Salem Square 628 New Haven Rd 19,226 SF 100% Leased Retail Building Naugatuck, CT 06770 $5,340,140 CAD ($277.76 CAD/SF)

Northeast Private Client Group is pleased to present Salem Square, a value-add commercial mixed-use opportunity at 628 New Haven Road in Naugatuck, Connecticut. The 2.69-acre parcel includes an approved 51-unit multifamily development site, so a buyer acquires an income-producing center and a shovel-ready residential project together.
Built in 1960, the two-story building holds about 19,266 square feet, 18,770 of it rentable, with ten ground-floor commercial suites and two rear apartments. The property fronts New Haven Road, which is Route 63, with direct access to Route 8. The center sits in the heart of the Naugatuck Valley, with Waterbury and its Metro-North Waterbury Branch terminus about ten minutes north, where the state is building a new $33.2 million station scheduled to open in summer 2027. The commercial tenants are convenience and service businesses, several of them in place for fifteen years or more, including Great China, Rose Spa & Nails, Salem Wine & Spirits, and Mexican Deli.
The opportunity is a commercial center with several clear paths to grow income, paired with a residential development site that adds a second phase. Inside the existing center, a buyer leases up the vacant ground-floor commercial space, marks the occupied suites from about $13.38 per square foot toward the $15 to $22 the building achieves on renewal, implements CAM recovery, and converts the vacant rear commercial suite into two apartments — proven rather than theoretical, since the two existing apartments were created from similar space. On the same parcel, about 1.69 acres is entitled for a 51-unit multifamily building, with updated site plans approved by the Naugatuck Zoning Commission in September 2025.