Multi-Tenant Medical Office
For Sale
$1,995,000
764 Campbell Avenue, West Haven, CT 06516
Multi-tenant medical office building offered for sale, positioned within an established healthcare and professional corridor.
Property Size1,998 SF
Lot Size0.24 Acres
Price / SF$165.67
Days on Market50
Property Features for 764 Campbell Avenue
General Information
Standard status
Active
Size
1,998 SF
Lot size
0.24 Acres
Property subtype
Commercial
Zoning
NB
Additional Details
Highway Access
Yes
Building Details
Building Size
1,998 SF
Year Built
1998
Tenancy
Multi
Listing Agency:
Colonial Properties Inc
Listed By:
Fred Messore · License #REB.0794161
(203) 988-6298
Source:
Iverty
Added: Jul 16
Changed: Sep 3
Last Checked: Sep 2 at 6:28PM
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 Colonial Properties Inc
Investment Insights
Based on property information with market context.
This multi-tenant medical office building totals 12,042 SF +/- and is offered for sale as an investment property. The building is situated on a 0.24 +/- acre parcel in the NB Zone and is positioned to serve both tenants and visitors in a professional healthcare corridor setting.
The property is located at 764 Campbell Avenue in West Haven, approximately 0.1 miles from I-95, and it sits directly along a public bus line. It is also near Downtown West Haven, the West Haven Train Station, the VA Hospital, and the University of New Haven.
Public remarks indicate established tenancy is already in place, with remaining available space presenting additional lease-up opportunity.
The property is located at 764 Campbell Avenue in West Haven, approximately 0.1 miles from I-95, and it sits directly along a public bus line. It is also near Downtown West Haven, the West Haven Train Station, the VA Hospital, and the University of New Haven.
Public remarks indicate established tenancy is already in place, with remaining available space presenting additional lease-up opportunity.
Key Highlights
- 12,042 SF +/- multi‑tenant medical office building built in 1998
- 0.24 +/- acre parcel in the NB Zone
- Located 0.1 miles from I‑95 and directly along a public bus line
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
$182,639
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
9.15%
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%
$3,652,780
$3.7M
Cap Rate 7%
$2,609,129
$2.6M
Cap Rate 9%
$2,029,322
$2.0M
Market Conditions
NOI Build-Up for 12,042 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
$317.9K $26.40/SF
− Vacancy
−$74.4K −$6.18/SF
EGI
$243.5K $20.22/SF
− OpEx
−$60.9K −$5.06/SF
NOI
$182.6K $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%
$3,652,780
Cap Rate 7%
$2,609,129
Cap Rate 9%
$2,029,322
Alternative Uses
Best Use
Healthcare Medical
$2.64M
$2.31M – $3.07M
NOI $184,459 @ 7.0% cap · market cap 9.25%
Second Best
Office B
$2.61M
$2.28M – $3.04M
NOI $182,639 @ 7.0% cap · market cap 9.15%
Theoretical Best
Office A
$3.87M
$3.39M – $4.52M
NOI $271,153 @ 7.0% cap · market cap 13.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,669
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Multi-tenant medical office building offered for sale, positioned within an established healthcare and professional corridor.
Where is this medical office space located?
The property is located at 764 Campbell Avenue West Haven, CT.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: 12,042 SF +/- multi‑tenant medical office building built in 1998; 0.24 +/- acre parcel in the NB Zone; Located 0.1 miles from I‑95 and directly along a public bus line
