Salem Square

Salem Square sits on New Haven Road (Route 63) in the heart of the Naugatuck Valley, with more than 100 feet of frontage and direct access to Route 8 — the limited-access expressway that runs the length of the valley, north to Waterbury (~10 min) and Hartford and south toward Bridgeport and the shoreline. Naugatuck is a New Haven County community of about 31,800 on the Naugatuck River, historically the “Rubber Capital” and birthplace of Keds and Naugahyde, with a walkable downtown on the Naugatuck Green and a working manufacturing base anchored by the Naugatuck Industrial Park — long the home of The Eastern Company (Nasdaq: EML), now headquartered in Shelton. Unlike many valley towns, Naugatuck sits directly on Metro-North’s Waterbury Branch. The State is mid-construction on a new $33.2 million station — relocated closer to downtown and scheduled to open in summer 2027 — positioned as an anchor for transit-oriented development. With the borough actively encouraging downtown housing, proximity to a brand-new transit hub is a powerful demand driver for an entitled 51-unit project.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.