Mixed-Use Retail and Office
For Sale
$2,300,000
900 Grand Ave, New Haven, CT 06511
Multi-space property with central air throughout and retail space available for lease.
Property Size15,230 SF
Price / SF$151.02
Days on Market34
Property Features for 900 Grand Ave
General Information
Standard status
Active
Size
15,230 SF
Amenities
Central Air
Building Details
Year Built
1880
Listing Agency:
mygoodagent
(203) 889-8296
Listed By:
Bluma Katz
Source:
Themialeteam
Added: Jul 27
Changed: Aug 28
Last Checked: Aug 28 at 7:52PM
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 mygoodagent
Investment Insights
Based on property information with market context.
This mixed-use building combines retail and office space within a 15,230-square-foot property. Central air serves every space, and the building has received multiple upgrades over the years. Constructed in 1880, the property is positioned for continued commercial use with a retail component available for lease.
The building is located at 900 Grand Ave in New Haven’s Wooster Square/Mill River area. Its configuration accommodates both storefront activity and office occupancy within the same property.
The building is located at 900 Grand Ave in New Haven’s Wooster Square/Mill River area. Its configuration accommodates both storefront activity and office occupancy within the same property.
Key Highlights
- 15,230‑square‑foot mixed‑use retail and office building
- Central air serving every space
- Multiple upgrades completed over the years
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
$210,174
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
9.14%
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%
$4,203,480
$4.2M
Cap Rate 7%
$3,002,486
$3.0M
Cap Rate 9%
$2,335,267
$2.3M
Market Conditions
NOI Build-Up for 15,230 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
$365.5K $24.00/SF
− Vacancy
−$29.2K −$1.92/SF
EGI
$336.3K $22.08/SF
− OpEx
−$126.1K −$8.28/SF
NOI
$210.2K $13.80/SF
Area
New Haven, CT
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$4,203,480
Cap Rate 7%
$3,002,486
Cap Rate 9%
$2,335,267
Alternative Uses
Best Use
Office B
$3.30M
$2.89M – $3.85M
NOI $230,990 @ 7.0% cap · market cap 10.04%
Second Best
Retail
$3.14M
$2.75M – $3.67M
NOI $219,915 @ 7.0% cap · market cap 9.56%
Theoretical Best
Office A
$4.90M
$4.29M – $5.72M
NOI $342,938 @ 7.0% cap · market cap 14.91%
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?
Mixed-use property - Multi-space property with central air throughout and retail space available for lease.
Where is this mixed-use property located?
The property is located at 900 Grand Ave New Haven, CT.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 15,230‑square‑foot mixed‑use retail and office building; Central air serving every space; Multiple upgrades completed over the years
