Mixed-Use Investment
423 Whalley Avenue, New Haven, CT 06511
For Sale
$1,395,000
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 Market252
Property Features for 423 Whalley Avenue
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Neighborhood
Taxes and HOA fees
Annual Taxes
Amenities
Central air
Asphalt Shingle Roof
Corner Lot
Central Air Cooling
Dry
Hot Water Heating
Level Lot
Window Unit Cooling
Building Details
Year Built
Listing Agency:
Coldwell Banker Realty
(203) 481-4571
Listed By:
JOE SCARPELLINO · License #RES.0803802
(203) 623-4422
Source:
Corcoran
Added: Mar 3
Changed: Aug 8
Last Checked: Aug 25 at 4:51AM
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
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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 / Yr
$96,561
Cap Rate
6.92%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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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
$313,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Mixed-use properties in New Haven, CT
Properties on Market for Mixed-use properties in New Haven
Vacancy Rate% for Multifamily in Northeast region
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.
