Freestanding Auto Shop
For Sale
$595,238
515 East Street, New Haven, CT 06511
Corner-site commercial property with signalized access and Interstate 91 connectivity for automotive operations or redevelopment.
Property Size1,164 SF
Lot Size0.35 Acres
Price / SF$511.37
Days on Market90
Property Features for 515 East Street
General Information
Standard status
Active
Size
1,164 SF
Lot size
0.35 Acres
Property subtype
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Buildings
1
Properties For Sale
at 515 East Street Contact us- Size
- 1,164 SF
- Type
- Industrial
- Availability
- Available
Available Space
Listing Agency:
CBRE | Hartford
(203) 777-5990
Listed By:
Matthew O'Hare
(203) 777-5990
Source:
Cbre
Added: Jun 2
Changed: Aug 30
Last Checked: Aug 30 at 1:23PM
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 CBRE | Hartford
Investment Insights
Based on property information with market context.
This freestanding industrial building occupies a 0.35-acre corner site at 515 East Street in New Haven, Connecticut. The 1,164-square-foot property is suited to automotive functions, including car dealership and repair uses, and may also support redevelopment.
The site is positioned just outside the Central Business District with direct access to Interstate 91 through Exits 4 and 5. A four-way signalized traffic light serves the corner location, providing controlled access to the property and its surrounding roadway network.
The site is positioned just outside the Central Business District with direct access to Interstate 91 through Exits 4 and 5. A four-way signalized traffic light serves the corner location, providing controlled access to the property and its surrounding roadway network.
Key Highlights
- 0.35‑acre corner site at 515 East Street, New Haven, CT 06511
- 1,164 SF freestanding industrial building
- Automotive dealership and repair use potential
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
$16,808
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
2.82%
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%
$336,160
$336.2K
Cap Rate 7%
$240,114
$240.1K
Cap Rate 9%
$186,756
$186.8K
Market Conditions
NOI Build-Up for 1,164 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
$25.1K $21.60/SF
− Vacancy
−$1.1K −$0.97/SF
EGI
$24.0K $20.63/SF
− OpEx
−$7.2K −$6.19/SF
NOI
$16.8K $14.44/SF
Area
New Haven, CT
Vacancy
4.50%
Lease Rate
$21.60 /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%
$336,160
Cap Rate 7%
$240,114
Cap Rate 9%
$186,756
Alternative Uses
Best Use
Retail
$240.1K
$210.1K – $280.1K
NOI $16,808 @ 7.0% cap · market cap 2.82%
Second Best
Industrial
$159.2K
$139.3K – $185.8K
NOI $11,146 @ 7.0% cap · market cap 1.87%
Theoretical Best
Office A
$374.4K
$327.6K – $436.8K
NOI $26,210 @ 7.0% cap · market cap 4.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,833
Businesses Nearby
23k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 41%
Dining 35%
Home Improvements & Furnishings 16%
Electronics 8%
Sunoco
Shops & Services
9,514 visits/mo
0.3 miles
Dunkin' Donuts
Dining
8,232 visits/mo
0.3 miles
Cricket Wireless Authorized Retailer
Electronics
1,836 visits/mo
0.5 miles
City Electric Supply
Home Improvements & Furnishings
1,243 visits/mo
0.3 miles
LL Flooring
Home Improvements & Furnishings
1,153 visits/mo
0.3 miles
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 Retail in New Haven, CT
Questions? Ask Rey
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Similar Off Market Nearby
- Euro's Auto Services Center — 181 East St, New Haven, CT 06511
- Mongoose Auto Repair Shop — 299 Chapel St unit 2, New Haven, CT 06513
- Firestone Complete Auto Care — 680 Chapel St, New Haven, CT 06510
- Bridgestone — Union St, New Haven, CT 06511
- The Shop With No Name — 281 Chapel St, New Haven, CT 06513
Frequently Asked Questions
What type of property is this?
Auto shop - Corner-site commercial property with signalized access and Interstate 91 connectivity for automotive operations or redevelopment.
Where is this auto shop located?
The property is located at 515 East Street New Haven, CT.
What is the asking price?
The asking price for this property is $595,238.
What are key features of this property?
This property features: 0.35‑acre corner site at 515 East Street, New Haven, CT 06511; 1,164 SF freestanding industrial building; Automotive dealership and repair use potential
