Mixed-Use Property in New
For Sale
$974,000
796-798 George Street, New Haven, CT 06511
Established mixed-use property with immediate income potential in New Haven.
Property Size1,910 SF
Days on Market139
Property Features for 796-798 George Street
General Information
Standard status
Active
Size
1,910 SF
Property subtype
Commercial
Building Details
Building Size
1,910 SF
Year Built
1910
Listing Agency:
Houlihan Lawrence WD
(203) 641-7072
Listed By:
Frank D'Ostilio · License #RES.0830484
(203) 641-7072
Source:
Iverty
Added: Apr 13
Changed: Aug 28
Last Checked: Aug 28 at 12:57PM
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 Houlihan Lawrence WD
Investment Insights
Based on property information with market context.
The property at 796-798 George Street in New Haven, CT, offers a mixed-use opportunity. The street level features a pizzeria and a grocery store. There are also two residential apartments. The current rental income is $2,400 per month for the grocery store, $2,750 per month for the pizzeria, $1,600 per month for Apartment 1, and $1,750 per month for Apartment 2. This property may be suitable for owner-operators or investors seeking a turnkey business with existing cash flow.
Key Highlights
- Established mixed‑use property in the heart of New Haven
- Turnkey business with built‑in cash flow from existing tenants
- Immediate income potential from pizzeria, grocery store, and two apartments
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
$31,355
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
3.22%
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%
$627,100
$627.1K
Cap Rate 7%
$447,929
$447.9K
Cap Rate 9%
$348,389
$348.4K
Market Conditions
NOI Build-Up for 1,910 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
$43.5K $22.80/SF
− Vacancy
−$1.7K −$0.91/SF
EGI
$41.8K $21.89/SF
− OpEx
−$10.5K −$5.47/SF
NOI
$31.4K $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%
$627,100
Cap Rate 7%
$447,929
Cap Rate 9%
$348,389
Alternative Uses
Best Use
Specialty Retail
$447.9K
$391.9K – $522.6K
NOI $31,355 @ 7.0% cap · market cap 3.22%
Second Best
Retail
$394.0K
$344.8K – $459.7K
NOI $27,580 @ 7.0% cap · market cap 2.83%
Theoretical Best
Office A
$614.4K
$537.6K – $716.8K
NOI $43,008 @ 7.0% cap · market cap 4.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,607
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 Retail in New Haven, CT
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Established mixed-use property with immediate income potential in New Haven.
Where is this mixed-use property located?
The property is located at 796-798 George Street New Haven, CT.
What is the asking price?
The asking price for this property is $974,000.
What are key features of this property?
This property features: Established mixed‑use property in the heart of New Haven; Turnkey business with built‑in cash flow from existing tenants; Immediate income potential from pizzeria, grocery store, and two apartments
