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    Property profile & analytics

    285 Nicoll St New Haven, CT 06511

    • Industrial properties
    • 23,100 SF
    • 3.02 lot acres
    For Lease
    View listing
    Value Estimations
    $865,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0782735
    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

    • Select Physical Therapy - New Haven / Medical Clinic / Orthopedic Surgeon
    • mActivity Fitness Center / Gym / Event Venue
    • EAST ROCK CENTER / Property Management Company
    • Rebel Brides CT / Wedding Service
    • Ground Up Coffee / Coffee Shop

    Property Details for 285 Nicoll St

    Year built
    1918
    Lot size
    3.02 lot acres
    Property size
    23,100 SF
    Zone code
    IL
    Property type
    Industrial properties
    APN
    NHVN M:197 B:0442 L:00200
    APU
    NHVNM197B0442L00200

    Description

    This exceptional New Haven, Connecticut property, East Rock Center, presents a unique opportunity for businesses seeking custom-built office and lab space. Located at 285 Nicoll St, zip code 06511, this mixed-use development is a revitalized 200,000-square-foot historic industrial complex, meticulously renovated in 2016 while retaining its original 1908 charm. The building offers multiple tenancy options with spaces ranging from a minimum of 2,047 square feet to a maximum contiguous space of 12,851 square feet, providing flexibility for various business needs. Its prime location in New Haven County offers unparalleled convenience, situated minutes from downtown New Haven, Yale University, East Rock Park, and major interstates I-91 and I-95, ensuring easy access for employees and clients. The property's modern infrastructure and adaptable layouts cater to today's business requirements, making it an ideal location for companies seeking a blend of historical character and contemporary functionality. This is a rare opportunity to secure premium office and lab space in a highly desirable location. The property is classified as Retail and Office, specifically Executive Office and Lab Space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $660,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,065,000
      Market price range: $469k - $1.07M

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

    Location Insight

    • Map
    • Local Demand
    City
    New Haven
    County
    New Haven
    State
    Connecticut
    Longitude
    -72.9066
    Latitude
    41.3216
    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
    $158,136
    $535,360
    $3,715,600
    $4,250,960
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,110,000
      273,092 SF

      150 Munson St

      INDUSTRIAL (GENERAL) • 273,092 SF
      150 Munson St, New Haven, CT 06511-3572
      View Details
    • Value Estimation
      $490,000
      13,321 SF

      83 Water St

      INDUSTRIAL (GENERAL) • 13,321 SF
      83 Water St, New Haven, CT 06511-5750
      View Details
    • Value Estimation
      $1,040,000
      39,400 SF

      130 Hamilton St

      INDUSTRIAL (GENERAL) • 39,400 SF
      130 Hamilton St, New Haven, CT 06511-5836
      View Details
    • Value Estimation
      $805,000
      17,140 SF

      190 Wallace St

      INDUSTRIAL (GENERAL) • 17,140 SF
      190 Wallace St, New Haven, CT 06511-5032
      View Details
    • Value Estimation
      $230,000
      4,810 SF

      347 Chapel St

      INDUSTRIAL (GENERAL) • 4,810 SF
      347 Chapel St, New Haven, CT 06511-5802
      View Details
    • Value Estimation
      $290,000
      2,050 SF

      67 Daisy St

      INDUSTRIAL (GENERAL) • 2,050 SF
      67 Daisy St, New Haven, CT 06511
      View Details

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    Similar Nearby for Lease

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      Prime New Haven Warehouse/Retail Space

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      East Rock Center: Office & Lab Suites

      New Haven, CT: Modernized historic building, flexible spaces.
      285 Nicoll St, New Haven, CT 06511
      View Details
    • $20 SF/Yr
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      Adaptable Retail/Warehouse Space Available

      Versatile space suitable for retail, warehouse, or commercial uses.
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      Shelton Avenue Flex/Industrial/Office Space

      Flex, industrial, and office spaces available for rent.
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      Seven-Story Office/Medical Building For Rent

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    New Haven, CT 06511
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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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