Renovated Flex Space with
New
For Sale
$1,250,000
2259 State Street, Hamden, CT 06517
Commercial For Sale, Hamden, CT
Property Size5,187 SF
Lot Size0.69 Acres
Price / SF$240.99
Days on Market2
Property Features for 2259 State Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
T4
Parking
75
Security features
Security System
Interior features
Security System
Exterior features
Sidewalk,Terrace,Doors - 10-15 ft,Outside Storage Area
Lot features
Level Lot
Directions
GPS friendly
Standard status
Active
Size
5,187 SF
Lot size
0.69 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
20051
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1950
Floors in Building
2
Flooring type
Carpet - Full, Concrete
Additional Structures
Storage
Listing Agency:
Press/Cuozzo Realtors
(203) 288-1900
Listed By:
Stephen Press · License #REB.0751704
203-288-1900x123
Added: Sep 22
Last Checked: Sep 23 at 10:06PM
MLS# 24206092
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex facility at 2259 State Street combines a showroom, service area, and well-appointed office space within 5,187 square feet. The building underwent a full gut renovation in 2022 and includes central air, a security system, concrete and carpet flooring, and ceiling heights ranging from 10' to 22". Heating includes a gas-fired FWA central system, a gas unit in the service area, and an electric heat pump serving the mezzanine.
The property offers 400-amp, 3 Phase electrical service, an outside storage area, and doors measuring 10-15 ft. Public water and public sewer serve the site. Zoning is T-4, and the property is available for sale or lease with immediate occupancy noted.
The property offers 400-amp, 3 Phase electrical service, an outside storage area, and doors measuring 10-15 ft. Public water and public sewer serve the site. Zoning is T-4, and the property is available for sale or lease with immediate occupancy noted.
Key Highlights
- 5,187 SF flex facility on State Street
- Full gut renovation completed in 2022
- 400‑amp, 3 Phase electrical service
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
$74,898
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
5.99%
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%
$1,497,960
$1.5M
Cap Rate 7%
$1,069,971
$1.1M
Cap Rate 9%
$832,200
$832.2K
Market Conditions
NOI Build-Up for 5,187 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
$112.0K $21.60/SF
− Vacancy
−$5.0K −$0.97/SF
EGI
$107.0K $20.63/SF
− OpEx
−$32.1K −$6.19/SF
NOI
$74.9K $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%
$1,497,960
Cap Rate 7%
$1,069,971
Cap Rate 9%
$832,200
Alternative Uses
Best Use
Retail
$1.07M
$936.2K – $1.25M
NOI $74,898 @ 7.0% cap · market cap 5.99%
Second Best
Industrial
$709.6K
$620.9K – $827.9K
NOI $49,671 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $116,797 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
22 ft
Clear height
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile facility combining showroom, shop, office, storage, and substantial on-site parking.
Where is this flex space located?
The property is located at 2259 State Street Hamden, CT.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 5,187 SF flex facility on State Street; Full gut renovation completed in 2022; 400‑amp, 3 Phase electrical service
