Updated Mixed-Use Commercial
For Sale
$449,000
Pending
94 Kimberly Avenue, New Haven, CT 06519
Updated mixed-use building near Downtown New Haven and Yale University.
Property Size1,900 SF
Days on Market117
Property Features for 94 Kimberly Avenue
General Information
Standard status
Pending
Size
1,900 SF
Property subtype
Commercial
Building Details
Building Size
1,900 SF
Year Built
1900
Listing Agency:
Keller Williams Realty Prtnrs.
(203) 400-6429
Listed By:
Valerie King
(203) 400-6429
Source:
Iverty
Added: Apr 14
Changed: Aug 8
Last Checked: Apr 20 at 1:52PM
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 Keller Williams Realty Prtnrs.
Investment Insights
Based on property information with market context.
This updated mixed-use commercial building presents an investment opportunity in New Haven. Located on a corner lot adjacent to Galvin Park, the property offers convenient access to Downtown New Haven and Yale University. The main level contains two retail spaces, previously used as a beauty salon/barber shop and a training center. Each retail space includes a half bathroom and access to a shared laundry room equipped with two washer/dryer hook-ups. The second-floor apartment, measuring just under 900 square feet, features two bedrooms, one full bathroom, a living room, and an eat-in kitchen, with an alcove off one bedroom suitable for a home office or sitting room. The third-floor apartment, just under 600 square feet, includes one bedroom, a split bathroom, a living room, and a spacious eat-in kitchen. The property includes off-street parking and a fenced backyard. Updates include plumbing, roofing, flooring, smart locks, and Ring cameras throughout. The building has a total size of 2584 square feet. Units are ready for new occupancy.
Key Highlights
- Updated mixed‑use commercial building with two retail spaces and two apartments.
- Prime location on a corner lot adjacent to Galvin Park, with easy access to Downtown New Haven and Yale University.
- Off‑street parking and fenced backyard.
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
$40,472
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
9.01%
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%
$809,440
$809.4K
Cap Rate 7%
$578,171
$578.2K
Cap Rate 9%
$449,689
$449.7K
Market Conditions
NOI Build-Up for 2,584 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
$78.5K $30.36/SF
− Vacancy
−$4.9K −$1.88/SF
EGI
$73.6K $28.48/SF
− OpEx
−$33.1K −$12.81/SF
NOI
$40.5K $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 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%
$809,440
Cap Rate 7%
$578,171
Cap Rate 9%
$449,689
Alternative Uses
Best Use
Apartment 5plus
$578.2K
$505.9K – $674.5K
NOI $40,472 @ 7.0% cap · market cap 9.01%
Second Best
Retail
$533.0K
$466.4K – $621.9K
NOI $37,312 @ 7.0% cap · market cap 8.31%
Theoretical Best
Office A
$831.2K
$727.3K – $969.8K
NOI $58,185 @ 7.0% cap · market cap 12.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
819
Businesses Nearby
Explore this area
Business Placement
Demographics for 06519, CT
15,450
Population
6,424
Households
2.4
Avg Household Size
33
Median Age
20%
College-Educated
77%
High-School Grad
1.8 sq mi
ZIP Area
8,583
Density / Sq Mi
$44,394
Median Household Income
$29,745
Median Earnings
$1,356
Median Rent
$247,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Updated mixed-use building near Downtown New Haven and Yale University.
Where is this mixed-use property located?
The property is located at 94 Kimberly Avenue New Haven, CT.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Updated mixed‑use commercial building with two retail spaces and two apartments.; Prime location on a corner lot adjacent to Galvin Park, with easy access to Downtown New Haven and Yale University.; Off‑street parking and fenced backyard.
