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248 & 258 Nicoll Street, New Haven, CT 06511 Nicoll Street Apartments

$2,395,000 $266,111.00 / unit
248 & 258 Nicoll Street, New Haven, CT 06511

For Sale Details

$2,395,000
$266,111.00 / unit
  • Property Type Multifamily
  • Sale Type Investment
  • Status Active
  • Created 11/12/20
  • Updated 11/12/20

About 248 & 258 Nicoll Street, New Haven, CT 06511

Northeast Private Client Group is pleased to exclusively offer for sale a 100% interest in Nicoll Street Apartments, a 9 unit boutique luxury apartment complex located in the highly sought after East Rock neighborhood of New Haven, CT. The complex consists of nine large units in two buildings – 6 - 2Bed/2Bath units and 3 - 3Bed/2Bath units – with off street parking. This opportunity offers an investor the ability to purchase a completely renovated and stabilized property in an excellent location within one of the strongest markets in Connecticut. Nicoll Street Apartments was completely renovated in 2015 by the current owners. All units now feature hardwood floors, quartz countertops, stainless steel appliances, in unit washers and dryers, central air, and updated bathrooms. Exterior siding and all HVAC were also redone, and the windows have been replaced. Nicoll Street Apartments offers tenants a lower-cost alternative to the new construction luxury apartment buildings in the area, and will therefore maintain high demand no matter the economic climate. The units themselves are comparable to the luxury style units at a new building, but in a quieter environment and at a much lower rent. For instance, a two bedroom at the Corsair, a Class A Property built in 2016 on the edge of East Rock, can cost upwards of $3,000 a month, while a two-bedroom at 248-258 Nicoll is currently between $1800-$1900 per month. Given the large gap in rent between the competitors in the area, rents at Nicoll Street Apartments have significant room to grow in both the short and long term.

Building Details

  • Building Area (SF): 10,332
  • Year Built: 1920
  • Number of Units: 9
  • Number of Buildings: 2

Land Details

  • Acreage: 0.28

Financial Characteristics

  • Potential Gross Income: $213,840
  • Effective Gross Income: $207,425
  • Operating Expenses: $63,344
  • Net Operating Income: $144,081
  • Cap Rate: 6%

The Multifamily property at 248 & 258 Nicoll Street, New Haven, CT 06511 is currently available for sale. Contact Northeast Private Client Group from Northeast Private Client Group for more information.