Mixed-Use Office & Restaurant
For Sale
$1,750,000
825 Grand Ave, New Haven, CT 06511
Four-level building with exposed brick, soaring ceilings, and adjacent parking for 22+ cars.
Property Size7,200 SF
Price / SF$243.06
Days on Market48
Property Features for 825 Grand Ave
General Information
Standard status
Active
Size
7,200 SF
Total Parking Spaces
22
Property subtype
Commercial
Building Details
Year Built
1890
Stories
4
Listing Agency:
Century 21 AllPoints Realty
(203) 246-6505
Listed By:
Bob Jr L. Virgulak · License #RES.0805970
(203) 246-6505
Source:
Elliman
Added: Jun 25
Changed: Jul 10
Last Checked: Aug 10 at 6:07AM
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 Century 21 AllPoints Realty
Investment Insights
Based on property information with market context.
The property is a mixed-use building totaling approximately 7,200 square feet across four levels, including a finished lower level. The interiors feature original exposed brick and soaring ceiling heights on all levels, creating a distinctive character for an owner-user or redevelopment concept. The offering is described as flexible for a range of uses, including medical, dental, or professional office, restaurant, residential apartments, and creative mixed-use redevelopment, with plans included for review.
The building sits on a well-known New Haven corridor and benefits from an adjacent private parking lot with over 22 dedicated spaces, a practical amenity for tenants and visitors. The location is approximately 0.4 miles from Sally’s Apizza. BikeScore is listed as 70 (very bikeable) and WalkScore as 88 (very walkable), with a transitScore of 45 (some transit).
For tenants, buyers, or operators seeking a space with strong architectural character and on-site parking, the building’s four-level configuration and finished lower level provide room to customize layout and program. Prospective purchasers are encouraged to review the included preliminary diligence materials and conduct independent verification of zoning, permitted uses, and all other aspects of the property.
The building sits on a well-known New Haven corridor and benefits from an adjacent private parking lot with over 22 dedicated spaces, a practical amenity for tenants and visitors. The location is approximately 0.4 miles from Sally’s Apizza. BikeScore is listed as 70 (very bikeable) and WalkScore as 88 (very walkable), with a transitScore of 45 (some transit).
For tenants, buyers, or operators seeking a space with strong architectural character and on-site parking, the building’s four-level configuration and finished lower level provide room to customize layout and program. Prospective purchasers are encouraged to review the included preliminary diligence materials and conduct independent verification of zoning, permitted uses, and all other aspects of the property.
Key Highlights
- Four‑level mixed‑use building built in 1890 with exposed brick and soaring ceilings on all levels
- Approximately 7,200 SF across four levels, including a finished lower level
- Adjacent private parking lot with 22+ dedicated spaces
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
$109,201
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
6.24%
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%
$2,184,020
$2.2M
Cap Rate 7%
$1,560,014
$1.6M
Cap Rate 9%
$1,213,344
$1.2M
Market Conditions
NOI Build-Up for 7,200 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
$190.1K $26.40/SF
− Vacancy
−$44.5K −$6.18/SF
EGI
$145.6K $20.22/SF
− OpEx
−$36.4K −$5.06/SF
NOI
$109.2K $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%
$2,184,020
Cap Rate 7%
$1,560,014
Cap Rate 9%
$1,213,344
Alternative Uses
Best Use
Office B
$1.56M
$1.37M – $1.82M
NOI $109,201 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.32M
$2.03M – $2.70M
NOI $162,124 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,842
Businesses Nearby
Explore this area
Business Placement
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 Office in New Haven, CT
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Four-level building with exposed brick, soaring ceilings, and adjacent parking for 22+ cars.
Where is this office building located?
The property is located at 825 Grand Ave New Haven, CT.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Four‑level mixed‑use building built in 1890 with exposed brick and soaring ceilings on all levels; Approximately 7,200 SF across four levels, including a finished lower level; Adjacent private parking lot with 22+ dedicated spaces
