1226 Chapel StNew Haven, CT 06511

Property Details for 1226 Chapel St

Year built

1955

Construction

STEEL FRAME

Lot size

0.21 AC

Property size (Sq ft)

1,920 SF

Zone code

BA

Property type

Other commercial real estate

Property subtype

Showrooms

APN

NHVN M:280 B:0229 L:00300

APU

NHVNM280B0229L00300

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $466,627

  6.5%

  $430,733

  7%

  $399,966

• Comparable approach

  Method

  Valuation

  Relative Method

  $632,185

  Geo Method

  $632,185

• Alternative Use

  Use

  Valuation

  Residential

  $363,339

  Hospitality

  $332,817

  Educational

  $276,900

  Medical

  $286,423

  Retail

  $430,733

Location Insight

City

New Haven

County

New Haven

State

Connecticut

Latitude

41.309

Longitude

-72.9354

CBSA code

35300

CBSA name

NEW HAVEN-MILFORD, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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