Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    499 New Haven Ave Milford, CT 06460

    Sponsored
    Picture of Restaurants at New Haven Ave 499, Milford, CT
    For Sale
    $799,000

    COMMERCIAL - Milford, CT

    Property size:
    930 SF
    Lot size:
    0.56 Acres
    Days on Market:
    7
    Last Refresh:
    Feb 23 at 4:06 am

    Property Features for 499 New Haven Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    CDD4
    Rooms
    Bathroom 1
    Bathrooms
    1
    Size
    930 SF
    Lot size
    0.56 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1960

    We can help!

    Listing Contact
    Jake Forchetti

    Wareck D'Ostilio Real Estate LLC (203) 787-7800

    Listing agent Jake Forchetti (203) 787-7800

    Listing date Feb 17, 2026

    MLS# 24154827

    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.

    Learn more

    Property Insight Report

    Overview

    Waterfront Commercial Opportunity in Milford

    This exceptional waterfront commercial opportunity is located on highly traveled New Haven Avenue in Milford, CT. The property has been the long-established home of Milford's "Sundae House" ice cream stand for over 60 years. This prominent freestanding commercial site is situated on approximately 0.55 acres and features dedicated parking, strong frontage, and outstanding visibility within a well-traveled coastal corridor. The property is a rare small-format parcel offering proven dessert and food-service location appeal, along with significant redevelopment and repositioning potential. It is ideal for ice cream, cafe, boutique food concept, retail user, franchise operator, investor, or developer seeking a high-exposure site with a water setting, established destination history, and flexible future use potential. The property size is 930 square feet and the lot size is 0.56 acres. The zoning is CDD4.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Sundae House Grocery & Convenience Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    Pop's Family Catering

    Location Insight

    • Map
    • Local Demand
    City
    Milford
    County
    New Haven
    State
    Connecticut
    Longitude
    -73.0340296
    Latitude
    41.2244776

    Nearby Similar for Sale

    • New
      $899,900
      2,076 SF

      Milford Multifamily Home Near Waterfront

      Multifamily home near waterfront with income-producing opportunities in Milford, CT.
      32-1/2 Village Rd, Milford, CT 06460
      View Details
    • $100,000
      4,000 SF

      Established Axe Throwing Bar & Lounge

      Branded bar and lounge with axe throwing lanes for sale.
      975 Bridgeport Ave, Milford, CT 06460
      View Details
    • New
      $550,000
      Pending

      In-Town Milford Two-Family Home

      Two-family property near train, bus, restaurants, and downtown amenities.
      96 W Main St, Milford, CT 06460
      View Details
    • New
      $420,000
      Pending

      Milford Commercial Space For Sale

      4000 SF commercial space available for sale in Milford, CT.
      354 Woodmont Rd Unit, Milford, CT 06460
      View Details
    • $1,695,000
      8,000 SF

      Prime Retail Strip Center

      Commercial property for sale in a prominent Milford location.
      16 Red Bush Ln, Milford, CT 06461
      View Details
    • $1,500,000
      7,000 SF

      Milford Commercial Property For Sale

      Commercial property with body shop and dealer's license near I-95.
      998 Bridgeport Ave, Milford, CT 06460
      View Details
    • $1,100,000
      1,102 SF

      Restaurant, Land, and Building Package

      Restaurant, land, and building for sale in Milford, CT.
      883 North St, Milford, CT 06461
      View Details
    • $1,500,000
      6,974 SF

      Mixed-Use Property with Warehouse

      Warehouse and multi-family residential property for sale in Milford.
      81 Munson St, Milford, CT 06461
      View Details
    • $319,900
      1,258 SF

      Updated Condo in Prime Location

      Spacious 3-bedroom condo near shopping, dining, and transportation.
      148 Foxwood Close, Milford, CT 06461
      View Details
    • Contact for pricing
      1,440 SF

      Updated Townhome in 55+ Community

      Updated 2-bedroom, 2.5-bathroom townhome in Forest Park 55+ community.
      45 Forest Rd, Milford, CT 06461
      View Details
    • $650,000

      Restaurant with Redevelopment Potential

      Restaurant with income and redevelopment potential in Milford, CT.
      227 Bridgeport Ave, Milford, CT 06460
      View Details
    • $175,000

      Move-In Ready Mobile Home

      Well-maintained 2-bedroom mobile home in Ryder Woods community.
      11 Marble Ln, Milford, CT 06460
      View Details

    FAQs

    What type of property is this?
    Restaurant - High-exposure site with water setting and established destination history.
    Where is this restaurant located?
    The property is located at 499 New Haven Ave Milford, CT.
    What is the asking price?
    The asking price for this property is $799,000.
    What are key features of this property?
    This property features: - Prime waterfront commercial location on highly traveled New Haven Ave.; - Long-established history as the home of Milford's beloved "Sundae House" ice cream stand for over 60 years.; - Significant redevelopment and repositioning potential.
    (203) 901-9493
    Request Owner's contact information
    499 New Haven Ave Milford, CT 06460
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    499 New Haven Ave
    Milford, CT 06460
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    499 New Haven Ave Milford, CT 06460
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Jake Forchetti
    (203) 901-9493 (203) 787-7800
    Learn more
    Google sign-in failed. Please try again or use another login method.