522 Elm Street
New Haven, Connecticut

Description:

Renovated 9-Unit Multifamily | 7 of 9 Occupied | ~7.0% Stabilized Cap | ~9.0% Pro Forma Cap | Near Yale New Haven Hospital 522 Elm Street offers an opportunity to acquire a newly renovated 9-unit multifamily property on a corner lot near Yale New Haven Hospital and downtown New Haven. Featuring 2 studios, 6 one-bedroom units, and 1 two-bedroom unit, the property is currently 7 of 9 occupied with immediate lease-up potential. Extensively renovated units feature hardwood flooring, bright layouts, updated kitchens with quartz countertops, modern cabinetry, and stainless steel appliances. Electric heat, natural gas hot water, and gas cooking. Tenants pay individual gas and electric; landlord pays water/sewer and common electric. Additional income potential through installation of coin-operated laundry in the basement. Conveniently located near Yale New Haven Hospital, Yale University, downtown, and the major Adams Neurosciences Center expansion at the Saint Raphael Campus. Strong rental income with significant upside! Approximately 7.0% stabilized cap based on projected lease-up and a potential 9.0% pro forma cap upon achieving projected market rents. Buyer to verify all income, expenses, and projections.

Listing Courtesy of Puciato Altieri Realty Group