Historic New Haven Church
For Sale
$2,750,000
950 Chapel Street, New Haven, CT 06510
Two-story, 8544 SF building in downtown New Haven.
Property Size8,544 SF
Days on Market357
Property Features for 950 Chapel Street
General Information
Standard status
Active
Size
8,544 SF
Property subtype
Commercial
Zoning
BD
Building Details
Building Size
8,544 SF
Year Built
1900
Listing Agency:
Levey Miller Maretz LLC
(203) 389-5377
Listed By:
Jeremy Rosner · License #RES.0788756
(203) 389-5377
Source:
Westshorerealty
Added: Sep 1, 2025
Changed: Aug 23
Last Checked: Aug 22 at 7:17AM
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 Levey Miller Maretz LLC
Investment Insights
Based on property information with market context.
Located on Chapel Street across from Trinity Church and the New Haven Green, 950 Chapel Street is a two-story, 8544 square foot building that is currently the home to The First Church of Christ, Scientist. The property features ground floor retail, an immaculate prayer chapel, second-floor offices, and a full usable basement. Potential uses for the property include religious, retail, restaurant, hospitality, and multi-family residential. Neighboring businesses and institutions include Subway, Yale University, Shake Shack, New Haven Taste of China, and Trinity Church.
Key Highlights
- Prime location on Chapel Street across from Trinity Church and the New Haven Green.
- 8544sf two‑story building with ground floor retail space.
- Versatile potential uses: Religious, Retail, Restaurant, Hospitality, and Multi‑family residential.
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
$123,372
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
4.49%
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%
$2,467,440
$2.5M
Cap Rate 7%
$1,762,457
$1.8M
Cap Rate 9%
$1,370,800
$1.4M
Market Conditions
NOI Build-Up for 8,544 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
$184.6K $21.60/SF
− Vacancy
−$8.3K −$0.97/SF
EGI
$176.2K $20.63/SF
− OpEx
−$52.9K −$6.19/SF
NOI
$123.4K $14.44/SF
Area
New Haven, CT
Vacancy
4.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$2,467,440
Cap Rate 7%
$1,762,457
Cap Rate 9%
$1,370,800
Alternative Uses
Best Use
Retail
$1.76M
$1.54M – $2.06M
NOI $123,372 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.75M
$2.40M – $3.21M
NOI $192,388 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9,831
Businesses Nearby
134k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 47%
Electronics 24%
Shops & Services 18%
Apparel 10%
Apple Store
Electronics
32,282 visits/mo
0.4 miles
Dunkin' Donuts
Dining
27,953 visits/mo
0.4 miles
Bank of America
Shops & Services
14,466 visits/mo
0.4 miles
Olive's
Dining
11,610 visits/mo
0.2 miles
SUBWAY
Dining
7,612 visits/mo
0.4 miles
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 Retail in New Haven, CT
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Church & religious facility - Two-story, 8544 SF building in downtown New Haven.
Where is this church & religious facility located?
The property is located at 950 Chapel Street New Haven, CT.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Prime location on Chapel Street across from Trinity Church and the New Haven Green.; 8544sf two‑story building with ground floor retail space.; Versatile potential uses: Religious, Retail, Restaurant, Hospitality, and Multi‑family residential.
