Building Details

Year Built 1915

Stories 3

Tenancy Multi

Listing Agency: Baldwin Pearson & Co., Inc

Listed By: Daniel Shawah · License #RES.0829215 Show Phone

Source: Themialeteam

Added: Sep 1 Changed: Oct 8 Last Checked: Oct 7 at 3:46PM

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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 Baldwin Pearson & Co., Inc

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Investment Insights

Based on property information with market context.

Built in 1915, this corner building combines residential and retail components within a mixed-use layout. The second and third floors are configured for 11 apartments, while the ground level contains two retail units. The property is fully vacant and requires restoration before the planned configuration can be completed.

The building is located at 809 Chapel Street in downtown New Haven and carries BD1 zoning. Its upper-floor apartment arrangement and street-level retail layout provide a defined framework for a future mixed-use redevelopment.

Key Highlights

• Corner property at 809 Chapel Street in downtown New Haven
• Second and third floors configured as 11 apartments
• Two ground‑floor retail units

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$206,262

Cap Rate

7.11%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,125,240 $4.1M

Cap Rate 7%

$2,946,600 $2.9M

Cap Rate 9%

$2,291,800 $2.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 13,169 SF

Gross rent

$399.8K $30.36/SF

− Vacancy

−$24.8K −$1.88/SF

EGI

$375.0K $28.48/SF

− OpEx

−$168.8K −$12.81/SF

NOI

$206.3K $15.66/SF

Area

New Haven, CT

Vacancy

6.20%

Lease Rate

$30.36 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,125,240

Cap Rate 7%

$2,946,600

Cap Rate 9%

$2,291,800

Alternative Uses

Best Use

Apartment 5plus

$2.95M

$2.58M – $3.44M (±1% cap)

NOI $206,262 @ 7.0% cap · market cap 7.11%

Second Best

Retail

$2.72M

$2.38M – $3.17M (±1% cap)

NOI $190,155 @ 7.0% cap · market cap 6.56%

Theoretical Best

Office A

$4.24M

$3.71M – $4.94M (±1% cap)

NOI $296,530 @ 7.0% cap · market cap 10.23%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Retail space

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Veterinary Clinic Locksmith Kitchen & Bath Showroom Tattoo & Piercing Shop Adult Day Care

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

11

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

6,404

Businesses Nearby

Explore this area Business Placement

Demographics for 06510, CT

4,409

Population

2,953

Households

1.5

Avg Household Size

29

Median Age

82%

College-Educated

96%

High-School Grad

0.3 sq mi

ZIP Area

14,697

Density / Sq Mi

$63,598

Median Household Income

$55,591

Median Earnings

$1,908

Median Rent

$495,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Vacant building offers apartment and ground-floor retail components for restoration.

Where is this mixed-use property located?

The property is located at 809 Chapel St New Haven, CT.

What is the asking price?

The asking price for this property is $2,900,000.

What are key features of this property?

This property features: Corner property at 809 Chapel Street in downtown New Haven; Second and third floors configured as 11 apartments; Two ground‑floor retail units