Norton Pointe Apartments 66 Norton St 41 Unit Apartment Building $6,500,000 ($158,537/Unit) 7.04% Cap Rate New Haven, CT 06511

Northeast Private Client Group is pleased to exclusively present for sale Norton Pointe Apartments, a 41-UnitMultifamily Property located at 66 Norton Street in the Edgewood neighborhood of New Haven, CT.
Norton Pointe Apartments is comprised of twelve (12) one-bedroom apartments, nine (9) two-bedroom apartments, and twenty (20) three-bedroom apartments. Renter amenities include in-unit laundry, dishwasher in-unit, elevator, mail room, and luxury finishes. The property underwent a full gut-rehab including mechanicals, electric, plumbing, and unit finishes in 2021. On the exterior, the rear decking and fire escape were completely rebuilt, the driveway was paved, and the roof was replaced.
Norton Pointe Apartments is within walking distance of Yale New Haven Hospital St Raphael Campus which is currently adding an $838 million neuroscience center, including two new patient facilities totaling 505,000 square feet. Additionally, The Yale Bowl, Westville Music Bowl, The Yale Bookstore and the heart of Yale Campus, and New Haven's burgeoning downtown including myriad dining, entertainment, and cultural attractions are all minutes away. The property is 2.5 miles from the New Haven Metro North train station and 2miles from the Route 95 & 91 connector, adding to its appeal for tenants who commute.
Norton Pointe Apartments presents a new owner with a turn-key, light value-add opportunity in New Haven,one of Connecticut's most dynamic markets. A new owner will have the opportunity to focus on bringing thein-place rents to market without near-term cap-ex risk. In-place average rents are currently 5% below achieved rents within the property. An analysis of direct rental competitors indicates a further premium to market rents over what has been achieved throughout the building.