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    281 Chapel St, Unit 1 New Haven, CT 06513
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    281 Chapel St, Unit 1 New Haven, CT 06513

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    • Industrial properties
    • 16,574 SF
    • 0.73 lot acres
    For Lease
    $3,000 /Mo
    View Listing →
    281 Chapel Street #1, New Haven, CT 06513 For Lease
    $3,000 /Mo

    281 Chapel Street #1, New Haven, CT 06513

    Renovated office space with garage and parking, near I-95/I-91.

    281 Chapel St,Unit 1, New Haven, CT 06513
    View Listing
    Property ID
    US15-0995029
    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
    $690,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • The Shop With No Name / Auto Repair Shop
    • M & C Tire Repair Shop LLC / (Bike/Boat/Book/etc) Store / Auto Parts Store
    • Concrete Creations LLC / Construction Company / General Contractor
    • Cheap Car Insurance / Insurance Agency

    Property Details for 281 Chapel St

    Year built
    1920
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.73 lot acres
    Property size
    16,574 SF
    Zone code
    IH
    Property type
    Industrial properties
    APN
    NHVN M:174 B:0709 L:00300
    APU
    NHVNM174B0709L00300

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $415,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $952,000
      Market price range: $836k - $1.53M
      AI Estimate
      $701,000
      Market price range: $337k - $1.36M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $1,135,000
      Current use
      WAREHOUSE, STORAGE
      $975,000
      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
    -72.9043
    Latitude
    41.3039
    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
    $22,484
    $51,030
    $532,980
    $584,010
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,960,000
      37,559 SF

      458 Grand Ave

      INDUSTRIAL (GENERAL) • 37,559 SF
      458 Grand Ave, New Haven, CT 06513-3856
      View Details
    • Value Estimation by Request
      6,143 SF

      190 Riv St

      INDUSTRIAL (GENERAL) • 6,143 SF
      190 Riv St, New Haven, CT 06513-4240
      View Details
    • Value Estimation
      $865,000
      9,600 SF

      499 Grand Ave

      INDUSTRIAL (GENERAL) • 9,600 SF
      499 Grand Ave, New Haven, CT 06513
      View Details
    • Value Estimation by Request
      11,921 SF

      205 Riv St

      INDUSTRIAL (GENERAL) • 11,921 SF
      205 Riv St, New Haven, CT 06513-4241
      View Details
    • Value Estimation by Request
      1,150 SF

      64 Thompson St Ste B206

      CONDOMINIUMS (INDUSTRIAL) • 1,150 SF
      64 Thompson St Ste B206, East Haven, CT 06513-5708
      View Details
    • Value Estimation by Request
      0.61 Acres

      15 Wheelbarrow Ln

      INDUSTRIAL (GENERAL) • 0.61 Acres
      15 Wheelbarrow Ln, East Haven, CT 06513-2003
      View Details

    Similar Nearby for Sale

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      Pending

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      Three-story industrial building with additional structure and updated office space.
      30 Lenox St, New Haven, CT 06513
      View Details
    • $2,250,000
      0.77 Acres

      Industrial Facility with Redevelopment Potential

      Well-maintained industrial facility with potential for residential adaptive reuse.
      373 Lexington Ave, New Haven, CT 06513
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    • $2,250,000
      32,643 SF

      Well-Maintained Industrial Facility with Redevelopment Potential

      Industrial facility with redevelopment potential on 0.77 acres.
      373 Lexington Ave, New Haven, CT 06513
      View Details
    • $2,200,000
      41,295 SF

      Office/Flex Space with Warehouse

      45000 SF Office/Flex space with 30000 SF warehouse/shop space.
      654 Ferry St, New Haven, CT 06513
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      15,723 SF

      Industrial Warehouse Space Available

      15,723 square foot warehouse space for lease.
      260 Wolcott St, New Haven, CT 06513
      View Details
    • Contact for pricing

      Erector Square Warehouse Space

      50,000 SF warehouse space available for rent.
      315 Peck St, New Haven, CT 06513
      View Details
    • Contact for pricing

      Industrial Property Near New Haven Harbor

      Industrial property with 15,723 SF, accessible from I-91 and I-95.
      260 Wolcott St, New Haven, CT 06513
      View Details
    • $3,000 /Mo
      3,000 SF

      Office with Garage For Rent

      Renovated office space with garage and parking, near I-95/I-91.
      281 Chapel St, New Haven, CT 06513
      View Details
    • Contact for pricing

      Remodeled Mill River Office Space

      Professional office units available in a completely remodeled building.
      458 Grand Ave, New Haven, CT 06513
      View Details
    View Listing
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    281 Chapel St, Unit 1
    New Haven, CT 06513
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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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