Retail Building with
For Sale
Contact for pricing
10 Hemingway Ave, East Haven, CT 06512
Freestanding retail property with a drive-through, substantial parking, and signalized intersection access.
Property Size11,240 SF
Lot Size1.28 Acres
Price / SF$173.49
Days on Market355
Property Features for 10 Hemingway Ave
General Information
Standard status
Active
Size
11,240 SF
Total Parking Spaces
53
Lot size
1.28 Acres
Property subtype
RETAIL
Site & Location
Corner Location
Yes
Drive-Thru
Yes
Traffic Count
21,300 vehicles/day
Building Details
Buildings
1
Parking Ratio
4.72 per 1,000 SF
Listing Agency:
O,R&L Commercial, LLC
(203) 343-8426
Listed By:
Samuel Crampton
(203) 343-8426
Source:
Moodyscre
Added: Sep 10, 2025
Changed: Aug 29
Last Checked: Aug 29 at 1:40PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of O,R&L Commercial, LLC
Investment Insights
Based on property information with market context.
This freestanding retail property contains 11,240 square feet on a 1.28-acre parcel and includes an existing drive-through component. The site provides 53 parking spaces, supporting a range of customer-oriented retail formats and daily operations.
The property occupies a 4-way intersection controlled by a traffic light at Route 142, Short Beach Avenue, and Coe Avenue. Current average daily traffic is reported at 21,300 vehicles. The site is also near the proposed new entrance to Tweed Airport, adding a transportation-related factor to its surrounding context.
The property occupies a 4-way intersection controlled by a traffic light at Route 142, Short Beach Avenue, and Coe Avenue. Current average daily traffic is reported at 21,300 vehicles. The site is also near the proposed new entrance to Tweed Airport, adding a transportation-related factor to its surrounding context.
Key Highlights
- 11,240± SF retail building with drive‑through
- 1.28‑acre site
- 53 parking spaces; 4.72/1,000
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
$162,301
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
8.32%
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%
$3,246,020
$3.2M
Cap Rate 7%
$2,318,586
$2.3M
Cap Rate 9%
$1,803,344
$1.8M
Market Conditions
NOI Build-Up for 11,240 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
$242.8K $21.60/SF
− Vacancy
−$10.9K −$0.97/SF
EGI
$231.9K $20.63/SF
− OpEx
−$69.6K −$6.19/SF
NOI
$162.3K $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%
$3,246,020
Cap Rate 7%
$2,318,586
Cap Rate 9%
$1,803,344
Alternative Uses
Best Use
Retail
$2.32M
$2.03M – $2.71M
NOI $162,301 @ 7.0% cap · market cap 8.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.62M
$3.16M – $4.22M
NOI $253,094 @ 7.0% cap · market cap 12.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21,300 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
259
Businesses Nearby
22k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 58%
Dining 42%
Dunkin' Donuts
Dining
9,360 visits/mo
0.0 miles
Dollar General
Shops & Services
7,025 visits/mo
0.1 miles
Gulf Oil
Shops & Services
5,801 visits/mo
0.0 miles
Demographics for 06512, CT
29,457
Population
12,945
Households
2.3
Avg Household Size
43
Median Age
30%
College-Educated
91%
High-School Grad
10.6 sq mi
ZIP Area
2,779
Density / Sq Mi
$84,034
Median Household Income
$48,981
Median Earnings
$1,464
Median Rent
$265,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Freestanding retail property with a drive-through, substantial parking, and signalized intersection access.
Where is this retail space located?
The property is located at 10 Hemingway Ave East Haven, CT.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 11,240± SF retail building with drive‑through; 1.28‑acre site; 53 parking spaces; 4.72/1,000
