Prime Hamden Corner
For Sale
$1,890,000
2348 Whitney Avenue, Hamden, CT 06518
Two-story commercial building in high-traffic area near town hall.
Property Size11,800 SF
Lot Size0.99 Acres
Price / SF$160.17
Days on Market214
Property Features for 2348 Whitney Avenue
General Information
Standard status
Active
Size
11,800 SF
Lot size
0.99 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$42,475
Amenities
Central air
Central Air Cooling
Dry
Ductless Cooling
Flat Roof
Hot Air Heating
Level Lot
Wall Unit Cooling
Window Unit Cooling
Building Details
Year Built
1940
Listing Agency:
Houlihan Lawrence WD
(203) 787-6888
Listed By:
YOUNG LEE · License #CT RES.0798035
Source:
Corcoran
Added: Jan 6
Changed: Aug 8
Last Checked: Apr 5 at 8:27PM
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.
Located at the corner of Dixwell Avenue and Whitney Avenue in Hamden, this two-story commercial building offers a high-traffic location near the town hall, police station, fire station, and Highway RT15. The property is situated in proximity to Yale, Southern Connecticut State University (SCSU), and the University of New Haven (UNH), as well as Yale Hospital and St. Raphael Hospital. The building has a total area of 11,800 square feet and is zoned T5.
Key Highlights
- Prime corner location at the intersection of Dixwell Ave and Whitney Ave, Hamden.
- High traffic area, ideal for business visibility.
- Proximity to key municipal services: Town Hall, Police Station, Fire Station.
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
$170,387
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
9.02%
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%
$3,407,740
$3.4M
Cap Rate 7%
$2,434,100
$2.4M
Cap Rate 9%
$1,893,189
$1.9M
Market Conditions
NOI Build-Up for 11,800 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
$254.9K $21.60/SF
− Vacancy
−$11.5K −$0.97/SF
EGI
$243.4K $20.63/SF
− OpEx
−$73.0K −$6.19/SF
NOI
$170.4K $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%
$3,407,740
Cap Rate 7%
$2,434,100
Cap Rate 9%
$1,893,189
Alternative Uses
Best Use
Office B
$2.56M
$2.24M – $2.98M
NOI $178,968 @ 7.0% cap · market cap 9.47%
Second Best
Retail
$2.43M
$2.13M – $2.84M
NOI $170,387 @ 7.0% cap · market cap 9.02%
Theoretical Best
Office A
$3.80M
$3.32M – $4.43M
NOI $265,704 @ 7.0% cap · market cap 14.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
166
Businesses Nearby
Explore this area
Business Placement
Demographics for 06518, CT
19,528
Population
7,285
Households
2.7
Avg Household Size
34
Median Age
50%
College-Educated
96%
High-School Grad
16.5 sq mi
ZIP Area
1,184
Density / Sq Mi
$105,227
Median Household Income
$33,932
Median Earnings
$2,044
Median Rent
$307,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail property - Two-story commercial building in high-traffic area near town hall.
Where is this retail property located?
The property is located at 2348 Whitney Avenue Hamden, CT.
What is the asking price?
The asking price for this property is $1,890,000.
What are key features of this property?
This property features: Prime corner location at the intersection of Dixwell Ave and Whitney Ave, Hamden.; High traffic area, ideal for business visibility.; Proximity to key municipal services: Town Hall, Police Station, Fire Station.
