New Haven, CT
Northeast Private Client Group is pleased to present 550 Whitney Ave located in the desirable East Rock neighborhood of New Haven, CT.
550 Whitney is a sixteen (16) unit brick frame building comprised of five (5) studio apartments, two (2) penthouse studio apartments and nine (9) one bedroom apartments. The units are currently undergoing renovations that began in 2016. Out of the sixteen units, eight have been either renovated or have had new appliances installed. The building has an income-producing laundry room on the first floor that is shared between the tenants and has the potential to be converted into an additional apartment.
There are 6 spaces of off-street parking located in the rear of the building. In addition, there are extra spaces that are currently being leased from the neighboring property.
The property has two driveway access points. The south driveway is shared with the neighboring property and there is a permanent easement in place that allows tenants to access the parking lot in the rear of the building.
550 Whitney presents a new owner the opportunity to acquire a turn-key asset with immediate upside. Proof of concept has been clearly established by higher rents at renovated units within the building. The asset is highly resilient to potential economic downturns given its Yale centric location, offering some of the most affordable rents within the Yale market.
New Haven is the second largest city in Connecticut and is located on the New Haven Harbor on the northern shore of the Long Island Sound. The city has a population of about 131,000 residents and of that around 70% are renters. As of today, 56% of the city’s economy is made up of services, primarily in education and healthcare; Yale is the city’s largest employer followed by Yale – New Haven Hospital. New Haven is currently undergoing on a comprehensive City Transformation Plan that aims to expand economic opportunity for residents, position New Haven’s children for lifelong success, and create safe, healthy and vibrant neighborhoods.
New Haven, New Haven County, CT