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    Medical Office Building with Natural Light Title is generated by Realmo AI

    38 A Grove Street, Ridgefield, CT 06877

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    For Lease
    $19 SF/Yr $33,250/Mo (calc)

    COMMERCIAL - Ridgefield, CT

    Property size:
    21,000 SF
    Lot size:
    1.20 Acres
    Added:
    Nov 24, 2025
    Days on Market:
    195
    Last Refresh:
    Jun 7 at 6:06 pm

    Property Features for 38 A Grove Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    B2
    Exterior features
    Sidewalk
    Standard status
    Active
    Size
    21,000 SF
    Lot size
    1.20 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1982
    Floors in Building
    3
    Flooring type
    Concrete

    We can help!

    Listing Contact
    Stephen Ozyck

    Listing agent Stephen Ozyck License #RES.0812903

    Listing office Higgins Group Real Estate 1499 Post Road, Fairfield, CT

    Listing date Nov 24, 2025

    MLS# 24142040

    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

    • New management with upgrades in place.
    • Suitable for medical/office professionals.
    • Abundant natural light fills the space.
    • Safe and clean location.
    • Central air conditioning.
    • Sidewalk access.

    Overview

    This medical office building has been placed under new management and is supported by many recent upgrades. The space is designed to serve office professionals, with an emphasis on natural light throughout. The property totals approximately 21,000 square feet and sits on about 1.2 acres, providing a substantial facility for an organized medical or professional office operation. Zoning is listed as B2.

    The building is located at 38 A Grove Street in Ridgefield, Connecticut (06877). Prospective tenants can review the current configuration and upgrades directly with the leasing team to confirm layout fit for their workflow.

    For tenants seeking a dedicated office environment with strong daylighting, this property offers a managed, upgraded setting within a B2 zoning designation. Medical and office users can evaluate whether the building’s overall size and improvements align with their staffing needs, client traffic expectations, and day-to-day operations. Contact for leasing details and to schedule a tour to see the natural light and recent upgrades in person.
    Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Similar Places Nearby

    • Ridgefield Animal Hospital — 614 Main St, Ridgefield, CT 06877
    • Quarry Ridge Animal Hospital — 30 Old Quarry Rd, Ridgefield, CT 06877
    • Noah's Ark Animal Hospital — Ridgefield, CT 06877

    Map

    City
    Ridgefield
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.5024
    Latitude
    41.3064

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    FAQs

    What type of property is this?
    Medical Office Space - Newly upgraded medical office building in Ridgefield, offering abundant natural light for office professionals.
    Where is this medical office space located?
    The property is located at 38 A Grove Street Ridgefield, CT.
    What is the lease rate?
    The lease rate is $19 SF/Yr.
    What are key features of this property?
    This property features: New management with upgrades in place.; Suitable for medical/office professionals.; Abundant natural light fills the space.
    (203) 257-1519
    We can help!
    Listing Contact
    Stephen Ozyck
    Real Estate License ID: RES.0812903
    Learn More
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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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