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223 Farren Ave 3,432 SF 100% Leased Retail Building New Haven, CT 06513 $800,000 ($233.10/SF) 10.03% Cap Rate
Investment Highlights
- Immediate Cash Flow
- Value-Add Potential Through Unit Renovations
- Strong Demand for Rental Housing
Executive Summary
223 Farren Avenue is a five-unit mixed-use building consisting of four 2-Bedroom apartments and one commercial space. Positioned in an established neighborhood corridor, it provides dependable residential tenancy with supplemental commercial visibility. The property is stabilized cash-flowing asset with potential for further NOI growth through unit renovations.
The property is located in an established, neighborhood-oriented area of New Haven that supports workforce housing and essential retail demand. The property offers convenient access to industrial job centers, institutional employers, downtown New Haven, and neighborhood amenities, reinforcing consistent demand for affordable rental options. Transit access, walkability to small businesses and service providers, and connectivity to arterial routes contribute to a stable renter pool.
New Haven remains one of the most competitive rental markets in the nation. With constrained supply and increasing demand, rents have steadily risen, and vacancy remains low.
The property is located in an established, neighborhood-oriented area of New Haven that supports workforce housing and essential retail demand. The property offers convenient access to industrial job centers, institutional employers, downtown New Haven, and neighborhood amenities, reinforcing consistent demand for affordable rental options. Transit access, walkability to small businesses and service providers, and connectivity to arterial routes contribute to a stable renter pool.
New Haven remains one of the most competitive rental markets in the nation. With constrained supply and increasing demand, rents have steadily risen, and vacancy remains low.
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Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,432 SF
Building Class
C
Year Built
1900
Price
$800,000
Price Per SF
$233.10
Cap Rate
10.03%
NOI
$80,206
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
1.13
Lot Size
0.07 AC
Zoning
BA - business
Frontage
28’ on Farren Ave
Walk Score®
Very Walkable (70)
Nearby Major Retailers
Property Taxes
| Parcel Number | NHVN-000084-000993-001900 | Improvements Assessment | $134,470 |
| Land Assessment | $90,720 | Total Assessment | $225,190 |
Property Taxes
Parcel Number
NHVN-000084-000993-001900
Land Assessment
$90,720
Improvements Assessment
$134,470
Total Assessment
$225,190
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223 Farren Ave
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