446A Blake StNew Haven, CT 06515

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.