New Haven Mixed-Use
423 Whalley Ave New Haven, CT 06511
423 Whalley Ave, New Haven, CT, 06511
$1,395,000
For Sale
$1,395,000
Six-unit mixed-use property with income potential in New Haven.
Property Size6,100 SF
Price / SF$228.69
Days on Market87
Property Features for 423 Whalley Ave
General Information
- Standard status
- Active
- Size
- 6,100 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1976
Listing Agency
Coldwell Banker Realty
(203) 623-4422
Listed by
Joe Scarpellino · License #RES.0803802
(203) 623-4422
Source
Elliman
Added: Apr 24 Checked: Jul 17 at 8:06 am
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Located on the corner of Whalley Avenue and Ellsworth Avenue, this mixed-use property features 4 residential apartments and 2 commercial units. The property has over 6,100 square feet. The commercial spaces are occupied by Damato's Seafood Restaurant. The residential unit mix includes two 2-bedroom, 1-bath units, one 3-bedroom, 1-bath unit, and one 4-bedroom, 2-bath unit. All residential units, except the top floor 4-bedroom unit, are fully occupied. The property includes a 3-car detached garage and a fenced-in rear parking lot. The property is located in New Haven's active corridor.
Key Highlights
- Prime mixed‑use investment property in a desirable New Haven location (Whalley Avenue and Ellsworth Avenue).
- Strong income potential with value‑add upside through below‑market residential rents.
- Pro forma NOI supports a potential 7% CAP rate.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $139.1k | $22.80 |
| − Vacancy | −$5.6k | −$0.91 |
| EGI | $133.5k | $21.89 |
| − OpEx | −$33.4k | −$5.47 |
| NOI | $100.1k | $16.42 |
6,100 SF · lease $22.80/SF/yr · vacancy 4.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.43M
$1.25M – $1.67M
NOI $100,138 @ 7.0% cap · market cap 7.18%
Second Best
Apartment 5plus
$1.36M
$1.19M – $1.59M
NOI $95,543 @ 7.0% cap · market cap 6.85%
Theoretical Best
Office A
$1.96M
$1.72M – $2.29M
NOI $137,355 @ 7.0% cap · market cap 9.85%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
D'Amato's Seafood II
Restaurant
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Six-unit mixed-use property with income potential in New Haven.
Where is this mixed-use property located?
The property is located at 423 Whalley Ave New Haven, CT.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Prime mixed‑use investment property in a desirable New Haven location (Whalley Avenue and Ellsworth Avenue).; Strong income potential with value‑add upside through below‑market residential rents.; Pro forma NOI supports a potential 7% CAP rate.
