527 Chapel Street
New Haven, Connecticut

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

Listing Courtesy of Social & Co Realty