Mixed-Use Property with Office
For Sale
$849,900
644 Ferry Street, New Haven, CT 06513
Commercial For Sale, New Haven, CT
Property Size3,006 SF
Lot Size0.07 Acres
Price / SF$282.73
Days on Market75
Property Features for 644 Ferry Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
BA
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Lot features
Level Lot
Directions
use GPS
Subdivision
Fair Haven
Standard status
Active
Size
3,006 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
10300
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Listing Agency:
Houlihan Lawrence WD
(203) 701-4848
Listed By:
Frank D'Ostilio · License #REB.0789479
(203) 641-7072
Added: Jun 16
Changed: Aug 23
Last Checked: Aug 29 at 7:06AM
MLS# 24184288
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 3,006-square-foot mixed-use commercial building at 644 Ferry Street includes deli space and office areas. The deli occupancy is on a month-to-month lease, while the office component is leased on an NNN basis through 2029. Utilities are separately metered, and the property has central air, public water, and public sewer. Built in 1900, the building is zoned BA.
The sale also includes a separate 0.07-acre parcel identified as 9 Fox Street. The site has been identified as a possible location for a 12-unit apartment building with parking beneath. The property is near downtown New Haven, major highways, public transportation, and neighborhood amenities.
The sale also includes a separate 0.07-acre parcel identified as 9 Fox Street. The site has been identified as a possible location for a 12-unit apartment building with parking beneath. The property is near downtown New Haven, major highways, public transportation, and neighborhood amenities.
Key Highlights
- 3,006‑square‑foot mixed‑use commercial building at 644 Ferry Street
- Office spaces leased under an NNN structure through 2029
- Deli tenant occupies space under a month‑to‑month lease
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
$49,346
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
5.81%
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%
$986,920
$986.9K
Cap Rate 7%
$704,943
$704.9K
Cap Rate 9%
$548,289
$548.3K
Market Conditions
NOI Build-Up for 3,006 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
$68.5K $22.80/SF
− Vacancy
−$2.7K −$0.91/SF
EGI
$65.8K $21.89/SF
− OpEx
−$16.4K −$5.47/SF
NOI
$49.3K $16.42/SF
Area
New Haven, CT
Vacancy
4.00%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$986,920
Cap Rate 7%
$704,943
Cap Rate 9%
$548,289
Alternative Uses
Best Use
Specialty Retail
$704.9K
$616.8K – $822.4K
NOI $49,346 @ 7.0% cap · market cap 5.81%
Second Best
Office B
$651.3K
$569.9K – $759.9K
NOI $45,591 @ 7.0% cap · market cap 5.36%
Theoretical Best
Office A
$967.0K
$846.1K – $1.13M
NOI $67,687 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,133
Businesses Nearby
Explore this area
Business Placement
Demographics for 06513, CT
38,618
Population
17,006
Households
2.3
Avg Household Size
36
Median Age
19%
College-Educated
80%
High-School Grad
7.2 sq mi
ZIP Area
5,364
Density / Sq Mi
$46,520
Median Household Income
$38,369
Median Earnings
$1,208
Median Rent
$226,600
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?
Mixed-use property - Commercial building with a deli tenant, leased office areas, and a separately metered utility setup.
Where is this mixed-use property located?
The property is located at 644 Ferry Street New Haven, CT.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: 3,006‑square‑foot mixed‑use commercial building at 644 Ferry Street; Office spaces leased under an NNN structure through 2029; Deli tenant occupies space under a month‑to‑month lease
