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    Mixed-Use Property with Two Apartments Title is generated by Realmo AI

    33 Deep River Road, Essex, CT 06409

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    For Sale
    $829,000

    MULTI_FAMILY - Essex, CT

    Property size:
    7,309 SF
    Lot size:
    0.74 Acres
    Price / SF:
    $113/SF
    Added:
    Dec 9, 2025
    Days on Market:
    178
    Last Refresh:
    Jun 5 at 12:06 pm

    Property Features for 33 Deep River Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    C
    Bedrooms
    4
    Bathrooms
    6
    Rooms
    Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1, Bathroom 3, Bathroom 6, Bathroom 4, Bedroom 2, Bathroom 5, Bedroom 4
    Parking
    12
    Patio and Porch features
    Deck
    Exterior features
    Deck,Garden Area
    Standard status
    Active
    Size
    7,309 SF
    Lot size
    0.74 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    8628

    Utilities

    Cooling system
    Window Unit(s), Central Air
    Water source
    Public
    Water front
    1

    Building Details

    Year built
    1830
    Architectural style
    Other

    We can help!

    Listing Contact
    Susan Malan
    Susan Malan

    Listing agent Susan Malan License #REB.0794430

    Listing office William Pitt Sotheby's Int'l 13 Main Street, Stamford, CT

    Listing date Dec 9, 2025

    MLS# 24143742 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

    • Mixed‑use/flex space with two existing apartments offers immediate income potential.
    • Large .74 acre level lot with gravel parking, great visibility, and signage provides ample space.
    • Historic building with updates presents a unique character and modern functionality.
    • Multiple office/flex spaces provide adaptability.
    • Six bathrooms (3 full, 3 half) offer convenience.
    • Waterfront feature (River) and garden area enhance the property's appeal.

    Overview

    This mixed-use property in Essex, CT, presents an investment opportunity. The historic building, situated on a 0.74-acre lot, has accommodated various uses, including an antique bookstore and a brush factory. The property features two existing apartments and multiple office/flex spaces. There are a total of six bathrooms, including three full and three half bathrooms. The property offers visibility and signage opportunities, complemented by a gravel parking lot. The building has undergone updates in recent years. The property has a total size of 7,309 square feet. The zoning is C. According to the owner of the property for the last 40 years, there have been no flooding issues. The property is in a flood zone, but there is no existing flood insurance policy.
    Property Profile Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Essex
    County
    Middlesex
    State
    Connecticut
    Longitude
    -72.4177631
    Latitude
    41.3550987

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with apartments and flex space in Essex, CT.
    Where is this mixed-use property located?
    The property is located at 33 Deep River Road Essex, CT.
    What is the asking price?
    The asking price for this property is $829,000.
    What are key features of this property?
    This property features: Mixed‑use/flex space with two existing apartments offers immediate income potential.; Large .74 acre level lot with gravel parking, great visibility, and signage provides ample space.; Historic building with updates presents a unique character and modern functionality.
    (617) 645-4392
    We can help!
    Listing Contact
    Susan Malan
    Susan Malan
    Real Estate License ID: REB.0794430
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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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