446A Blake St New Haven, CT 06515
- Apartment buildings
- 125,999 SF
- 1.88 lot acres
Current Use by Public Records
- Rebekah Jackson / Psychologist / Medical School
- Creative JME Photography / Photographer / Photo Booth
- Adoni Spiritual Formation Center / Church
- Urban Community Alliance / Non-Profit Organization
- Viola Audio Laboratories / Manufacturer
Property Details for 446A Blake St
- Lot size
- 1.88 lot acres
- Property size
- 125,999 SF
- Property type
- Apartment buildings
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- New Haven
- County
- New Haven
- State
- Connecticut
- Longitude
- -72.9581
- Latitude
- 41.328
