Backus Real Estate is pleased to exclusively present 192 Fitch St in New Haven, CT. This 16,500+ SF brick building sits on 0.50 acres. The site is walking distance to Southern CT State University main campus and on public transportation lines. There is ample parking for 16+ cars.
Originally built as ‘Merit Hall’ for SCSU students, the building is currently operated by a non-profit organization, which utilizes the top two floors as residential (8 spacious 2-bdrm apartments) and the main level for office and administration. The units are in good to excellent condition, with one unit being fully ADA accessible.
The projected highest and best use for the full building would be to covert the office space to 6 additional one-bedroom units. The New Haven Zoning department indicates that the building could support one unit per 1000 SF of livable area, or a total of 14 units. They report that six additional 1-bdrm units could be added with a public hearing, or three additional units without. The lower level office was once utilized as additional living area, and there are multiple plumbing hook-ups (both bathroom and kitchen) already in place.
The building is served by electric heat, with tenants paying their own utilities. There is an elevator serving all three floors. Paving and roof have both been replaced in recent years (roof 2015). The building is exceptionally maintained by its current owner.
The building and its tenants are managed by the non-profit that owns the property. They intend to move out most tenants over the course of the next 6-18 months. They will provide ample notice before moving any tenant and can guarantee rent in the interim. The value-add opportunity here is to acquire the building with ~8 tenants in place, then work to build-out 6 additional units and lease all units at market rates. There may be an additional opportunity to convert to student housing and further increase GRI.
Information presented herein was gathered from public data sources, informal meetings with the New Haven zoning department and building department officials, and a construction company to estimate fit-out costs. All projections, assumptions, and potential expansion scenarios should be independently vetted and verified, and should not substitute for full and complete due-diligence by Buyer.
The Subject Property is located in the Beaver Hills section of New Haven, near the Hamden town line. New Haven is a growing city, home to 6 universities and colleges, including Yale and Southern CT University. The Subject Property offers easy access to shopping, transportation, cultural activities, and outdoor recreation. It is also less than 2 miles to downtown New Haven, 2.5 miles to Yale/New Haven Hospitals, and 3.7 miles to Union Station and access to New York City.
The Subject Property sits just on the fringe of the SCSU campus. As part of the University of Connecticut Community college system, Southern CT University is home to over 10,000 graduate and undergraduate students pursuing degrees in 181+ academic tracks, of which about 2600 live on-campus. The campus is spread over 172 acres and staffed by over 420 full-time faculty.
Directly to the North of the Subject Property New Haven is completing construction on the $45MM Barack H. Obama University Magnet School. This school will serve SCSU’s school of education as a “laboratory school” for its student-teachers.
