Add Listing
    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

    123 Carmel St New Haven, CT 06511

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $420,000

    Four-unit mixed-use property with potential for five residential units.

    Property size:
    5,313 SF
    Lot size:
    0.09 Acres

    Property Features for 123 Carmel St

    General Information

    Standard status
    Active
    Size
    5,313 SF
    Lot size
    0.09 Acres

    Building Details

    Year built
    1920

    We can help!

    Listing Contact
    Latasha Eaddy
    Source: Corcoran

    Listing Agency: Eaddy Associates Listing Agent: Latasha Eaddy

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Mixed-Use Property Near Downtown

    This four-unit mixed-use property, subject to approval for transformation into five residential units, is located near Downtown New Haven. The property is situated minutes from Yale, hospitals, Southern Connecticut State University (SCSU), and downtown, with convenient access to public transportation, including bus and train routes. The property, with a size of 5313 square feet, requires a full rehabilitation. It is being sold as-is and is suitable for experienced investors or contractors. The property is located in one of Connecticut's in-demand markets and offers the potential for strong rental income.
    Location Intelligence

    Current Use by Public Records

    A a Market Grocery & Convenience Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    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
    -72.941178
    Latitude
    41.320303

    Nearby Similar for Sale

    • $315,000
      3,536 SF

      Hamden Office Condominium For Sale

      3,536 SF office condo with efficient layout and ample parking.
      60 Washington Ave, Hamden, CT 06518
      View Details
    • New
      $105,000
      943 SF

      Well-Appointed Office Condo For Sale

      943 SF office condo with efficient floor plan in Hamden.
      60 Washington Ave, Hamden, CT 06518
      View Details
    • New
      $210,000
      2,177 SF

      Hamden Office Condominium For Sale

      2,177 SF office condo with easy highway access.
      60 Washington Ave, Hamden, CT 06518
      View Details
    • New
      $675,000
      4,080 SF

      Hamden Retail Building For Sale

      Freestanding retail building in prime condition with high traffic exposure.
      1231 Whitney Ave, Hamden, CT 06517
      View Details
    • New
      $250,000
      2,028 SF

      Woodbridge Commercial Condo For Sale

      Commercial condo with two floors near major highways and universities.
      88 Bradley Rd, Woodbridge, CT 06525
      View Details
    • $370,000
      1,080 SF

      New Haven Commercial Building For Sale

      Freestanding commercial building with flexible-use space near Yale and Quinnipiac.
      515 Middletown Ave, New Haven, CT 06513
      View Details
    • New
      $2,950,000
      Pending

      New Haven Commercial Property For Sale

      Fully leased retail and office spaces near Route 15.
      61 Amity Rd, New Haven, CT 06515
      View Details
    • New
      $1,890,000
      11,800 SF

      Hamden Commercial Property For Sale

      Two-story, 11,800 SF commercial building in Hamden, CT for sale.
      2348 Whitney Ave, Hamden, CT 06518
      View Details
    • $2,200,000
      45,432 SF

      New Haven Office/Flex with Warehouse

      45,000 SF Office/Flex space with clean warehouse/shop space.
      654 Ferry St, New Haven, CT 06513
      View Details
    • New
      $105,000
      1,234 SF

      Hamden Office Condo For Sale

      Immaculate 1,234 SF office condo with garage space.
      60 Washington Ave Unit, Hamden, CT 06518
      View Details
    • New
      $1,299,000
      19,180 SF

      Hamden Commercial Property For Sale

      Three buildings on 2.22 acres with redevelopment potential.
      2488-2490 State St, Hamden, CT 06517
      View Details
    • New
      $99,999
      1,427 SF

      Professional Office Condominium For Sale

      Two contiguous office condos, ideal for professional use.
      3208 Whitney Ave Unit, Hamden, CT 06518
      View Details

    FAQs

    What type of property is this?
    Quadplex - Four-unit mixed-use property with potential for five residential units.
    Where is this quadplex located?
    The property is located at 123 Carmel St New Haven, CT.
    What is the asking price?
    The asking price for this property is $420,000.
    What are key features of this property?
    This property features: - Pending approval to convert to 5 residential units.; - Prime location near Yale, hospitals, SCSU, and downtown New Haven.; - Strong rental income potential in a high-demand market.
    (203) 209-8936
    Request Owner's contact information
    123 Carmel St New Haven, CT 06511
    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.
    123 Carmel St
    New Haven, CT 06511
    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
    123 Carmel St New Haven, CT 06511
    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
    Latasha Eaddy
    (203) 209-8936 (203) 713-8330
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!