Medical Office with Parking
For Sale
$2,250,000
1455 Chapel Street, New Haven, CT 06511
Medical office building with parking in Yale Medical Community.
Property Size6,343 SF
Lot Size0.51 Acres
Price / SF$354.72
Days on Market156
Property Features for 1455 Chapel Street
General Information
Standard status
Active
Size
6,343 SF
Lot size
0.51 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$21,098
Amenities
Central air
Asphalt Shingle Roof
Sidewalk
Central Air Cooling
Gutters
Level Lot
Lighting
Parking Lot
Paved
Pole Sign
Split System Cooling
Steam Heating
Unassigned Parking
Building Details
Year Built
1900
Listing Agency:
Compass Connecticut, LLC
(203) 245-1593
Listed By:
JOHN CAMPBELL · License #RES.0769152
Source:
Corcoran
Added: Mar 30
Changed: Aug 31
Last Checked: Aug 31 at 4:46PM
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 Compass Connecticut, LLC
Investment Insights
Based on property information with market context.
Located in the Yale Medical Community, directly across from Saint Raphael's, this offering includes two parcels in an RO zone. The first parcel, located at 1455 Chapel, features a 6,343 square foot medical office and residence situated on 0.35 acres with 71 feet of frontage on Chapel Street. The second parcel is a 0.16 acre parking lot adjacent to 1455 Chapel on Sherman Avenue, featuring a 15 foot entrance off Sherman Avenue. Both parcels provide a total of 52 parking spaces. Potential uses include a walk-thru restaurant catering to Yale Medical employees and patients, or a food truck park. The property is suited for various business opportunities due to high foot and car traffic. The price, acreage, and taxes reflect both parcels.
Key Highlights
- Prime location directly across from Saint Raphael's in the heart of the Yale Medical Community.
- Two parcels included: a 6,343 sq ft medical office/residence and an adjacent .16 acre parking lot.
- A total of 52 parking spaces across both parcels.
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
$104,127
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
4.63%
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%
$2,082,540
$2.1M
Cap Rate 7%
$1,487,529
$1.5M
Cap Rate 9%
$1,156,967
$1.2M
Market Conditions
NOI Build-Up for 6,343 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
$144.6K $22.80/SF
− Vacancy
−$5.8K −$0.91/SF
EGI
$138.8K $21.89/SF
− OpEx
−$34.7K −$5.47/SF
NOI
$104.1K $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%
$2,082,540
Cap Rate 7%
$1,487,529
Cap Rate 9%
$1,156,967
Alternative Uses
Best Use
Specialty Retail
$1.49M
$1.30M – $1.74M
NOI $104,127 @ 7.0% cap · market cap 4.63%
Second Best
Healthcare Medical
$1.39M
$1.21M – $1.62M
NOI $97,162 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$2.04M
$1.79M – $2.38M
NOI $142,827 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,547
Businesses Nearby
Under-served
Demand for This Use
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 Office in New Haven, CT
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office building with parking in Yale Medical Community.
Where is this medical office space located?
The property is located at 1455 Chapel Street New Haven, CT.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Prime location directly across from Saint Raphael's in the heart of the Yale Medical Community.; Two parcels included: a 6,343 sq ft medical office/residence and an adjacent .16 acre parking lot.; A total of 52 parking spaces across both parcels.
