Ave located in the desirable East Rock
neighborhood of New Haven, CT.
550 Whitney is a sixteen (16) unit brick frame building comprised of five (5) studio apartments, two (2)
penthouse studio apartments and nine (9) one-bedroom apartments. The units are currently undergoing
renovations that began in 2016. Out of the sixteen units, eight have been either renovated or have had
new appliances installed. The building has an income-producing laundry room on the first floor that is
shared between the tenants and has the potential to be converted into an additional apartment.
There are 6 spaces of off-street parking located in the rear of the building. In addition, there are extra
spaces that are currently being leased from the neighboring property.
The property has two driveway access points. The south driveway is shared with the neighboring property
and there is a permanent easement in place that allows tenants to access the parking lot in the rear of the
building.
550 Whitney presents a new owner the opportunity to acquire a turn-key asset with immediate upside.
Proof of concept has been clearly established by higher rents at renovated units within the building. The
asset is highly resilient to potential economic downturns given its Yale centric location, offering some of
the most affordable rents within the Yale market.
New Haven is the second largest city in Connecticut and is located on the New Haven Harbor on the
northern shore of the Long Island Sound. The city has a population of about 131,000 residents and of that
around 70% are renters. As of today, 56% of the city's economy is made up of services, primarily in
education and healthcare; Yale is the city’s largest employer followed by Yale – New Haven Hospital.
New Haven is currently undergoing on a comprehensive City Transformation Plan that aims to expand
economic opportunity for residents, position New Haven’s children for lifelong success, and create safe,
healthy and vibrant neighborhoods.
