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    Historic Bank Building with Elegance Title is generated by Realmo AI

    236 Prospect Street, Torrington, CT 06790

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    For Sale
    $695,000

    COMMERCIAL - Torrington, CT

    Property size:
    7,588 SF
    Lot size:
    0.46 Acres
    Price / SF:
    $91/SF
    Added:
    Sep 23, 2025
    Days on Market:
    255
    Last Refresh:
    Jun 4 at 12:06 pm

    Property Features for 236 Prospect Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    DD
    Exterior features
    Doors - under 10 ft
    Standard status
    Active
    Size
    7,588 SF
    Lot size
    0.46 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    31141

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1900
    Floors in Building
    2
    Flooring type
    Concrete, Tile, Parquet Wood

    We can help!

    Listing Contact
    Ted Murphy

    Listing agent Ted Murphy License #REB.0757518

    Listing office E.J. Murphy Realty 39 West Street PO Box 522, Litchfield, CT

    Listing date Sep 23, 2025

    MLS# 24128403

    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

    • Grand 25‑foot ceiling hall with six alcoves.
    • Three massive fireproof vaults plus additional vaults.
    • Onsite parking lot.
    • Impressive second floor president's office overlooking the great hall.
    • Large ornate crown moldings with mahogany trim.
    • Full lower level with full kitchen and full bath.

    Overview

    This historic bank property features a grand hall with a 25-foot ceiling, complemented by six alcoves. The building combines architectural sophistication with modern potential. It includes three fireproof vaults, additional vaults, large ornate crown moldings with mahogany trim, and an impressive second-floor president's office overlooking the great hall. The property also features four full baths and two half baths. The full lower level includes a full kitchen and a full bath. An onsite parking lot is included. The property is suitable for a financial institution, professional offices, boutique development, or a wedding venue. The building has a total area of 7588 square feet and is situated on a 0.46-acre lot. It is located in Torrington, CT, Litchfield County. The zoning is DD. This property offers history, stature, and character.
    Property Profile Location Intelligence

    Current Use by Public Records

    Beecher House Society Association Or Organization prospect street Charitable Organization

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Torrington
    County
    Litchfield
    State
    Connecticut
    Longitude
    -73.1225886
    Latitude
    41.8023125

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    FAQs

    What type of property is this?
    Wedding venue - Historic bank building suitable for various commercial uses.
    Where is this wedding venue located?
    The property is located at 236 Prospect Street Torrington, CT.
    What is the asking price?
    The asking price for this property is $695,000.
    What are key features of this property?
    This property features: Grand 25‑foot ceiling hall with six alcoves.; Three massive fireproof vaults plus additional vaults.; Onsite parking lot.
    (860) 307-7378
    We can help!
    Listing Contact
    Ted Murphy
    Real Estate License ID: REB.0757518
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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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