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    Property profile & analytics

    966 State St New Haven, CT 06511-3945

    • Showrooms
    • 7,970 SF
    • 0.11 lot acres
    OFF-MARKET
    Value Estimations
    $880,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0876867
    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

    • Hachiroku Handroll Bar & Tapas / Restaurant

    Property Details for 966 State St

    Year built
    1900
    Construction
    FRAME
    Lot size
    0.11 lot acres
    Property size
    7,970 SF
    Zone code
    BA
    Property type
    Showrooms
    APN
    NHVN M:212 B:0367 L:04200
    APU
    NHVNM212B0367L04200

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $856,000
      Market price range: $563k - $1.48M
      AI Estimate
      $570,000
      Market price range: $397k - $964k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $975,000
      Current use
      RESTAURANT
      $1,165,000
      Change: +19% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $1,005,000
      Change: +3% Conversion: Moderate
      OFFICE BUILDING
      $860,000
      Change: -12% Conversion: Easy
      RETAIL STORES
      $845,000
      Change: -13% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    New Haven
    County
    New Haven
    State
    Connecticut
    Longitude
    -72.9103
    Latitude
    41.3156
    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
    $23,371
    $134,820
    $493,430
    $628,250
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $5,580,000
      56,045 SF

      15 Audubon St

      SHOW ROOM, WAREHOUSE • 56,045 SF
      15 Audubon St, New Haven, CT 06511
      View Details
    • Value Estimation
      $2,775,000
      25,978 SF

      260 Crown St

      SHOW ROOM, WAREHOUSE • 25,978 SF
      260 Crown St, New Haven, CT 06511-6672
      View Details
    • Value Estimation
      $12,030,000
      73,454 SF

      20 Dwight St

      SHOW ROOM, WAREHOUSE • 73,454 SF
      20 Dwight St, New Haven, CT 06511-5344
      View Details
    • Value Estimation by Request
      5,564 SF

      209 Shelton Ave

      SHOW ROOM, WAREHOUSE • 5,564 SF
      209 Shelton Ave, New Haven, CT 06511-1850
      View Details
    • Value Estimation
      $22,730,000
      407,320 SF

      555 Long Wharf Dr

      SHOW ROOM, WAREHOUSE • 407,320 SF
      555 Long Wharf Dr, New Haven, CT 06511-6107
      View Details
    • Value Estimation
      $2,470,000
      23,788 SF

      53 Whalley Ave

      SHOW ROOM, WAREHOUSE • 23,788 SF
      53 Whalley Ave, New Haven, CT 06511-3282
      View Details

    Similar Nearby for Sale

    • $1,500,000

      Turnkey Commercial Property with Kitchen

      Versatile 4,507 SF commercial property with bars and kitchen.
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      Mixed-Use Property with Income Potential

      Mixed-use property with commercial and residential spaces in New Haven.
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      Restaurant/retail property in an irreplaceable location with flexible zoning.
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    • $1,200,000
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      New Haven Redevelopment Opportunity

      Prime Yale area, high-potential site
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    Similar Nearby for Lease

    • $3,000 /Mo
      2,200 SF

      Prime Retail Space in New Haven

      2200+ sq ft retail space in Wooster Square.
      900 Grand Ave, New Haven, CT 06511
      View Details
    • $1,500 /Mo

      Dixwell Avenue Commercial Space

      Prime commercial space for lease in New Haven.
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    • Contact for pricing
      3,247 SF

      Retail Space in West Haven

      Retail space available in a highly leased shopping center.
      460 Elm St, West Haven, CT 06511
      View Details
    • Contact for pricing
      14,400 SF

      Adaptable Retail/Warehouse Space Available

      Versatile space suitable for retail, warehouse, or commercial uses.
      201-228 Food Terminal Plz, New Haven, CT 06511
      View Details
    • $1,200 /Mo
      800 SF

      Renovated Retail Space on State

      800 SF retail space with high traffic exposure.
      1386 State St, New Haven, CT 06511
      View Details
    • $2,100 /Mo
      1,379 SF

      New Haven Commercial Space Available

      Prime commercial space for lease in New Haven, Connecticut.
      530 Whalley Ave, New Haven, CT 06511
      View Details
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    966 State St
    New Haven, CT 06511-3945
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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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