Mixed-Use Property with Office
For Sale
$975,000
644 Ferry St, New Haven, CT 06513
Separate utility metering and an additional parcel at 9 Fox Street expand the property’s operating and development profile.
Property Size3,006 SF
Price / SF$324.35
Days on Market77
Property Features for 644 Ferry St
General Information
Standard status
Active
Size
3,006 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Building Details
Year Built
1900
Buildings
1
Building Size
3,006 SF
Tenancy
Multi
Listing Agency:
Houlihan Lawrence WD
(203) 641-7072
Listed By:
Frank J. D'Ostilio (203) 641-7072 (203) 701-4848 · License #REB.0789479
Source:
Fairfieldcounty-properties
Added: Jun 15
Changed: Aug 29
Last Checked: Aug 25 at 6:14AM
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 Houlihan Lawrence WD
Investment Insights
Based on property information with market context.
This mixed-use commercial property contains approximately 3,006 SF and was built in 1900. The building includes a deli operation and office space, with the office component leased on an NNN basis through 2029. The deli tenancy is month to month, and utilities are separately metered.
The sale also includes a second parcel identified as 9 Fox Street. Source information describes a possible 12-unit apartment building with parking underneath for that parcel, subject to applicable review and approvals. The property is situated near downtown New Haven, major highways, public transportation, and neighborhood amenities.
The sale also includes a second parcel identified as 9 Fox Street. Source information describes a possible 12-unit apartment building with parking underneath for that parcel, subject to applicable review and approvals. The property is situated near downtown New Haven, major highways, public transportation, and neighborhood amenities.
Key Highlights
- Approximately 3,006 SF mixed‑use commercial building
- Office spaces leased NNN through 2029
- Deli tenancy operates on a month‑to‑month lease
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
$45,591
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
4.68%
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%
$911,820
$911.8K
Cap Rate 7%
$651,300
$651.3K
Cap Rate 9%
$506,567
$506.6K
Market Conditions
NOI Build-Up for 3,006 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
$79.4K $26.40/SF
− Vacancy
−$18.6K −$6.18/SF
EGI
$60.8K $20.22/SF
− OpEx
−$15.2K −$5.06/SF
NOI
$45.6K $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%
$911,820
Cap Rate 7%
$651,300
Cap Rate 9%
$506,567
Alternative Uses
Best Use
Office B
$651.3K
$569.9K – $759.9K
NOI $45,591 @ 7.0% cap · market cap 4.68%
Second Best
Retail
$620.1K
$542.6K – $723.4K
NOI $43,405 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$967.0K
$846.1K – $1.13M
NOI $67,687 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,133
Businesses Nearby
Explore this area
Business Placement
Demographics for 06513, CT
38,618
Population
17,006
Households
2.3
Avg Household Size
36
Median Age
19%
College-Educated
80%
High-School Grad
7.2 sq mi
ZIP Area
5,364
Density / Sq Mi
$46,520
Median Household Income
$38,369
Median Earnings
$1,208
Median Rent
$226,600
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?
Mixed-use property - Separate utility metering and an additional parcel at 9 Fox Street expand the property’s operating and development profile.
Where is this mixed-use property located?
The property is located at 644 Ferry St New Haven, CT.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Approximately 3,006 SF mixed‑use commercial building; Office spaces leased NNN through 2029; Deli tenancy operates on a month‑to‑month lease
