For Sale
$3,750,000

446A Blake StNew Haven, CT 06515

144 Units, Approved Project, High Demand

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents an approved 144-unit multifamily development project in New Haven, Connecticut's desirable Westville neighborhood. The project, situated on a 1.88-acre lot, is comprised of three phases: a new 55-unit building, the adaptive reuse of an existing structure into 36 units, and a second new construction building with 53 units. The total square footage is 125,999, spread across two six-story buildings. The development plan includes 36,004 square feet of valuable open space. This Class A property boasts a compelling 5.30% cap rate and is currently vacant, presenting a unique opportunity for immediate development. The Westville location offers easy access to local amenities, including the vibrant Village of Westville, with its diverse dining options and bustling atmosphere. Its proximity to Southern Connecticut State University and Route 15 enhances its appeal. New Haven's robust rental market, with a low vacancy rate of approximately 3%, is fueled by the significant investments of Yale University and Yale New Haven Hospital, along with a thriving life science sector. Westville provides a compelling balance of affordability and high quality of life, making it an attractive residential area. The asking price for this redevelopment project is $3,750,000.

Highlights

  • Approved 144-unit multifamily development project in New Haven, CT's Westville neighborhood.
  • 1.88-acre lot with three phases: 55 new units, 36 adaptive reuse units, and 53 more new units.
  • 125,999 square feet across two six-story buildings, plus 36,004 square feet of open space.
  • Class A property with a 5.30% cap rate, currently vacant.
  • $3,750,000 asking price.

Property Details for 446A Blake St

Property type
Apartment buildings
Square Feet
125,999 SF
Class
A
Buildings
2
Stories
6
Lot Size (sq. ft)
81,893 SF
Units
144

Location Insight

City
New Haven
County
New Haven
State
Connecticut
Latitude
41.3279689
Longitude
-72.9581421
446A Blake St, New Haven, Connecticut

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446A Blake St
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