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    Large Durham Farm with Income Potential Title is generated by Realmo AI

    148 & 153 Wallingford Road, Durham, CT 06422

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    Claim this Listing
    For Sale
    $4,100,000

    LAND - Durham, CT

    Lot size:
    414.50 Acres
    Added:
    May 6, 2024
    Days on Market:
    761
    Last Refresh:
    Jun 5 at 11:06 am

    Property Features for 148 & 153 Wallingford Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    FR
    Standard status
    Active
    Lot size
    414.50 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    15052

    Utilities

    Utilities
    Cable Available
    Sewer type
    Shared Septic
    Water source
    Well, Private

    We can help!

    Listing Contact
    Gary Dobratz
    Gary Dobratz

    Listing agent Gary Dobratz License #RES.0777787

    Listing office Century 21 AllPoints Realty 857 N Main St. Ext Suite 3, Southington, CT

    Listing date May 6, 2024

    MLS# 24015202 Listing URL

    Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Over 400 acres, significantly larger than the average Connecticut farm.
    • Seven houses with a total of 29 bedrooms, suitable for a large or multi‑generational family.
    • Multiple income‑generating rental properties including houses, horse barn, stable, and barns.
    • Established agricultural operation with over 100 years of history.
    • Existing leased land for crops, pasture, hunting, and equestrian activities provides immediate income.
    • Potential for diverse income streams including a farm stand, winery, Christmas tree sales, and more.

    Overview

    The Greenbacker Brookfield, a farm exceeding 400 acres, is available for purchase. The property has operated for over a century and includes seven houses with a total of 29 bedrooms. The property offers multiple rental income opportunities. There is a two-story 35x50 horse barn, a 35x80 stable with 1.5-story horse stalls, a barn with double row stalls and an indoor riding arena, a 4-bay garage, a dairy barn, and chicken coops. The farm also generates income from leasing land for growing crops on 92 acres, pastureland on 20 acres, and for hunt club and equestrian rentals including stable and indoor/outdoor riding. Potential income may come from establishing a farm stand, growing grapes/winery, Christmas tree sales, and blueberries. The State of Connecticut Conservation Restriction requires this property to be 'agriculture in nature' according to development rights the state acquired approximately 70 years ago. The property is located in Durham, CT.
    Property Profile Location Intelligence

    Current Use by Public Records

    Farms

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Hair Salon Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Durham
    County
    Middlesex
    State
    Connecticut
    Longitude
    -72.692032
    Latitude
    41.476089

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    FAQs

    What type of property is this?
    Farm - Over 400-acre farm with multiple rental income opportunities.
    Where is this farm located?
    The property is located at 148 & 153 Wallingford Road Durham, CT.
    What is the asking price?
    The asking price for this property is $4,100,000.
    What are key features of this property?
    This property features: Over 400 acres, significantly larger than the average Connecticut farm.; Seven houses with a total of 29 bedrooms, suitable for a large or multi‑generational family.; Multiple income‑generating rental properties including houses, horse barn, stable, and barns.
    (203) 213-9097
    We can help!
    Listing Contact
    Gary Dobratz
    Gary Dobratz
    Real Estate License ID: RES.0777787
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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