Historic Office
For Sale
$1,999,000
445 Orange Street, New Haven, CT 06511
Restored brick property with flexible office, conference, reception, kitchen, and lower-level work areas.
Property Size4,016 SF
Days on Market70
Property Features for 445 Orange Street
General Information
Standard status
Active
Size
4,016 SF
Total Parking Spaces
12
Property subtype
Commercial
Zoning
RM2
Taxes and HOA fees
Annual Taxes
$20,146
Amenities
conference rooms
kitchen
video conference wiring
original plaster crown moldings
woodwork
arched openings
bay windows
Building Details
Building Size
4,016 SF
Year Built
1858
Buildings
1
Units
1
Construction
Greek Revival
Listing Agency:
Pearce Real Estate
(203) 314-0571
Listed By:
Bradley Fleming
(203) 314-0571
Source:
Westshorerealty
Added: Jun 15
Changed: Aug 22
Last Checked: Aug 22 at 1:28PM
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 Pearce Real Estate
Investment Insights
Based on property information with market context.
Built in 1858, this restored brick office property combines Greek Revival detailing with a flexible professional layout. The first floor has 11-foot ceilings, a reception area, offices, conference or meeting rooms, and a kitchen. Three additional offices and a large conference room occupy the second floor, while the finished lower level adds nearly 1,000 square feet with three offices and a common work area. The property also includes original plaster crown moldings, detailed woodwork, arched openings, and bay windows.
Located at 445 Orange Street in New Haven, the building sits in the South part of East Rock near the edge of Downtown. Twelve off-street parking spaces serve the property. Zoning is RM2, and the layout is suited to professional or commercial operations including law, financial services, design, engineering, medical, consulting, and nonprofit office uses.
Located at 445 Orange Street in New Haven, the building sits in the South part of East Rock near the edge of Downtown. Twelve off-street parking spaces serve the property. Zoning is RM2, and the layout is suited to professional or commercial operations including law, financial services, design, engineering, medical, consulting, and nonprofit office uses.
Key Highlights
- Built in 1858 and attributed to architect Henry Austin
- Nearly 1,000 square feet of finished lower‑level space
- 12 off‑street parking spaces
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
$60,910
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
3.05%
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%
$1,218,200
$1.2M
Cap Rate 7%
$870,143
$870.1K
Cap Rate 9%
$676,778
$676.8K
Market Conditions
NOI Build-Up for 4,016 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
$106.0K $26.40/SF
− Vacancy
−$24.8K −$6.18/SF
EGI
$81.2K $20.22/SF
− OpEx
−$20.3K −$5.06/SF
NOI
$60.9K $15.17/SF
Area
New Haven, CT
Vacancy
23.40%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,218,200
Cap Rate 7%
$870,143
Cap Rate 9%
$676,778
Alternative Uses
Best Use
Office B
$870.1K
$761.4K – $1.02M
NOI $60,910 @ 7.0% cap · market cap 3.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,429 @ 7.0% cap · market cap 4.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,153
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 Office in New Haven, CT
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Restored brick property with flexible office, conference, reception, kitchen, and lower-level work areas.
Where is this office building located?
The property is located at 445 Orange Street New Haven, CT.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: Built in 1858 and attributed to architect Henry Austin; Nearly 1,000 square feet of finished lower‑level space; 12 off‑street parking spaces
