Property Description
The mixed-use property located at 1346 State Street, New Haven CT is comprised of 4 units (2-two bedroom, 1-three bedroom, and 1 retail) totaling 3,817 rentable square feet in one-three story building built in 1900 and situated on a 0.07 acre site. All of the units at the property were fully renovated in 2023 & 2024. The owner pays for the heat for the retail unit and the 1st floor apartment. The second floor and third floor apartments are responsible for their own utilities according to the owner. As the property just finished renovations and has recently started occupancy all utilities are current estimated. Gas is estimated at $1.50/SF for half of the property, Electric at $30/month, and Water/Sewer at $1,200 per residential unit. Projected insurance moved down to $1,250 per unit as current policy is high according to the owner.
Currently the 1st floor apartment and second floor apartment have accepted leases. The third floor apartment and the retail unit are projected rents based on conversations with prospective tenants.
The property was heavily renovated over the past two years. Work completed includes full renovations to all three apartments, replacement of plumbing pipes in the basement, electric work completed in the basement, and the installation of a new water meter.
