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    656 New Haven Ave Derby, CT 06418
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    Property profile & analytics

    656 New Haven Ave, Derby, CT 06418

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    • Super regional malls
    • 20.00 lot acres
    For Lease
    View Listing →
    Renovated Shopping Center Retail Spaces For Lease
    Contact for pricing

    Renovated Shopping Center Retail Spaces

    Highly visible, renovated shopping center with anchor and small shop spaces.

    656 New Haven Ave, Derby, CT 6418
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    Property ID
    US15-0629309
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • CVS Pharmacy / Pharmacy
    • CVS Photo / (Bike/Boat/Book/etc) Store
    • CDReload - Online Bitcoin ATM / Crypto Atm / Atm
    • Big Y World Class Market / Grocery & Convenience Store / Food Market
    • Western Union / Bank / Credit Union

    Property Details for 656 New Haven Ave

    Year built
    1974
    Lot size
    20.00 lot acres
    Zone code
    B-1
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    DERB M:3 B:2 L:34-000077
    APU
    DERBM3B2L34000077

    Description

    Hilltop Commons, located at 656 New Haven Ave in Derby, CT (06418), offers exceptional retail space for lease. This 7,803 square foot shopping center boasts a newly completed major redevelopment, with 8 spaces currently available. Units range from a minimum of 763 square feet to a maximum contiguous space of 3,240 square feet, providing flexibility for various retail businesses. The center enjoys a highly visible location directly between Merritt Parkway and Route 8 on Derby Avenue, benefiting from a significant traffic count of 37,100 vehicles per day. A Big Y Supermarket is now open, anchoring the center and drawing substantial foot traffic. This presents a unique opportunity for businesses seeking high visibility and access to a strong customer base in a thriving retail environment within New Haven County. The entire 7,803 square feet is currently vacant, offering a blank canvas for a single tenant or multiple smaller businesses. This prime retail location in Derby, Connecticut offers unparalleled exposure and potential for growth.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Derby
    County
    New Haven
    State
    Connecticut
    Longitude
    -73.0526
    Latitude
    41.313
    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
    $275,717
    $3,412,500
    $3,730,440
    $7,142,940
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      4.63 Acres

      40 Pershing Dr

      REGIONAL SHOPPING CENTER, MALL
      40 Pershing Dr, Derby, CT 06418
      View Details
    • Value Estimation by Request
      16.30 Acres

      49 Pershing Dr

      REGIONAL SHOPPING CENTER, MALL
      49 Pershing Dr, Derby, CT 06418-1406
      View Details
    • Value Estimation by Request
      3,430 SF

      652 New Hvn Ave

      RESTAURANT
      652 New Hvn Ave, Derby, CT 06418-2507
      View Details
    • Value Estimation by Request
      7,210 SF

      196 Derby Ave

      SHOW ROOM, WAREHOUSE
      196 Derby Ave, Derby, CT 06418-2724
      View Details
    • Value Estimation
      $530,000
      4,410 SF

      44 Division St

      RETAIL STORES (PERSONAL SERVICES)
      44 Division St, Derby, CT 06418-1447
      View Details
    • Value Estimation by Request
      0.11 Acres

      Mohawk Ave

      AUTO REPAIR, GARAGE
      Mohawk Ave, Derby, CT 06418
      View Details

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    Similar Nearby for Lease

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      30,400 SF

      Retail Strip Center For Rent

      Neighborhood retail strip center with signalized entrance, Route 34.
      600 New Haven Ave, Derby, CT 06418
      View Details
    • Contact for pricing

      Renovated Shopping Center Retail Spaces

      Highly visible, renovated shopping center with anchor and small shop spaces.
      656 New Haven Ave, Derby, CT 06418
      View Details
    • Contact for pricing
      2,000 SF

      ShopRite Anchored Retail Space

      Retail space available in a ShopRite-anchored shopping center.
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      1,750 SF

      Retail Space in Redeveloped Center

      Highly visible retail space available in Derby, Connecticut.
      630 New Haven Ave, Derby, CT 06418
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      Grocery-Anchored Shopping Center For Rent

      Shopping center anchored by a grocery store, located off Route 8.
      70-78 Pershing Dr, Derby, CT 06418
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      8,000 SF

      Retail Opportunity in Derby, CT

      Retail space available for lease in Derby, Connecticut.
      540 New Haven Ave, Derby, CT 06418
      View Details
    View Listing
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    656 New Haven Ave
    Derby, CT 06418
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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.

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    656 New Haven Ave, Derby, CT, 06418
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