New Heaven Area Commercial

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

• Address: 1435 State Street, New Haven, CT 06511

• List Price: $3,995,000 USD

• Cap Rate: 5.47%

• Net Operating Income (NOI): $219,790 (2025 Actual)

• Total Units: 21 Multifamily Apartments

• Building Size: 18,097 SF (3 Stories)

• Lot Size: 1.40 Acres

• Year Built: 1900 (Fully Modernized & Restored)

• Zoning: BA (Business/Commercial District)

• 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:

• 6 Studio Apartments: ~380 SF | Average Rent: $1,473/mo

• 10 One-Bedroom / One-Bath Units: ~511 SF | Average Rent: $1,295/mo

• 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:

• Sustainability & Transit: 6 EV charging stations set on paved grounds alongside ample off-street parking.

• Community Outdoor Spaces: Landscaped grounds featuring community garden boxes and a picnic gathering area.

• Tenant Conveniences: Secured building access and an on-site resident fitness center.

2025 Financial Performance Summary

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

• Represented By: The Lisa Cozzi Team