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New Haven Mixed-Use Investment

423 Whalley Ave, New Haven, CT 06511

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For Sale

$1,395,000

Six-unit mixed-use property with income potential in New Haven.

Type:Commercial

Property size:

6,100 SF

Price / SF:

$228/SF

Listing Contact

Joe Scarpellino

Real Estate License ID: RES.0803802

HighLights

Prime mixed‑use investment property in a desirable New Haven location (Whalley Avenue and Ellsworth Avenue).
Strong income potential with value‑add upside through below‑market residential rents.
Pro forma NOI supports a potential 7% CAP rate.
Two fully leased commercial units, one occupied by a long‑established restaurant (Damato's Seafood) with lease back option.
Diverse unit mix: 4 residential apartments (two 2BR/1BA, one 3BR/1BA, one 4BR/2BA) and 2 commercial units.
Includes a 3‑car detached garage and a fenced‑in rear parking lot.

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For Sale

$1,395,000

Six-unit mixed-use property with income potential in New Haven.

Type:Commercial

Property size:

6,100 SF

Price / SF:

$228/SF

Added:: Apr 24, 2026
Days on Market:: 49
Last Refresh:: Apr 24 at 4:23 pm

Property Features for 423 Whalley Ave

General Information

Standard status: Active
Size: 6,100 SF
Property subtype: Commercial

Building Details

Year Built: 1976

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Listing Contact

Joe Scarpellino

Listing agent Joe Scarpellino License #RES.0803802

Listing office Coldwell Banker Realty

Listing date Apr 24, 2026

Source Elliman

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

HighLights

Prime mixed‑use investment property in a desirable New Haven location (Whalley Avenue and Ellsworth Avenue).
Strong income potential with value‑add upside through below‑market residential rents.
Pro forma NOI supports a potential 7% CAP rate.
Two fully leased commercial units, one occupied by a long‑established restaurant (Damato's Seafood) with lease back option.
Diverse unit mix: 4 residential apartments (two 2BR/1BA, one 3BR/1BA, one 4BR/2BA) and 2 commercial units.
Includes a 3‑car detached garage and a fenced‑in rear parking lot.

Overview

Located on the corner of Whalley Avenue and Ellsworth Avenue, this mixed-use property features 4 residential apartments and 2 commercial units. The property has over 6,100 square feet. 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 the top floor 4-bedroom unit, are fully occupied. The property includes a 3-car detached garage and a fenced-in rear parking lot. The property is located in New Haven's active corridor.

Local Financial Insights For Specialty Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$139.1k	$22.80
− Vacancy	−$5.6k	−$0.91
EGI	$133.5k	$21.89
− OpEx	−$33.4k	−$5.47
NOI	$100.1k	$16.42

6,100 SF · lease $22.80/SF/yr · vacancy 4.00% · expense 25.00%

Alternative Uses

Best Use

Specialty Retail

$1.43M

$1.25M – $1.67M (±1% cap)

NOI $100,138 @ 7.0% cap · market cap 7.18%

Second Best

Apartment 5plus

$1.36M

$1.19M – $1.59M (±1% cap)

NOI $95,543 @ 7.0% cap · market cap 6.85%

Theoretical Best

Office A

$1.96M

$1.72M – $2.29M (±1% cap)

NOI $137,355 @ 7.0% cap · market cap 9.85%

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

Location Intelligence

Current Use by Public Records

D'Amato's Seafood II Restaurant

Suggested Use

Location Insight

Map
Local Demand

City: New Haven
County: New Haven
State: Connecticut
Longitude: -72.9471248
Latitude: 41.3187401

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For sale
Mixed-use properties
CT
New Haven
06511
423 Whalley Ave

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 Ave 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 a desirable New Haven location (Whalley Avenue and Ellsworth Avenue).; Strong income potential with value‑add upside through below‑market residential rents.; Pro forma NOI supports a potential 7% CAP rate.