433 Chapel St New Haven, CT 06511-5830

This mixed-use, six-story apartment building at 433 Chapel St, New Haven, CT, presents a compelling redevelopment opportunity. The 32,953 square foot property, built in 1870, sits on a 0.59-acre lot and is zoned IL. Current approvals are in place for a 25-unit multifamily development with one retail space, but further density is possible due to existing zoning. The property includes three parcels (433 Chapel St, 56 Wallace St, and 64 Wallace St). A 2019 variance approval facilitates multi-family development, and the building's historical registration allows for the utilization of historic tax credits. Its location within an Opportunity Zone provides additional financial incentives. This fee-simple ownership offers significant potential for investors seeking a value-add project in a vibrant New Haven neighborhood, close to Wooster Square and Long Wharf, with easy access to the downtown area. The property's historical significance and strategic location combine to create a unique and lucrative investment prospect.