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    East Hartford Industrial Property Available Title is generated by Realmo AI

    241 Park Avenue, East Hartford, CT 06108

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    Claim this Listing
    For Sale
    $4,699,000

    COMMERCIAL - East Hartford, CT

    Property size:
    58,400 SF
    Price / SF:
    $80/SF
    Added:
    Dec 8, 2025
    Days on Market:
    174
    Last Refresh:
    May 31 at 9:06 pm

    Property Features for 241 Park Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    B-3
    Bathrooms
    1
    Rooms
    Bathroom 1
    Interior features
    Fire Suppression System,Loading - Dock Height,Loading - Grade,Loading - Rail Height
    Exterior features
    Loading Dock/Grade
    Standard status
    Active
    Size
    58,400 SF

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    56601

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    None (Heating)
    Water source
    Public

    Building Details

    Year built
    1951
    Floors in Building
    1
    Flooring type
    Concrete

    We can help!

    Listing Contact
    Teodora Rotaru

    Listing agent Teodora Rotaru License #RES.0800401

    Listing office Real Estate Advisory Group LLC 85 Felt Road, Suite 504, West Hartford, CT

    Listing date Dec 8, 2025

    MLS# 24140925

    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

    • Centrally located with easy access to I‑84, I‑91, 291, and Bradley Airport.
    • Heavy 3 phase, 800 amps power available with potential for additional 2,000 amps.
    • B‑3 zoning allowing for multiple uses and previously approved for Cannabis Cultivation/Manufacturing.
    • Flexible loading with 9 loading docks and 1 drive‑in door.
    • New roof installed in 2024.
    • 22' to 24' ceilings.

    Overview

    This centrally located industrial property in the Greater Hartford Submarket offers convenient access to I-84, I-91, and 291, and is located 20 minutes from Bradley Airport. The property, zoned B-3, is suitable for warehouse, cultivation, cold storage/freezer, distribution, or manufacturing purposes. It features ceiling heights of 22 to 24 feet and flexible loading options on two sides. The space was previously used as a freezer and could be converted back to freezer or refrigerated space. There is also potential to build offices or a showroom. The property has heavy 3-phase, 800 amps power available, with the potential for an additional 2,000 amps. It includes 9 loading docks and 1 drive-in door. The B-3 zoning allows for multiple uses, and the property was previously approved for Cannabis Cultivation/Manufacturing. Paved parking is available, and existing railroad access could be restored. The property is available immediately. The insulated slab floor has been removed and compacted, ready for a new floor. Quotes and engineering are available to pour a new slab, with the potential to accommodate freezer/refrigerated space. A new gas line is available and stubbed to the building for heat. Additional columns have been installed to sustain heavy HVAC related to cannabis cultivation requirements; approximately every other row of columns can be removed if necessary, with engineered drawings available. A new roof was installed in 2024. The unit is part of a Condo Association including one other unit under separate ownership. A new sprinkler system will be installed based on the new user's needs and associated sprinkler design. The property size is 58,400 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hartford Freezers Warehouse & Storage Maritime International Inc Warehouse & Storage

    Suggested Use

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

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

    Similar Places Nearby

    • Public Storage — 188 Roberts St, East Hartford, CT 06108
    • Gould Warehouses Inc — East Hartford, CT 06108
    • Sterling Street Terminal LLC — 1351 Main St, East Hartford, CT 06108
    • Extreme cleaner LLC — 205 Burnside Ave, East Hartford, CT 06118

    Location Insight

    • Map
    • Local Demand
    City
    East Hartford
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.6267115
    Latitude
    41.7798702

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    FAQs

    What type of property is this?
    Warehouse - Centrally located industrial property with flexible loading and heavy power.
    Where is this warehouse located?
    The property is located at 241 Park Avenue East Hartford, CT.
    What is the asking price?
    The asking price for this property is $4,699,000.
    What are key features of this property?
    This property features: Centrally located with easy access to I‑84, I‑91, 291, and Bradley Airport.; **Heavy 3 phase, 800 amps power available with potential for additional 2,000 amps.**; B‑3 zoning allowing for multiple uses and previously approved for Cannabis Cultivation/Manufacturing.
    (860) 796-5618
    We can help!
    Listing Contact
    Teodora Rotaru
    Real Estate License ID: RES.0800401
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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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