Two-Story Drug Store
For Sale
$1,890,000
2348 Whitney Avenue, Hamden, CT 06518
Commercial For Sale, Hamden, CT
Property Size11,800 SF
Lot Size0.99 Acres
Price / SF$160.17
Days on Market237
Property Features for 2348 Whitney Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
T5
Lot features
Dry, Level Lot
Directions
Corner of Dixwell Ave and Whitney Ave
Standard status
Active
Size
11,800 SF
Lot size
0.99 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
42475
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s), Ductless, Central Air, Wall Unit(s)
Water source
Public
Building Details
Year built
1940
Floors in Building
2
Listing Agency:
Houlihan Lawrence WD
(203) 787-6888
Listed By:
Young Lee · License #CT RES.0798035
(203) 499-8259
Added: Jan 6
Changed: Aug 30
Last Checked: Aug 31 at 3:06AM
MLS# 24147397
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-story drug store property contains 11,800 square feet on a 0.99-acre parcel. Built in 1940, the building is located in a T5 zone and is served by public water and public sewer. Cooling systems include window units, wall units, ductless equipment, and central air.
The property occupies the corner of Dixwell Avenue and Whitney Avenue in Hamden, near Town Hall, the police and fire stations, Yale, SCSU, UNH, Yale Hospital, and St. Raphael Hospital. Route 15 is also nearby, providing access to the surrounding area.
The property occupies the corner of Dixwell Avenue and Whitney Avenue in Hamden, near Town Hall, the police and fire stations, Yale, SCSU, UNH, Yale Hospital, and St. Raphael Hospital. Route 15 is also nearby, providing access to the surrounding area.
Key Highlights
- 11,800 square feet on a 0.99‑acre parcel
- Two‑story building constructed in 1940
- T5 zoning designation
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$170,387
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,407,740
$3.4M
Cap Rate 7%
$2,434,100
$2.4M
Cap Rate 9%
$1,893,189
$1.9M
Market Conditions
NOI Build-Up for 11,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$254.9K $21.60/SF
− Vacancy
−$11.5K −$0.97/SF
EGI
$243.4K $20.63/SF
− OpEx
−$73.0K −$6.19/SF
NOI
$170.4K $14.44/SF
Area
New Haven, CT
Vacancy
4.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,407,740
Cap Rate 7%
$2,434,100
Cap Rate 9%
$1,893,189
Alternative Uses
Best Use
Specialty Retail
$2.77M
$2.42M – $3.23M
NOI $193,709 @ 7.0% cap · market cap 10.25%
Second Best
Retail
$2.43M
$2.13M – $2.84M
NOI $170,387 @ 7.0% cap · market cap 9.02%
Theoretical Best
Office A
$3.80M
$3.32M – $4.43M
NOI $265,704 @ 7.0% cap · market cap 14.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,465
Businesses Nearby
55k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 57%
Dining 35%
Hotels & Casinos 8%
Dunkin' Donuts
Dining
14,081 visits/mo
0.4 miles
Exxon
Shops & Services
9,177 visits/mo
0.2 miles
TD Bank
Shops & Services
7,093 visits/mo
0.1 miles
Citgo
Shops & Services
7,025 visits/mo
0.1 miles
Domino's Pizza
Dining
5,449 visits/mo
0.5 miles
Demographics for 06518, CT
19,528
Population
7,285
Households
2.7
Avg Household Size
34
Median Age
50%
College-Educated
96%
High-School Grad
16.5 sq mi
ZIP Area
1,184
Density / Sq Mi
$105,227
Median Household Income
$33,932
Median Earnings
$2,044
Median Rent
$307,900
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- hamden pharmacy — 2348 Whitney Ave, Hamden, CT 06518
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- Jennifer Oziol — 2505 Whitney Ave, Hamden, CT 065183019
- Jeanine Depasquale — 2505 Whitney Ave, Hamden, CT 065183019
Frequently Asked Questions
What type of property is this?
Drug store - T5-zoned commercial property with public water and sewer at the corner of Dixwell Avenue and Whitney Avenue.
Where is this drug store located?
The property is located at 2348 Whitney Avenue Hamden, CT.
What is the asking price?
The asking price for this property is $1,890,000.
What are key features of this property?
This property features: 11,800 square feet on a 0.99‑acre parcel; Two‑story building constructed in 1940; T5 zoning designation
