841 Chapel StNew Haven, CT 06510

Property Details for 841 Chapel St

Year built

1900

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.12 AC

Property size (Sq ft)

7,592 SF

Zone code

BD

Property type

Other commercial real estate

Property subtype

Showrooms

APN

NHVN M:240 B:0255 L:01700

APU

NHVNM240B0255L01700

Description

This exceptional retail space, located at 841 Chapel Street in New Haven, Connecticut, offers 2,000 to 5,000 square feet of street-level commercial area. The property, built in 1900, is a three-story building totaling 12,740 square feet and sits on a 0.12-acre lot. The space features a wide-open floor plan, ideal for a variety of retail uses, and includes a matching basement for ample storage. Its prime location in a high-traffic area of downtown New Haven offers excellent visibility and accessibility. The property benefits from its proximity to a significant new 162-unit student housing development (completion expected in 2024) across the street, the popular Elm City Market one block away, and the 360 State high-rise with 500 residential units. Furthermore, its location is within walking distance of Yale University's campus, the New Haven Green, and Yale New Haven Hospital, ensuring a large and diverse potential customer base. The building has a 400-amp power supply and is zoned BD1. The minimum divisible space is 2,000 square feet, with a maximum contiguous space of 5,000 square feet. The lease rate is $22 per square foot, NNN. This presents a unique opportunity for businesses seeking a vibrant and well-connected location in a thriving urban environment. The property is a single building with multiple tenancies.

• CAP approach

  CAP return

  Valuation

  6%

  $1,845,121

  6.5%

  $1,703,189

  7%

  $1,581,532

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,499,766

  Geo Method

  $2,499,766

• Alternative Use

  Use

  Valuation

  Residential

  $1,436,703

  Hospitality

  $1,316,012

  Educational

  $1,094,907

  Medical

  $1,132,562

  Retail

  $1,703,189

Location Insight

City

New Haven

County

New Haven

State

Connecticut

Latitude

41.306

Longitude

-72.9248

CBSA code

35300

CBSA name

NEW HAVEN-MILFORD, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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