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$ 3,899,999
Est. payment /mo
New
527 Chapel Street New Haven, CT 06511
24 Beds
16 Baths
14,692 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type 5 Family+
Listing Status Active
Purchase Type For Sale
Square Footage 14,692 sqft
Price per Sqft $265
MLS Listing ID 24206633
Style Units on different Floors,Units are Side-by-Side
Bedrooms 24
Full Baths 16
Year Built 1890
Annual Tax Amount $63,732
Lot Size 7,840 Sqft
Property Sub-Type 5 Family+
Property Description
Exceptional opportunity to acquire a 16-unit multifamily property in the heart of Wooster Square. This approximately 14,692 SF brick building features a desirable unit mix of eight 1-bedroom and eight 2-bedroom apartments. The property currently generates $29,750 per month in in-place rental income, excluding two vacant units that provide immediate lease-up potential. At projected rents of $1,900 and $2,250 for the vacant units, total potential rental income is approximately $33,900 per month / $406,800 annually. The property offers additional value-add potential through continued unit improvements, rent optimization as leases turn over, and expansion of in-unit laundry. Nine of the sixteen units currently feature in-unit laundry. Separate utilities and natural gas heat help minimize owner-paid expenses. Parking is available nearby through the St. Andrew's Society for an additional fee, subject to availability and separate arrangement, providing tenants with a convenient parking in this highly walkable neighborhood. Ideally situated near Wooster Square Park, Downtown New Haven, Yale University, restaurants, public transportation, and major highways, 527 Chapel Street offers investors a compelling combination of strong in-place income, immediate lease-up opportunity, and long-term value-add potential. 16 Units * 8 One-Bedrooms * 8 Two-Bedrooms * 14,692 SF * 9 Units with In-Unit Laundry * $29,750/Month In-Place Rent * 2 Vacant Units * $33,900/Month Potential
Location
State CT
County New Haven
Zoning RM2
Rooms
Basement Full
Interior
Heating Gas on Gas, Hot Water
Cooling Wall Unit
Exterior
Waterfront Description Not Applicable
Roof Type Flat
Building
Lot Description City Views
Foundation Concrete
Sewer Public Sewer Connected
Water Public Water Connected
Schools
Elementary Schools Per Board Of Ed
High Schools Per Board Of Ed
Listed by Joseph Tracey • Social & Co Realty
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