17 Elizabeth StDerby, CT 06418

Property Details for 17 Elizabeth St

Year built

1926

Construction

FRAME

Lot size

0.28 AC

Property size (Sq ft)

23,175 SF

Zone code

CDD

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

DERB M:8 B:5 L:79

APU

DERBM8B5L79

Description

This exceptional commercial property at 17 Elizabeth Street in Derby, CT, presents a compelling investment opportunity. The 23,175 square foot brick building sits on a 0.28-acre lot and offers a blend of retail and office space, currently configured as four ground-level retail units and six second-floor office units. A prominent feature is a well-established, two-level restaurant with a private outdoor patio. Three additional retail storefronts complete the ground floor offerings. Five of the six office units are currently occupied by long-term tenants, providing immediate income potential. The current rental income offers significant upside, with the potential to increase significantly when the currently vacant office suite is leased. The building boasts efficient gas heat, central air conditioning, and a recently installed (four-year-old) EPDM rubber roof, minimizing maintenance concerns. Convenient street parking is available, supplemented by a nearby municipal parking garage. Its prime downtown location offers exceptional visibility and accessibility, situated next to Derby Town Hall and within easy reach of Route 34 and Route 8. The property's current office-over-retail configuration presents the exciting possibility of conversion to a mixed-use residential-over-retail building, further enhancing its investment potential. The asking price is $1,500,000, representing a 7.8% cap rate with potential to reach 9% upon full occupancy at market rents.

• CAP approach

  CAP return

  Valuation

  6%

  $3,831,520

  6.5%

  $3,536,788

  7%

  $3,284,160

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,028,046

  Geo Method

  $3,028,046

• Alternative Use

  Use

  Valuation

  Residential

  $4,385,616

  Hospitality

  $4,017,201

  Educational

  $3,342,264

  Medical

  $3,457,210

  Retail

  $5,199,078

Location Insight

City

Derby

County

New Haven

State

Connecticut

Latitude

41.32

Longitude

-73.0888

CBSA code

35300

CBSA name

NEW HAVEN-MILFORD, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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