New Haven, CT Investment sales broker Northeast Private Client Group (NEPCG) has completed the sale of 804 Chapel St., a 7,500 s/f mixed-use property located on the corner of Chapel and Orange Sts. in downtown. Bradley Balletto, the firm’s regional manager, and David Almeida, CCIM, senior associate in the firm’s Connecticut office, represented the seller and sourced the buyer in the $1.675 million transaction, which closed on December 9.
“We have a proven track record of matching our clients with qualified buyers of multifamily and commercial properties,” said Balletto. “With deep relationships in the region, we were able to source the most competitive and qualified buyer for this asset.”
The property at 804 Chapel St. comprises street-level retail and five apartments on two upper floors. The apartments feature granite counters, hardwood floors, marble baths, floor-to-ceiling windows, washer/dryers and central air conditioning. The building features an elevator, fitness room and rooftop deck.
The seller is a Fairfield, CT-based private investor. The buyer, New York-based Newcastle Realty Services LLC, purchased the property for a price that equates to $223 per s/f and a capitalization rate of 5.25% on the current net operating income.
“High occupancy and growing rents in downtown New Haven are driving strong demand for commercial and mixed-use properties,” said Almeida. “Our multistate platform helped create strong competition and sourced the successful out-of-state buyer.”
Northeast Private Client Group is the fastest-growing mid-market investment sales firm in the Northeast, providing unmatched results by combining specialized market intelligence with a relationship-based marketing strategy that caters to clients’ needs. The firm’s collaborative and research-driven solutions are tailored to meet the individual needs of investors across the Northeast who are looking to buy, sell or exchange mid-market properties, including mixed-use, multifamily, retail and office assets. Northeast Private Client Group’s highly disciplined process is just one of the many reasons the firm has earned the CoStar Power Broker designation year after year.