West Haven Development
For Sale
$1,900,000
340 Front Avenue, West Haven, CT 06516
3.01 acres with approved plans for industrial, flex, storage.
Property Size5,796 SF
Lot Size3.01 Acres
Price / SF$327.81
Days on Market324
Property Features for 340 Front Avenue
General Information
Standard status
Active
Size
5,796 SF
Lot size
3.01 Acres
Property subtype
Commercial
Building Details
Year Built
1962
Listing Agency:
Coldwell Banker Realty
(203) 795-6000
Listed By:
TOM CAVALIERE · License #REB.0110396
(203) 907-7800
Source:
Corcoran
Added: Oct 15, 2025
Changed: Jul 6
Last Checked: Sep 2 at 7:49PM
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.
This 3.01-acre property in West Haven presents a development opportunity. It includes a 5,500 square foot warehouse/office building. Approved site plans are in place for industrial, warehouse, or flex use. The property is approved for two additional high-bay buildings, one at 12,000 square feet and another at 10,800 square feet. A conceptual plan allows for a 17-unit self-storage facility and covered RV storage for over 30 vehicles. The seller offers build-to-suit options. Leased space is also available at $17 per square foot, modified gross. Located one block from the University of New Haven and near I-95, the West Haven Train Station, Yale West Campus, and the Port of New Haven, the site offers front and rear access and visibility in a growing commercial corridor.
Key Highlights
- Approved site plan for industrial, warehouse, or flex use with existing 5,500 SF warehouse/office.
- Approved for two additional high‑bay buildings (12,000 SF and 10,800 SF).
- 3.01 acre lot offers development opportunity.
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
$87,907
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%
$1,758,140
$1.8M
Cap Rate 7%
$1,255,814
$1.3M
Cap Rate 9%
$976,744
$976.7K
Market Conditions
NOI Build-Up for 5,796 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
$153.0K $26.40/SF
− Vacancy
−$35.8K −$6.18/SF
EGI
$117.2K $20.22/SF
− OpEx
−$29.3K −$5.06/SF
NOI
$87.9K $15.17/SF
Area
New Haven, CT
Vacancy
23.40%
Lease Rate
$26.40 /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%
$1,758,140
Cap Rate 7%
$1,255,814
Cap Rate 9%
$976,744
Alternative Uses
Best Use
Office B
$1.26M
$1.10M – $1.47M
NOI $87,907 @ 7.0% cap · market cap 4.63%
Second Best
Warehouse
$962.8K
$842.5K – $1.12M
NOI $67,396 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$1.86M
$1.63M – $2.18M
NOI $130,510 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
650
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 06516, CT
55,584
Population
21,884
Households
2.5
Avg Household Size
38
Median Age
29%
College-Educated
88%
High-School Grad
10.8 sq mi
ZIP Area
5,147
Density / Sq Mi
$73,566
Median Household Income
$41,123
Median Earnings
$1,389
Median Rent
$265,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Moe's Southwest Grill — 300 Boston Post Rd, West Haven, CT 06516
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Frequently Asked Questions
What type of property is this?
Flex space - 3.01 acres with approved plans for industrial, flex, storage.
Where is this flex space located?
The property is located at 340 Front Avenue West Haven, CT.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Approved site plan for industrial, warehouse, or flex use with **existing 5,500 SF warehouse/office**.; Approved for **two additional high‑bay buildings (12,000 SF and 10,800 SF)**.; 3.01 acre lot offers development opportunity.
