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    1041 State St New Haven, CT 06511-2719
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    Property profile & analytics

    1041 State St, New Haven, CT 06511-2719

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    • Industrial properties
    • 9,167 SF
    • 0.22 lot acres
    Off-Market
    Last Sale Oct 10, 2024
    Property ID
    US15-0687781
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $705,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Bryan Smallman / Furniture & Home Goods / Home Decor Store

    Property Details for 1041 State St

    Year built
    1900
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.22 lot acres
    Zone code
    IL
    Property type
    Industrial properties
    APN
    NHVN M:182 B:0804 L:01300
    APU
    NHVNM182B0804L01300

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Oct 10, 2024 — Realcan 1041 State St LLC Lets Grow Hartford LLC Warranty Deed $1.5M · Nh Apt Partners LLC
    Sep 30, 2024 — Lets Grow Hartford LLC New Haven Apt Partners Ll Warranty Deed $1.5M · Nh Apt Partners LLC
    Jan 20, 2022 — New Haven Apartment Partn Post Road Residential INC Quit Claim Deed · related $1.5M · Union Savings Bank
    Nov 7, 2012 — Bryan Smallman — Deed Of Trust · related $75k · First Niagara Bank
    Jul 10, 2009 — Bryan Smallman — Deed Of Trust · related $75k · Newalliance Bank
    Dec 27, 2001 — Bryan Smallman — Deed Of Trust · related $250k · Worth Funding INC
    Dec 20, 2001 $250,000 Bryan Smallman Willoughby,william Warranty Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $774,000
      Market price range: $463k - $845k

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $625,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $1,155,000
      Change: +85% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,120,000
      Change: +79% Conversion: Difficult
      OFFICE BUILDING
      $990,000
      Change: +58% Conversion: Difficult
      RETAIL STORES
      $975,000
      Change: +55% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $830,000
      Change: +33% Conversion: Easy
      WAREHOUSE, STORAGE
      $540,000
      Change: -14% Conversion: Easy

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New Haven
    County
    New Haven
    State
    Connecticut
    Longitude
    -72.9076
    Latitude
    41.3164
    CBSA code
    35300
    CBSA name
    NEW HAVEN-MILFORD, CT METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $18,261
    $152,110
    $322,210
    $474,320
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $7,865,000
      106,485 SF

      395 Winchester Ave

      INDUSTRIAL (GENERAL)
      395 Winchester Ave, New Haven, CT 06511-1917
      View Details
    • Value Estimation
      $8,315,000
      126,702 SF

      4 Hamilton St

      INDUSTRIAL (GENERAL)
      4 Hamilton St, New Haven, CT 06511-5905
      View Details
    • Value Estimation
      $735,000
      24,161 SF

      169 Derby Ave

      INDUSTRIAL (GENERAL)
      169 Derby Ave, New Haven, CT 06511
      View Details
    • Value Estimation by Request
      8,382 SF

      419 Chapel St

      INDUSTRIAL (GENERAL)
      419 Chapel St, New Haven, CT 06511-5806
      View Details
    • Value Estimation
      $1,790,000
      18,244 SF

      300 Ee St

      MIXED USE (COMMERCIAL/INDUSTRIAL)
      300 Ee St, New Haven, CT 06511-5801
      View Details
    • Value Estimation by Request
      8.86 Acres

      28 Water St

      INDUSTRIAL (GENERAL)
      28 Water St, New Haven, CT 06511
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      46,458 SF

      High Bay Industrial Space Available

      14,300 SF industrial space with heavy power and parking.
      30 Gando Dr, New Haven, CT 06511
      View Details
    • Contact for pricing
      6,075 SF

      Shelton Avenue Flex/Industrial/Office Space

      Flex, industrial, and office spaces available for rent.
      71-91 Shelton Ave, New Haven, CT 06511
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    • $1,790,000
      21,152 SF

      Food Manufacturing Facility For Sale

      19,106 SF food manufacturing facility with FDA approvals.
      724 Grand Ave, New Haven, CT 06511
      View Details

    Similar Nearby for Lease

    • $1,095 /Mo

      Garage Space for Rent

      Garage space with overhead door available for lease.
      1399 State St #Garage, New Haven, CT 06511
      View Details
    • $1,800 /Mo
      1,875 SF

      Renovated Commercial Space in New Haven

      Recently renovated 1,875 SF commercial space with historic character.
      301 East St, New Haven, CT 06511
      View Details
    • Contact for pricing
      14,400 SF

      Adaptable Retail/Warehouse Space Available

      Versatile space suitable for retail, warehouse, or commercial uses.
      201-228 Food Terminal Plz, New Haven, CT 06511
      View Details
    • Contact for pricing

      Retail Space in New Haven

      Potential retail space suitable for various commercial uses.
      250 Sargent Dr, New Haven, CT 06511
      View Details
    • $10 SF/Yr
      46,458 SF

      Industrial Space with Heavy Power

      High bay industrial space featuring heavy power and outside storage.
      30 Gando Dr, New Haven, CT 06511
      View Details
    • $10 SF/Yr
      46,458 SF

      High Bay Industrial Space Available

      14,300 SF industrial space with heavy power and storage.
      30 Gando Dr, New Haven, CT 06511
      View Details
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    New Haven, CT 06511-2719
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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