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    Well-Maintained Industrial Facility with Redevelopment Potential Title is generated by Realmo AI

    373 Lexington Avenue, New Haven, CT 06513

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    For Sale
    $2,250,000

    Industrial facility with redevelopment potential on 0.77 acres.

    Type:Commercial
    Property size:
    32,643 SF
    Lot size:
    0.77 Acres
    Price / SF:
    $68/SF
    Added:
    Mar 18, 2025
    Days on Market:
    444
    Last Refresh:
    Apr 5 at 8:26 pm

    Property Features for 373 Lexington Avenue

    General Information

    Standard status
    Active
    Size
    32,643 SF
    Lot size
    0.77 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1930

    We can help!

    Listing Contact
    STEPHEN PRESS
    STEPHEN PRESS

    Listing agent STEPHEN PRESS License #REB.0751704

    Listing office Press/Cuozzo Realtors

    Listing date Mar 18, 2025

    Source Corcoran

    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 Press/Cuozzo Realtors

    HighLights

    • Potential for adaptive reuse to residential
    • Large .77‑acre site with a 32,643 sf building
    • Includes two additional parcels for potential future parking (.09 acre and .12 acre)
    • 400 amp, 3 Phase Electrical Service
    • Fully Sprinklered, Wet System
    • Freight Elevator

    Overview

    This well-maintained industrial facility offers potential for adaptive reuse to residential purposes. Constructed in 1919, the one to two-story masonry factory/warehouse building spans 32,643 square feet on a 0.77-acre lot. An addition was constructed in the 1970s. The first floor comprises 19,240 square feet, including a 6,000 square foot single-story warehouse with overhead doors and a dock. The building features a wet sprinkler system, an oil-fired main heating system, and gas units in the warehouse. It is equipped with a 400 amp, 3-phase electrical service and a freight elevator. The property is zoned RM-1. In addition to the main parcel at 373 Lexington Avenue, the offering includes two additional parcels: a 0.09-acre site and a 0.12-acre site, both of which offer potential for future parking.
    Property Profile Location Intelligence

    Current Use by Public Records

    Dow Cover Co ... Factory

    Suggested Use

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

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

    Similar Places Nearby

    • Budget Self Storage Centers — 315 Peck St, New Haven, CT 06513
    • N.E.R.O.C., Inc. Shipping & Receiving — 213 Fairmont Ave, New Haven, CT 06513
    • StorQuest Self Storage — 140 Ferry St, New Haven, CT 06513

    Location Insight

    • Map
    • Local Demand
    City
    New Haven
    County
    New Haven
    State
    Connecticut
    Longitude
    -72.8832
    Latitude
    41.3077

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    FAQs

    What type of property is this?
    Warehouse - Industrial facility with redevelopment potential on 0.77 acres.
    Where is this warehouse located?
    The property is located at 373 Lexington Avenue 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: Potential for adaptive reuse to residential; Large .77‑acre site with a 32,643 sf building; Includes two additional parcels for potential future parking (.09 acre and .12 acre)
    (203) 288-1900
    We can help!
    Listing Contact
    STEPHEN PRESS
    STEPHEN PRESS
    Real Estate License ID: REB.0751704
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    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.

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