Historic Office
For Sale
$1,999,000
445 Orange Street, New Haven, CT 06511
Commercial For Sale, New Haven, CT
Property Size4,016 SF
Lot Size0.22 Acres
Price / SF$497.76
Days on Market70
Property Features for 445 Orange Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RM2
Bathrooms
5
Full bathrooms
1
Half bathrooms
4
Rooms
Bathroom 5, Bathroom 1, Bathroom 2, Bathroom 4, Bathroom 3
Parking
12
Lot features
Level Lot
Directions
Trumbull to Orange
Subdivision
East Rock
Standard status
Active
Size
4,016 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
20146
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1858
Listing Agency:
Pearce Real Estate
(203) 776-1899
Listed By:
Bradley Fleming
(203) 314-0571
Added: Jun 15
Changed: Aug 23
Last Checked: Aug 23 at 9:06AM
MLS# 24183695
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.
Built in 1858, this brick Greek Revival office property combines a historic exterior with a practical multi-level layout. The first floor includes an 11-foot ceiling, reception area, offices, conference or meeting rooms, and a kitchen. Three additional offices and a large conference room occupy the second floor, while the finished lower level adds nearly 1,000 square feet with three offices and a common work area. The building includes central air, public water, and public sewer, and has been restored with original plaster crown moldings, detailed woodwork, arched openings, and bay windows.
The property contains 4,016 square feet on a 0.22-acre lot and provides 12 off-street parking spaces. Located at 445 Orange Street in New Haven, the building is in the South part of East Rock near the edge of Downtown. RM2 zoning and the existing office configuration support professional commercial occupancy.
The property contains 4,016 square feet on a 0.22-acre lot and provides 12 off-street parking spaces. Located at 445 Orange Street in New Haven, the building is in the South part of East Rock near the edge of Downtown. RM2 zoning and the existing office configuration support professional commercial occupancy.
Key Highlights
- 4,016‑square‑foot office building on a 0.22‑acre lot
- Built in 1858 with Greek Revival brick construction
- 12 off‑street parking spaces
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
$61,517
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
3.08%
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%
$1,230,340
$1.2M
Cap Rate 7%
$878,814
$878.8K
Cap Rate 9%
$683,522
$683.5K
Market Conditions
NOI Build-Up for 4,016 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
$110.8K $27.60/SF
− Vacancy
−$8.3K −$2.07/SF
EGI
$102.5K $25.53/SF
− OpEx
−$41.0K −$10.21/SF
NOI
$61.5K $15.32/SF
Area
New Haven, CT
Vacancy
7.50%
Lease Rate
$27.60 /SF/Yr
Expense Ratio
40.00%
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%
$1,230,340
Cap Rate 7%
$878,814
Cap Rate 9%
$683,522
Alternative Uses
Best Use
Healthcare Medical
$878.8K
$769.0K – $1.03M
NOI $61,517 @ 7.0% cap · market cap 3.08%
Second Best
Office B
$870.1K
$761.4K – $1.02M
NOI $60,910 @ 7.0% cap · market cap 3.05%
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,429 @ 7.0% cap · market cap 4.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,153
Businesses Nearby
Explore this area
Business Placement
Demographics for 06511, CT
55,879
Population
24,579
Households
2.3
Avg Household Size
29
Median Age
48%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
9,634
Density / Sq Mi
$56,300
Median Household Income
$34,409
Median Earnings
$1,534
Median Rent
$313,400
Median Home Value
Market
Vacancy Rate% for Office in New Haven, CT
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Restored professional property with flexible offices, meeting areas, a finished lower level, and dedicated off-street parking.
Where is this office building located?
The property is located at 445 Orange Street New Haven, CT.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: 4,016‑square‑foot office building on a 0.22‑acre lot; Built in 1858 with Greek Revival brick construction; 12 off‑street parking spaces
