Building Details

Building Size 2,024 SF

Year Built 2024

Tenancy Multi

Listing Agency: Serhant Connecticut, LLC d***@serhant.com Show Phone

Listed By: Carmen Desiato · License #RES.0829879 Show Phone

Source: Iverty

Added: Jul 30 Changed: Nov 1 Last Checked: Nov 1 at 4:57AM

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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

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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.

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 / Yr

$713,468

Cap Rate

5.17%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$14,269,360 $14.3M

Cap Rate 7%

$10,192,400 $10.2M

Cap Rate 9%

$7,927,422 $7.9M

Is this asking price fair?

Market Conditions

NOI Build-Up for 45,552 SF

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 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 (±1% cap)

NOI $713,468 @ 7.0% cap · market cap 5.17%

Second Best

Retail

$9.40M

$8.22M – $10.96M (±1% cap)

NOI $657,753 @ 7.0% cap · market cap 4.77%

Theoretical Best

Office A

$14.65M

$12.82M – $17.10M (±1% cap)

NOI $1,025,707 @ 7.0% cap · market cap 7.43%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Retail space

Suggested Use

Top Pick Real Estate Agency Building Supply Law Firm Dental Office Big Box & Wholesale Store Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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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 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