1346 State Street, New Haven CT

1346 State Street | New Haven | CT | 06511 Back to Properties


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Overview

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Property Details

  • Price: $ 550,000
  • Cap Rate: 7.12%
  • Units: 4
  • Price/Unit: $ 137,500
  • Rentable SF: 3,817 SF
  • Price/Square Foot: $ 144
  • Site Size: 0.07 AC
  • Parking: None
  • Year Built: 1900
  • Exterior: Brick & Vinyl

Property Description

The mixed-use property located at 1346 State Street, New Haven CT is comprised of 4 units (2-two bedroom, 1-three bedroom, and 1 retail) totaling 3,817 rentable square feet in one-three story building built in 1900 and situated on a 0.07 acre site. All of the units at the property were fully renovated in 2023 & 2024. The owner pays for the heat for the retail unit and the 1st floor apartment.  The second floor and third floor apartments are responsible for their own utilities according to the owner.  As the property just finished renovations and has recently started occupancy all utilities are current estimated.  Gas is estimated at $2.00/SF for half of the property, Electric at $30/month, and Water/Sewer at $1,100 per unit.  Currently the 1st floor apartment and second floor apartment have accepted leases.  The third floor apartment and the retail unit are projected rents based on conversations with prospective tenants.

Recent work to the property includes:

  • Commercial Space & 3 Apartments Fully Renovated (2023 & 2024)
  • Plumbing Pipes replaced in the basement (February 2024)
  • Electric work completed in the basement (March 2024)
  • Water meter replaced (May 2024)
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Financial Summary

1346 State Street, New Haven CT

Investment Highlights

Price $ 550,000.00
Units 4
Year Built 1900
Rentable SF 3817
Parking None
Heat Gas
Hot Water Gas
Roof Gable - Asphalt Shingle
Exterior Brick & Vinyl
Site Size 0.07 Acres

Metrics

Price / Unit $ 137,500.00
Price / SF $ 144.09
Gross Rent Multiplier 7.55

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 76,800.00 $ 72,804.00
Less: Vacancy $ 3,840.00 $ 3,640.20
Based On: 5 % est. 5 % est.
Net Rent Income $ 72,960.00 $ 69,163.80
Total Operating Income $ 72,960.00 $ 69,163.80

 

Expense
Potential
Current
Real Estate Taxes $ 9,537.62 $ 9,537.62
Insurance $ 5,000.00 $ 5,000.00
Heat/Hot Water $ 3,817.00 $ 3,817.00
Electric (Common) $ 360.00 $ 360.00
Water & Sewer $ 4,400.00 $ 4,400.00
Management Fees $ 3,648.00 $ 3,458.19
Based On: 5% est. 5% est.
Maintenance/Repairs $ 3,648.00 $ 3,458.19
Based On: 5% est. 5% est.
Total Expenses $ 30,410.62 $ 30,031.00
Net Operating Income $ 42,549.38 $ 39,132.80
Cap Rate 7.74 % est. 7.12 % est.

All information furnished regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions, prior to sale or lease, or withdrawal without notice. National Multifamily Corp. makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property.

 

Rent Roll

Unit
BR/BA
Current Monthly Rent
Potential Monthly Rent
Status
Lease Expires
Retail0/1$500$650Vacant
1st Floor2/1$1,850$1,9001 Year Lease
2nd Floor3/1$1,867$1,9501 Year Lease
3rd Floor2/1$1,850$1,900Vacant

Totals

$ 6,067.00

$ 6,400.00

* 0 = Studio under BR

All information furnished regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions, prior to sale or lease, or withdrawal without notice. National Multifamily Corp. makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property.