Northeast Private Client Group is pleased to present 597-601 Chapel St, New Haven, CT. The property consists of 2 buildings on 2 separate tax parcels in the Wooster Square neighborhood.
The property presents an opportunity to completely renovate 2 mixed use buildings in one of the best locations in the city. There are currently 6 apartment units and 3 commercial spaces. Currently one of the commercial spaces and one of the apartments are generating an income of $21,000 annually.
New Haven is the second largest city in Connecticut and is a part of the NY Metropolitan area. The city has a population of about 131,000 residents and of that around 70% are renters. The city is heavily influenced by its connection to Yale University. Yale is the city’s largest employer (and taxpayer) followed by Yale – New Haven Hospital. The economy is therefore oriented towards world class institutions of education and healthcare, two industries considered to be less susceptible to cyclical economic downturns and poised for growth in a service-oriented economy.
