Mixed-Use Investment
For Sale
$1,395,000
423 Whalley Avenue, New Haven, CT 06511
Six-unit mixed-use property with income potential in New Haven.
Property Size6,165 SF
Lot Size0.25 Acres
Price / SF$226.28
Days on Market158
Property Features for 423 Whalley Avenue
General Information
Standard status
Active
Size
6,165 SF
Lot size
0.25 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$18,694
Amenities
Central air
Asphalt Shingle Roof
Corner Lot
Central Air Cooling
Dry
Hot Water Heating
Level Lot
Window Unit Cooling
Building Details
Year Built
1976
Listing Agency:
Coldwell Banker Realty
(203) 481-4571
Listed By:
JOE SCARPELLINO · License #RES.0803802
Source:
Corcoran
Added: Mar 3
Changed: Aug 8
Last Checked: Apr 5 at 9:01PM
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 6,100+ square foot mixed-use property is located on the corner of Whalley Avenue and Ellsworth Avenue. It features four residential apartments and two commercial units. The commercial spaces are occupied by Damato's Seafood Restaurant. The residential unit mix includes two 2-bedroom, 1-bath units, one 3-bedroom, 1-bath unit, and one 4-bedroom, 2-bath unit. All residential units, except for the top floor 4-bedroom unit, are fully occupied. There is a 3-car detached garage and a fenced-in rear parking lot providing secure parking for tenants and commercial patrons. Damato's Restaurant will do a lease back on the space they currently occupy. The property offers potential for revenue growth.
Key Highlights
- Prime mixed‑use investment property in New Haven's active corridor.
- Two commercial units leased to a long‑established restaurant with lease back.
- Value‑add opportunity with below‑market residential rents and potential 7% CAP rate.
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
$96,561
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
6.92%
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%
$1,931,220
$1.9M
Cap Rate 7%
$1,379,443
$1.4M
Cap Rate 9%
$1,072,900
$1.1M
Market Conditions
NOI Build-Up for 6,165 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
$187.2K $30.36/SF
− Vacancy
−$11.6K −$1.88/SF
EGI
$175.6K $28.48/SF
− OpEx
−$79.0K −$12.81/SF
NOI
$96.6K $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%
$1,931,220
Cap Rate 7%
$1,379,443
Cap Rate 9%
$1,072,900
Alternative Uses
Best Use
Apartment 5plus
$1.38M
$1.21M – $1.61M
NOI $96,561 @ 7.0% cap · market cap 6.92%
Second Best
Mixed Use
$1.22M
$1.06M – $1.42M
NOI $85,077 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$1.98M
$1.74M – $2.31M
NOI $138,819 @ 7.0% cap · market cap 9.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,068
Businesses Nearby
Explore this area
Business Placement
Demographics for 06511, CT
55,879
Population
24,579
Households
2.3
Avg Household Size
29
Median Age
48%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
9,634
Density / Sq Mi
$56,300
Median Household Income
$34,409
Median Earnings
$1,534
Median Rent
$313,400
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 - Six-unit mixed-use property with income potential in New Haven.
Where is this mixed-use property located?
The property is located at 423 Whalley Avenue New Haven, CT.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Prime mixed‑use investment property in New Haven's active corridor.; Two commercial units leased to a long‑established restaurant with lease back.; Value‑add opportunity with below‑market residential rents and potential 7% CAP rate.
