New Mixed-Use Property with
For Sale
$13,800,000
414 Mather Street, Hamden, CT 06514
Completed in 2024, the property combines residential apartments, retail space, and modern in-unit amenities.
Property Size2,024 SF
Price / SF$302.95
Days on Market10
Property Features for 414 Mather Street
General Information
Standard status
Active
Size
2,024 SF
Property subtype
Commercial
Lease Term
Business Included YNN: No
Additional Details
Highway Access
Yes
Multifamily Units
37
Building Details
Building Size
2,024 SF
Year Built
2024
Tenancy
Multi
Listing Agency:
Serhant Connecticut, LLC
(203) 545-9966
Listed By:
Carmen Desiato · License #452508574
(203) 545-9966
Source:
Iverty
Added: Jul 30
Changed: Aug 8
Last Checked: Aug 8 at 9:46AM
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 Serhant Connecticut, LLC
Investment Insights
Based on property information with market context.
Completed in 2024, this 45,552-square-foot mixed-use property includes 37 residential units and 2 retail spaces. Apartment layouts include one-bedroom and two-bedroom residences, with both one- and two-bathroom configurations. Interior features include nine-foot ceilings, wide-plank flooring, recessed lighting, quartz kitchen countertops, breakfast bars, stainless steel appliances, custom cabinetry, private patios or balconies, and in-unit stackable washers and dryers. Bathrooms include tile flooring, extended vanities, and subway-tiled tub and shower enclosures.
The property is located at 414 Mather Street in Hamden, near the Merritt Parkway, Hamden Plaza, shopping, dining, and the Farmington Canal Heritage Trail. Nearly 70% occupied, the asset is projecting a 6% cap rate. The residential and retail components provide a combined multifamily and commercial configuration in a newly built property.
The property is located at 414 Mather Street in Hamden, near the Merritt Parkway, Hamden Plaza, shopping, dining, and the Farmington Canal Heritage Trail. Nearly 70% occupied, the asset is projecting a 6% cap rate. The residential and retail components provide a combined multifamily and commercial configuration in a newly built property.
Key Highlights
- 45,552‑square‑foot mixed‑use property completed in 2024
- 37 residential units plus 2 retail spaces
- Unit mix includes one‑bedroom and two‑bedroom apartments with one- and two‑bathroom layouts
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
$713,468
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
5.17%
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%
$14,269,360
$14.3M
Cap Rate 7%
$10,192,400
$10.2M
Cap Rate 9%
$7,927,422
$7.9M
Market Conditions
NOI Build-Up for 45,552 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
$1.38M $30.36/SF
− Vacancy
−$85.7K −$1.88/SF
EGI
$1.30M $28.48/SF
− OpEx
−$583.7K −$12.81/SF
NOI
$713.5K $15.66/SF
Area
New Haven, CT
Vacancy
6.20%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$14,269,360
Cap Rate 7%
$10,192,400
Cap Rate 9%
$7,927,422
Alternative Uses
Best Use
Apartment 5plus
$10.19M
$8.92M – $11.89M
NOI $713,468 @ 7.0% cap · market cap 5.17%
Second Best
Retail
$9.40M
$8.22M – $10.96M
NOI $657,753 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$14.65M
$12.82M – $17.10M
NOI $1,025,707 @ 7.0% cap · market cap 7.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
37
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
Explore this area
Business Placement
Demographics for 06514, CT
26,613
Population
11,388
Households
2.3
Avg Household Size
40
Median Age
42%
College-Educated
92%
High-School Grad
11.1 sq mi
ZIP Area
2,398
Density / Sq Mi
$85,227
Median Household Income
$46,594
Median Earnings
$1,633
Median Rent
$250,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Completed in 2024, the property combines residential apartments, retail space, and modern in-unit amenities.
Where is this mixed-use property located?
The property is located at 414 Mather Street Hamden, CT.
What is the asking price?
The asking price for this property is $13,800,000.
What are key features of this property?
This property features: 45,552‑square‑foot mixed‑use property completed in 2024; 37 residential units plus 2 retail spaces; Unit mix includes one‑bedroom and two‑bedroom apartments with one- and two‑bathroom layouts
