Turnkey Mixed-Use Investment
For Sale
$799,900
1242 Whitney Avenue, Hamden, CT 06517
Fully occupied mixed-use property in Whitneyville neighborhood with strong income.
Property Size5,058 SF
Lot Size0.18 Acres
Price / SF$158.15
Days on Market137
Property Features for 1242 Whitney Avenue
General Information
Standard status
Active
Size
5,058 SF
Lot size
0.18 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$18,318
Amenities
Central air
Asphalt Shingle Roof
Central Air Cooling
Hot Air Heating
Level Lot
Building Details
Year Built
1900
Listing Agency:
Press/Cuozzo Realtors
(203) 288-1900
Listed By:
MARK FOREMAN · License #RES.0827812
Source:
Corcoran
Added: Mar 25
Changed: Aug 8
Last Checked: Aug 8 at 6:28AM
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 Press/Cuozzo Realtors
Investment Insights
Based on property information with market context.
Located in the heart of the Whitneyville neighborhood, 1242 Whitney Avenue is a mixed-use investment property. The building is fully occupied and turnkey, offering strong in-place income. The property features two established retail tenants on the ground floor and a fully leased residential apartment on the second floor. A full basement provides ample storage. Five paved off-street parking spaces are included. The building is in excellent condition, with a new roof installed in 2023. The property is strategically located, offering quick access to downtown New Haven and is just minutes from Yale University, Quinnipiac University, major employment centers, and key transportation routes. The area's mix of local businesses, residential density, and strong community character enhances the property's appeal. The property size is 5058 square feet.
Key Highlights
- Fully occupied, turnkey mixed‑use investment property with strong in‑place income.
- Five paved off‑street parking spaces, a premium in the area.
- New roof installed in 2023, indicating excellent condition.
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
$73,035
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
9.13%
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%
$1,460,700
$1.5M
Cap Rate 7%
$1,043,357
$1.0M
Cap Rate 9%
$811,500
$811.5K
Market Conditions
NOI Build-Up for 5,058 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
$109.3K $21.60/SF
− Vacancy
−$4.9K −$0.97/SF
EGI
$104.3K $20.63/SF
− OpEx
−$31.3K −$6.19/SF
NOI
$73.0K $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%
$1,460,700
Cap Rate 7%
$1,043,357
Cap Rate 9%
$811,500
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$990.3K – $1.32M
NOI $79,222 @ 7.0% cap · market cap 9.90%
Second Best
Retail
$1.04M
$912.9K – $1.22M
NOI $73,035 @ 7.0% cap · market cap 9.13%
Theoretical Best
Office A
$1.63M
$1.42M – $1.90M
NOI $113,892 @ 7.0% cap · market cap 14.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
287
Businesses Nearby
7k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Citgo
Shops & Services
7,082 visits/mo
0.2 miles
Demographics for 06517, CT
14,954
Population
6,875
Households
2.2
Avg Household Size
45
Median Age
52%
College-Educated
96%
High-School Grad
5.0 sq mi
ZIP Area
2,991
Density / Sq Mi
$97,154
Median Household Income
$58,025
Median Earnings
$1,351
Median Rent
$313,000
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?
Mixed-use property - Fully occupied mixed-use property in Whitneyville neighborhood with strong income.
Where is this mixed-use property located?
The property is located at 1242 Whitney Avenue Hamden, CT.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Fully occupied, turnkey mixed‑use investment property with strong in‑place income.; Five paved off‑street parking spaces, a premium in the area.; New roof installed in 2023, indicating excellent condition.
