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    Property profile & analytics

    2989 Whitney Ave Hamden, CT 06518-2326

    • Banks
    • 3,028 SF
    • 0.62 lot acres
    OFF-MARKET
    Value Estimations
    $365,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0349838
    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

    • Ion Insurance / Insurance Agency
    • Robert Velardi - Financial Advisor - Ion Investments / Financial Planner
    • Ion Bank / Bank / Atm

    Property Details for 2989 Whitney Ave

    Year built
    1870
    Construction
    FRAME
    Lot size
    0.62 lot acres
    Property size
    3,028 SF
    Zone code
    T4
    Property type
    Banks
    APN
    HAMD M:2930 B:124 L:00-0000
    APU
    HAMDM2930B124L000000

    Description

    This exceptional 3,058 square foot office space at 2989 Dixwell Avenue in Hamden, Connecticut, presents a unique leasing opportunity. The property is classified as a single-tenant building, offering complete privacy and control. Its versatile design caters to various needs, suitable for medical offices, executive suites, or creative office spaces. The building features a private elevator, ensuring convenient and exclusive access. Ample private parking is provided for the tenant's convenience. The location is highly desirable, offering easy access to major transportation arteries, including Interstates 91 and Route 15. This prime Hamden location is situated within a thriving community, providing a strong base for any business. The space is ready for a custom build-out, allowing for complete customization to meet specific business requirements. This presents a rare chance to secure a prestigious and well-located office space in a vibrant Connecticut town. The property is located at 2989 Dixwell Avenue, Hamden, CT 06518.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $365,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $360,000
      Market price range: $157k - $400k

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

    Location Insight

    • Map
    • Local Demand
    City
    Hamden
    County
    New Haven
    State
    Connecticut
    Longitude
    -72.8979
    Latitude
    41.4042
    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
    $37,493
    $291,270
    $373,730
    $665,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $320,000
      7,344 SF

      2704 Dixwell Ave

      FINANCIAL BUILDING • 7,344 SF
      2704 Dixwell Ave, Hamden, CT 06518-3317
      View Details
    • Value Estimation
      $365,000
      2,911 SF

      2427 Whitney Ave

      FINANCIAL BUILDING • 2,911 SF
      2427 Whitney Ave, Hamden, CT 06518-3286
      View Details
    • Value Estimation
      $255,000
      7,938 SF

      2996 Dixwell Ave

      FINANCIAL BUILDING • 7,938 SF
      2996 Dixwell Ave, Hamden, CT 06518
      View Details
    • Value Estimation
      $325,000
      2,397 SF

      2855 Dixwell Ave

      FINANCIAL BUILDING • 2,397 SF
      2855 Dixwell Ave, Hamden, CT 06518-3101
      View Details
    • Value Estimation
      $1,015,000
      52,689 SF

      2080 Whitney Ave

      SHOW ROOM, WAREHOUSE • 52,689 SF
      2080 Whitney Ave, Hamden, CT 06518-3600
      View Details
    • Value Estimation
      $275,000
      1,806 SF

      2850 Dixwell Ave

      SHOW ROOM, WAREHOUSE • 1,806 SF
      2850 Dixwell Ave, Hamden, CT 06518
      View Details

    Similar Nearby for Sale

    • $1,650,000
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      Town Hall Plaza Investment Opportunity

      Hamden, CT retail center, high potential.
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      Hamden Commercial Property For Sale

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      Hamden Business Opportunity: High Traffic Location

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    Similar Nearby for Lease

    • $1,300 /Mo
      978 SF

      Renovated Office or Retail Space

      Newly renovated office or retail space with modern amenities.
      3000 Dixwell Ave, Hamden, CT 06518
      View Details
    • $16 SF/Yr
      3,200 SF

      Prime Hamden Office/Retail Space

      3200 SF office/retail space in high-traffic Hamden location.
      2340 Whitney Ave, Hamden, CT 06518
      View Details
    • $22 SF/Yr
      1,985 SF

      Hamden Retail Space For Lease

      1,985 SF retail space available in Hamden, Connecticut.
      2313-2315 Whitney Ave, Hamden, CT 06518
      View Details
    • $2,200 /Mo
      11,800 SF

      Retail/Office Space in Hamden, CT

      850 SF retail/office space in high-traffic Hamden location.
      2348 Whitney Ave, Hamden, CT 06518
      View Details
    • $1,875 /Mo
      1,250 SF

      Hamden Commercial Space Available

      Commercial space available for rent in Hamden, Connecticut.
      2558 Whitney Ave, Hamden, CT 06518
      View Details
    • $700 /Mo
      325 SF

      Hamden Commercial Space For Lease

      Prime office/retail space in high-traffic Hamden location.
      2348 Whitney Ave, Hamden, CT 06518
      View Details
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    2989 Whitney Ave
    Hamden, CT 06518-2326
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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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