1226 Chapel St New Haven, CT 06511
- Showrooms
- 1,920 SF
- 0.21 lot acres
Current Use by Public Records
- Tandoor New Haven / Takeout Restaurant / Pakistani Restaurant
- India Palace Restaurant (TANDOOR) / Indian Restaurant / Indian Takeaway
Property Details for 1226 Chapel St
- Year built
- 1955
- Construction
- STEEL FRAME
- Lot size
- 0.21 lot acres
- Property size
- 1,920 SF
- Zone code
- BA
- Property type
- Showrooms
- APN
- NHVN M:280 B:0229 L:00300
- APU
- NHVNM280B0229L00300
Description
This 1,920 sq ft restaurant property at 1226 Chapel St, New Haven, CT, is available for $1,200,000. Currently leased until February 28, 2025, at 100% occupancy, generating a NOI of $52,800 and a 4.40% cap rate. The property sits on a 0.21-acre lot with 20 parking spaces and is zoned BD1, allowing for high-density residential or mixed-use development, up to 54 units. Its prime location across from The Novella, near Yale University and key retail destinations, ensures high foot traffic and strong redevelopment potential. The existing building will require a demolition permit. The property features a single-story building constructed in 1955, with a permitted zoning of BD1. The current lease is an Absolute NNN with a remaining term of approximately 0.3 years. This presents a unique opportunity to capitalize on the vibrant New Haven market and its proximity to Yale University. The Business District 1 zoning allows for a variety of uses, including multifamily, retail, restaurants, office, and medical uses, making this an exceptional redevelopment opportunity. The property's strong cash flow from the current tenant provides a stable investment while redevelopment plans are finalized.
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
- -72.9354
- Latitude
- 41.309
- CBSA code
- 35300
- CBSA name
- NEW HAVEN-MILFORD, CT METROPOLITAN STATISTICAL AREA
