Listing Summary
Rare 21-unit historic brick multifamily investment at 1435 State St, East Rock, New Haven ($3,995,000). Near Yale University with EV charging, 3.8% assumable loan, and strong NOI.
Full Description
Prime Multifamily Investment: Historic 21-Unit Asset at 1435 State Street in East Rock, New Haven, CT
The Lisa Cozzi Team presents an exceptional opportunity to acquire a fully restored, 21-unit luxury multifamily property located in New Haven's premier East Rock neighborhood. Offered at $3,995,000 ($190,238/unit), this historic 18,097-square-foot brick building originally housed the YMCA and the Railroad Boarding House. Today, it stands as a turnkey, high-yielding investment asset combining rich architectural character, modern tenant amenities, and strong, consistent cash flow near Yale University.
Property & Investment Highlights
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Address: 1435 State Street, New Haven, CT 06511
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List Price: $3,995,000 USD
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Cap Rate: 5.47%
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Net Operating Income (NOI): $219,790 (2025 Actual)
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Total Units: 21 Multifamily Apartments
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Building Size: 18,097 SF (3 Stories)
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Lot Size: 1.40 Acres
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Year Built: 1900 (Fully Modernized & Restored)
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Zoning: BA (Business/Commercial District)
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Assumable Financing: Attractive Freddie Mac loan at 3.8% interest rate (1% assumption fee)
Diverse Unit Mix & Premium Interior Finishes
The asset features a balanced, highly rentable selection of units designed for long-term tenant retention:
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6 Studio Apartments: ~380 SF | Average Rent: $1,473/mo
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10 One-Bedroom / One-Bath Units: ~511 SF | Average Rent: $1,295/mo
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5 Two-Bedroom / Two-Bath Units: ~638 – 1,160 SF | Average Rent: $1,500/mo
Every unit is meticulously updated with luxury finishes, including granite countertops, stainless steel appliances, and in-unit washer/dryers. Four ground-floor apartments offer private rear entrances. Tenants pay their own utilities via individually controlled heating, hot water, and central air systems.
Exceptional Community Amenities & Infrastructure
Situated on a spacious 1.40-acre parcel, the building offers lifestyle amenities rarely found in urban multifamily properties:
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Sustainability & Transit: 6 EV charging stations set on paved grounds alongside ample off-street parking.
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Community Outdoor Spaces: Landscaped grounds featuring community garden boxes and a picnic gathering area.
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Tenant Conveniences: Secured building access and an on-site resident fitness center.
2025 Financial Performance Summary
| Metric |
Annual Total |
Per Sq. Ft. |
| Gross Rental Income |
$387,984 |
$21.44 |
| Vacancy Loss |
($19,399) |
($1.07) |
| Effective Gross Income |
$368,585 |
$20.37 |
| Property Taxes |
$92,080 |
$5.09 |
| Operating Expenses |
$56,715 |
$3.13 |
| Total Expenses |
$148,795 |
$8.22 |
| Net Operating Income (NOI) |
$219,790 |
$12.15 |
Unbeatable East Rock Location
Located minutes from Yale University, East Rock Park, downtown New Haven, and neighborhood dining and shopping, this asset captures top-tier student, academic, and professional rental demand.
Listing & Brokerage Contact
Quick Glance
- Listing ID:
CL-Connecticut-28427
- Status:
Active
- Year Build:
1900
- Building Size:
18,097 SqFt
- Lot Size:
1.40 Acr
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