Versatile Garage/Flex Space
For Sale
$239,000
Pending
468 Blohm Street, West Haven, CT 06516
2,000+ sq. ft. flex space with conversion potential.
Property Size2,000 SF
Days on Market124
Property Features for 468 Blohm Street
General Information
Standard status
Pending
Size
2,000 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,491
Amenities
Sidewalk
Concrete Flooring
Doors - 10-15 ft
Dry
Flat Roof
Gas on Gas Heating
Gutters
Hot Air Heating
Level Lot
Lighting
Rubber Roof
Building Details
Year Built
1940
Listing Agency:
Keller Williams Realty
(203) 429-4020
Listed By:
TANYA WALSH · License #RES.0814284
Source:
Corcoran
Added: Apr 7
Changed: Aug 8
Last Checked: Aug 8 at 5:51AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This property presents an investment opportunity with over 2,000 sq. ft. of garage/flex space. The expansive open floor plan features a rustic-industrial aesthetic and 12-foot ceilings, suitable for creative redevelopment or mixed-use possibilities. It includes a full bathroom, kitchen, dedicated laundry area, and 200-amp electrical service, supporting various uses such as contractor space, workshop, studio, or future residential conversion. Recent capital improvements include a newer roof, updated windows and doors, and a secure wrought-iron gate. The property is positioned in a highly accessible location near I-95, Savin Rock, and West Haven Green, offering connectivity and proximity to shoreline amenities with visibility. This property is suited for investors, developers, or business owners.
Key Highlights
- 2,000+ sq. ft. versatile garage/flex space with conversion potential
- Strong income potential and mixed‑use possibilities
- Features a Full Bathroom, Kitchen, and dedicated Laundry area
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
$19,152
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
8.01%
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%
$383,040
$383.0K
Cap Rate 7%
$273,600
$273.6K
Cap Rate 9%
$212,800
$212.8K
Market Conditions
NOI Build-Up for 2,000 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
$28.8K $14.40/SF
− Vacancy
−$1.4K −$0.72/SF
EGI
$27.4K $13.68/SF
− OpEx
−$8.2K −$4.10/SF
NOI
$19.2K $9.58/SF
Area
New Haven, CT
Vacancy
5.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$383,040
Cap Rate 7%
$273,600
Cap Rate 9%
$212,800
Alternative Uses
Best Use
Warehouse
$332.2K
$290.7K – $387.6K
NOI $23,256 @ 7.0% cap · market cap 9.73%
Second Best
Industrial
$273.6K
$239.4K – $319.2K
NOI $19,152 @ 7.0% cap · market cap 8.01%
Theoretical Best
Office A
$643.4K
$562.9K – $750.6K
NOI $45,035 @ 7.0% cap · market cap 18.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
528
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 06516, CT
55,584
Population
21,884
Households
2.5
Avg Household Size
38
Median Age
29%
College-Educated
88%
High-School Grad
10.8 sq mi
ZIP Area
5,147
Density / Sq Mi
$73,566
Median Household Income
$41,123
Median Earnings
$1,389
Median Rent
$265,200
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 2,000+ sq. ft. flex space with conversion potential.
Where is this flex space located?
The property is located at 468 Blohm Street West Haven, CT.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: 2,000+ sq. ft. versatile garage/flex space with conversion potential; Strong income potential and mixed‑use possibilities; Features a Full Bathroom, Kitchen, and dedicated Laundry area
