Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2488-2490 State St Hamden, CT 06517

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,299,000

    Three buildings on 2.22 acres with redevelopment potential.

    Property size:
    19,180 SF
    Lot size:
    2.22 Acres

    Property Features for 2488-2490 State St

    General Information

    Standard status
    Active
    Size
    19,180 SF
    Lot size
    2.22 Acres

    Building Details

    Year built
    1985

    We can help!

    Listing Contact
    Mark Glassman
    Source: Corcoran

    Listing Agency: Property World Listing Agent: Mark Glassman

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    State Street Commercial Redevelopment Opportunity

    The property at 2488-2490 State Street features three buildings situated on approximately 2.22 acres. It offers 335 feet of frontage on State Street and an additional 188 feet of frontage on Foote Street. Located on the corner of Foote Street is a recently remodeled single-family house with a three-car garage. The largest building on the property, formerly "Porto Tire", provides approximately 10,000 square feet of space. Adjacent to this is a 5,880 square foot warehouse building, featuring 14-foot ceilings and a loading dock. The property has a gentle slope towards the rear and is located in a T-4 zone, allowing for many potential uses. Redevelopment opportunities exist for both commercial and residential purposes.
    Location Intelligence

    Current Use by Public Records

    Auto shops

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Kennedy's Automotive & Truck Repair, Turpin Truck and Auto Service, Wheelers Auto Service Inc, Baltimore Electronics/Tess Tools, Norkor Clutch & Brake New Hvn

    Location Insight

    • Map
    • Local Demand
    City
    Hamden
    County
    New Haven
    State
    Connecticut
    Longitude
    -72.8934814
    Latitude
    41.3491704

    Nearby Similar for Sale

    • $315,000
      3,536 SF

      Hamden Office Condominium For Sale

      3,536 SF office condo with efficient layout and ample parking.
      60 Washington Ave, Hamden, CT 06518
      View Details
    • New
      $105,000
      943 SF

      Well-Appointed Office Condo For Sale

      943 SF office condo with efficient floor plan in Hamden.
      60 Washington Ave, Hamden, CT 06518
      View Details
    • New
      $210,000
      2,177 SF

      Hamden Office Condominium For Sale

      2,177 SF office condo with easy highway access.
      60 Washington Ave, Hamden, CT 06518
      View Details
    • New
      $675,000
      4,080 SF

      Hamden Retail Building For Sale

      Freestanding retail building in prime condition with high traffic exposure.
      1231 Whitney Ave, Hamden, CT 06517
      View Details
    • New
      $1,890,000
      11,800 SF

      Hamden Commercial Property For Sale

      Two-story, 11,800 SF commercial building in Hamden, CT for sale.
      2348 Whitney Ave, Hamden, CT 06518
      View Details
    • New
      $105,000
      1,234 SF

      Hamden Office Condo For Sale

      Immaculate 1,234 SF office condo with garage space.
      60 Washington Ave Unit, Hamden, CT 06518
      View Details
    • New
      $1,299,000
      19,180 SF

      Hamden Commercial Property For Sale

      Three buildings on 2.22 acres with redevelopment potential.
      2488-2490 State St, Hamden, CT 06517
      View Details
    • New
      $99,999
      1,427 SF

      Professional Office Condominium For Sale

      Two contiguous office condos, ideal for professional use.
      3208 Whitney Ave Unit, Hamden, CT 06518
      View Details
    • $105,000
      1,109 SF

      Hamden Office Condominium For Sale

      Immaculate 1,109 SF office condo with covered parking.
      60 Washington Ave Unit, Hamden, CT 06518
      View Details
    • $210,000
      2,427 SF

      Hamden Office Condominium For Sale

      Immaculate 2,427 SF office condo with ample parking.
      60 Washington Ave Unit, Hamden, CT 06518
      View Details
    • $1,400,000
      11,520 SF

      Hamden Commercial Building For Sale

      Two-story commercial building with development potential in high-traffic area.
      2340 Whitney Ave, Hamden, CT 06518
      View Details
    • New
      $390,000
      2,282 SF

      Hamden Multifamily Investment Opportunity

      Three-unit property in Hamden, Connecticut, ideal for investors.
      1770 State St, Hamden, CT 06517
      View Details

    FAQs

    What type of property is this?
    Auto shop - Three buildings on 2.22 acres with redevelopment potential.
    Where is this auto shop located?
    The property is located at 2488-2490 State St Hamden, CT.
    What is the asking price?
    The asking price for this property is $1,299,000.
    What are key features of this property?
    This property features: - 2.22+\/- acre property with **335 feet of frontage on State St.**; - T-4 zoning allows for commercial or residential redevelopment.; - Includes a 10,000 +\/- sq. ft. former "Porto Tire" building.
    (203) 314-0605
    Request Owner's contact information
    2488-2490 State St Hamden, CT 06517
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2488-2490 State St
    Hamden, CT 06517
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2488-2490 State St Hamden, CT 06517
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Mark Glassman
    Real Estate License ID: RES.0263303
    (203) 314-0605 (203) 877-1221
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!