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    433 Chapel St New Haven, CT 06511

    Sponsored
    For Sale
    Contact for pricing

    Historic building, prime location, high potential

    Property size:
    32,953 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This mixed-use, six-story apartment building at 433 Chapel St, New Haven, CT, presents a compelling redevelopment opportunity. The 32,953 square foot property, built in 1870, sits on a 0.59-acre lot and is zoned IL. Current approvals are in place for a 25-unit multifamily development with one retail space, but further density is possible due to existing zoning. The property includes three parcels (433 Chapel St, 56 Wallace St, and 64 Wallace St). A 2019 variance approval facilitates multi-family development, and the building's historical registration allows for the utilization of historic tax credits. Its location within an Opportunity Zone provides additional financial incentives. This fee-simple ownership offers significant potential for investors seeking a value-add project in a vibrant New Haven neighborhood, close to Wooster Square and Long Wharf, with easy access to the downtown area. The property's historical significance and strategic location combine to create a unique and lucrative investment prospect.

    Property Features for 433 Chapel St

    General Information

    Property type
    Multifamily properties
    Square Feet
    32,953 SF
    Class
    C
    Lot Size
    25,700 SF

    Building Details

    Year Built
    1870
    Buildings
    1
    Stories
    6

    HighLights

    • Approved variance for multi‑family development.
    • Current approvals for 25 multi‑family units plus one retail space.
    • Zoning allows for potential increase in unit density.
    • Eligible for Historic Tax Credits.
    • Located in an Opportunity Zone.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Law Firm Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Haven
    County
    New Haven
    State
    Connecticut
    Longitude
    -72.9121745
    Latitude
    41.3037856

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    FAQs

    What type of property is this?
    Multifamily property - Historic building, prime location, high potential
    Where is this multifamily property located?
    The property is located at 433 Chapel St New Haven, CT.
    What are key features of this property?
    This property features: Approved variance for multi-family development.; Current approvals for 25 multi-family units plus one retail space.; Zoning allows for potential increase in unit density.
    Request Owner's contact information
    433 Chapel St New Haven, CT 06511
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    433 Chapel St New Haven, CT 06511
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