1226 Chapel StNew Haven, CT 06511

This 1,920 sq ft restaurant property at 1226 Chapel St, New Haven, CT, is available for $1,200,000. Currently leased until February 28, 2025, at 100% occupancy, generating a NOI of $52,800 and a 4.40% cap rate. The property sits on a 0.21-acre lot with 20 parking spaces and is zoned BD1, allowing for high-density residential or mixed-use development, up to 54 units. Its prime location across from The Novella, near Yale University and key retail destinations, ensures high foot traffic and strong redevelopment potential. The existing building will require a demolition permit. The property features a single-story building constructed in 1955, with a permitted zoning of BD1. The current lease is an Absolute NNN with a remaining term of approximately 0.3 years. This presents a unique opportunity to capitalize on the vibrant New Haven market and its proximity to Yale University. The Business District 1 zoning allows for a variety of uses, including multifamily, retail, restaurants, office, and medical uses, making this an exceptional redevelopment opportunity. The property's strong cash flow from the current tenant provides a stable investment while redevelopment plans are finalized.