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    446A Blake St New Haven, CT 06515

    Sponsored
    For Sale
    $3,750,000

    144 Units, Approved Project, High Demand

    Property size:
    125,999 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity presents an approved 144-unit multifamily development project in New Haven, Connecticut's desirable Westville neighborhood. The project, situated on a 1.88-acre lot, is comprised of three phases: a new 55-unit building, the adaptive reuse of an existing structure into 36 units, and a second new construction building with 53 units. The total square footage is 125,999, spread across two six-story buildings. The development plan includes 36,004 square feet of valuable open space. This Class A property boasts a compelling 5.30% cap rate and is currently vacant, presenting a unique opportunity for immediate development. The Westville location offers easy access to local amenities, including the vibrant Village of Westville, with its diverse dining options and bustling atmosphere. Its proximity to Southern Connecticut State University and Route 15 enhances its appeal. New Haven's robust rental market, with a low vacancy rate of approximately 3%, is fueled by the significant investments of Yale University and Yale New Haven Hospital, along with a thriving life science sector. Westville provides a compelling balance of affordability and high quality of life, making it an attractive residential area. The asking price for this redevelopment project is $3,750,000.

    Property Features for 446A Blake St

    General Information

    Property type
    Multifamily properties
    Square Feet
    125,999 SF
    Class
    A
    Lot Size
    81,893 SF

    Building Details

    Buildings
    2
    Stories
    6
    Units
    144

    HighLights

    • Approved 144‑unit multifamily development project in New Haven, CT's Westville neighborhood.
    • 1.88‑acre lot with three phases: 55 new units, 36 adaptive reuse units, and 53 more new units.
    • 125,999 square feet across two six‑story buildings, plus 36,004 square feet of open space.
    • Class A property with a 5.30% cap rate, currently vacant.
    • $3,750,000 asking price.
    Property Profile Location Intelligence

    Current Use by Public Records

    Rebekah Jackson Psychologist Creative JME Photography Photographer Adoni Spiritual Formation ... Church Urban Community Alliance Non-Profit Organization Viola Audio Laboratories Manufacturer

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    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
    -72.9581421
    Latitude
    41.3279689

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    FAQs

    What type of property is this?
    Multifamily property - 144 Units, Approved Project, High Demand
    Where is this multifamily property located?
    The property is located at 446A Blake St New Haven, CT.
    What is the asking price?
    The asking price for this property is $3,750,000.
    What are key features of this property?
    This property features: Approved 144-unit multifamily development project in New Haven, CT's Westville neighborhood.; 1.88-acre lot with three phases: 55 new units, 36 adaptive reuse units, and 53 more new units.; 125,999 square feet across two six-story buildings, plus 36,004 square feet of open space.
    Request Owner's contact information
    446A Blake St New Haven, CT 06515
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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
    446A Blake St New Haven, CT 06515
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