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    Private Office Suites in Historic Building Title is generated by Realmo AI

    389 Whitney Avenue, New Haven, CT 06511

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    For Lease
    $500/Mo $12 SF/Yr (calc)

    COMMERCIAL - New Haven, CT

    Property size:
    500 SF
    Added:
    Nov 19, 2025
    Days on Market:
    201
    Last Refresh:
    Jun 8 at 12:06 am

    Property Features for 389 Whitney Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    RH1
    Parking
    50
    Exterior features
    Sidewalk,Door Sign
    Standard status
    Active
    Size
    500 SF

    Utilities

    Sewer type
    Public Sewer
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1898
    Floors in Building
    4
    Flooring type
    Carpet - Full

    We can help!

    Listing Contact
    Susan Candido Criscuolo

    Listing agent Susan Candido Criscuolo

    Listing office Press/Cuozzo Realtors 2751 Dixwell Avenue, Hamden, CT

    Listing date Nov 19, 2025

    MLS# 24133259

    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.

    HighLights

    • Historic Mellon House single‑identity brick Gothic revival building built in 1898
    • Individual office suites available from 350 SF to 950 SF for professional use
    • Central air with public water and public sewer
    • Utilities and internet included; tenant responsible only for private office cleaning
    • Suites include a waiting area, break out room, and 2 bathrooms
    • Off‑street and on‑street parking with easy access to I‑91 and I‑95, minutes from downtown New Haven

    Overview

    This offering provides individual private office space for professional use within a three-story, turn-of-the-century brick Gothic revival-style building known as The Mellon House. Suites are available in multiple sizes, with access to a waiting area for clients, a tenant break out room, and two bathrooms. The layout supports both day-to-day work and client-facing needs, while tenant responsibility is limited to private office cleaning.

    Parking is available both off street and on street. The building is positioned in a historic area just minutes from downtown New Haven, with easy highway access to I-91 and I-95.

    For tenants seeking a compact, client-friendly office environment with straightforward operating costs, these suites offer included utilities and internet and shared common features designed to support professional services. The building’s historic character and single-identity configuration make it a practical choice for professionals who want dedicated office space without the complexity of separate building systems.
    Property Profile Location Intelligence

    Current Use by Public Records

    Moses Ira PhD Physician Anne Dutton LCSW Foster Care Service Geller Jesse D ... Physician Ottenheimer Susan Psychotherapist The Consultation Center Social Service Agency

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Haven
    County
    New Haven
    State
    Connecticut
    Longitude
    -72.9176731
    Latitude
    41.3210282

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    FAQs

    What type of property is this?
    Office units - All utilities and internet are included, with a shared waiting area and break out room in a turn-of-the-century office setting.
    Where is this office units located?
    The property is located at 389 Whitney Avenue New Haven, CT.
    What is the lease rate?
    The lease rate is $500 /Mo.
    What are key features of this property?
    This property features: Historic Mellon House single‑identity brick Gothic revival building built in 1898; Individual office suites available from 350 SF to 950 SF for professional use; Central air with public water and public sewer
    (203) 627-9130
    We can help!
    Listing Contact
    Susan Candido Criscuolo
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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