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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1500 Whalley Ave New Haven, CT 06515

    • Showrooms
    • 4,628 SF
    • 0.54 lot acres
    For Sale
    View listing
    $425,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0727156
    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.

    Current Use by Public Records

    • Carmine's Tuscan Grill / Restaurant
    • Carmines di Vega / Restaurant

    Property Details for 1500 Whalley Ave

    Year built
    1957
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.54 lot acres
    Property size
    4,628 SF
    Zone code
    BA
    Property type
    Showrooms
    APN
    NHVN M:429 B:1173 L:00800
    APU
    NHVNM429B1173L00800

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,065,000
      6.5%
      $985,000
      7%
      $910,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,039,000
      Market price range: $266k - $1.04M
      AI Estimate
      $571,000
      Market price range: $220k - $671k

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

    Location Insight

    • Map
    • Local Demand
    City
    New Haven
    County
    New Haven
    State
    Connecticut
    Longitude
    -72.977
    Latitude
    41.3358
    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
    2023
    $25,056
    $252,980
    $420,560
    $673,540
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $735,000
      4,393 SF

      149 Amity Rd

      SHOW ROOM, WAREHOUSE • 4,393 SF
      149 Amity Rd, New Haven, CT 06515
      View Details
    • Value Estimation by Request
      4,100 SF

      900 Whalley Ave

      SHOW ROOM, WAREHOUSE • 4,100 SF
      900 Whalley Ave, New Haven, CT 06515-1778
      View Details
    • Value Estimation by Request
      7,110 SF

      908 Whalley Ave

      SHOW ROOM, WAREHOUSE • 7,110 SF
      908 Whalley Ave, New Haven, CT 06515-1782
      View Details
    • Value Estimation by Request
      2,851 SF

      1292 Whalley Ave

      SHOW ROOM, WAREHOUSE • 2,851 SF
      1292 Whalley Ave, New Haven, CT 06515-1101
      View Details
    • Value Estimation
      $1,650,000
      13,116 SF

      1460 Whalley Ave

      SHOW ROOM, WAREHOUSE • 13,116 SF
      1460 Whalley Ave, New Haven, CT 06515-1130
      View Details
    • Value Estimation
      $780,000
      5,850 SF

      1412 Whalley Ave

      SHOW ROOM, WAREHOUSE • 5,850 SF
      1412 Whalley Ave, New Haven, CT 06515-1131
      View Details

    Similar Nearby for Sale

    • $1,199,999

      Office/Retail Building Near Merritt Parkway

      8712 SF office/retail building with warehouse and parking.
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    • $425,000
      4,628 SF

      New Haven Restaurant For Sale

      Restaurant property in a prime New Haven location for sale.
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    • $2,950,000
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      New Haven Commercial Property For Sale

      Fully leased retail and office spaces near Route 15.
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    • $379,000

      Westville Duplex with Hardwood Floors

      Well-maintained duplex in Westville near downtown New Haven and Yale.
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      Rock Avenue Specialty Property

      Specialty property available for sale on Rock Avenue.
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    • $949,000

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      Specialty property available for sale on Westwood Road.
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    Similar Nearby for Lease

    • $17 SF/Yr
      3,400 SF

      New Haven Retail/Office Space

      3400 SF retail or office space near major universities.
      59 Amity Rd, New Haven, CT 06515
      View Details
    • $24 SF/Yr
      143,148 SF

      Westville Retail Space For Lease

      Prime retail spaces in New Haven's vibrant Westville neighborhood.
      500 Blake St, New Haven, CT 06515
      View Details
    • Contact for pricing
      1,700 SF

      Prime New Haven Retail Space

      1700 sq ft, Ample Parking, High Visibility
      1460 Whalley Ave, New Haven, CT 06515
      View Details
    • $18 SF/Yr
      36,505 SF

      Whalley Commons Retail Center

      Multi-Tenant Retail Space Available
      1451 Whalley Ave, New Haven, CT 06515
      View Details
    • Contact for pricing
      13,905 SF

      Former Walgreens: Retail Space for Lease

      Prime Retail Space, Drive-Thru, High Visibility
      1471 Whalley Ave, New Haven, CT 06515
      View Details
    • Contact for pricing
      25,000 SF

      Retail Space in High-Traffic Area

      Retail opportunity in New Haven with high visibility and traffic.
      112-144 Amity Rd, New Haven, CT 06515
      View Details
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    1500 Whalley Ave
    New Haven, CT 06515
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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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