846-850 Congress Avenue Listing Details & Market Data

Hill is a historic neighborhood adjacent to Downtown New Haven and Yale University. Listed on the National Register of Historic Places, Hill features a wide range of apartments and condos for rent that reflects its history dating back to the 1800s. There are rentals available for every budget, but Hill is known for its relatively lower rates. The neighborhood also maintains its quaint charm with several mom-and-pop restaurants scattered around the area. Along with being near Yale University, Hill is home to several parks and medical facilities including Yale New Haven Hospital Emergency Room and Yale School of Medicine. Hill is also convenient to the University of New Haven and Yale’s western campus. Hill is within walking distance of downtown, but the bus system will also take you into the heart of the city and other hotspots.Northeast Property Client Group® is pleased to present 846-850 Congress Avenue, a nine (9) unit, 10,119 SF mixed-use property in New Haven, CT. The property consists of eight (8) apartments and one (1) 768 SF ground-floor retail unit. There are three (3) 2-bedroom units, and five (5) 3-bedroom units. The retail tenant is on a five (5) year lease (gross) through January 2025 with 3% annual increases. Current owners have completed a number of capital projects recently including the conversion of a vacant retail space at 850 Congress Ave into a 3-bedroom flex apartment and renovating three (3) additional apartments. Current rents are on average $309 below market rents. A new owner can continue the renovation schedule and mark rents to market upon renewals. Additionally, the retail space can be converted into a 3-bedroom apartment at some time in the future. The property is located 0.7 miles from Yale New Haven Hospital and the Yale School of Medicine. It is also one block from an approved 197 unit market-rate development.