Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Montville Flex Space For Lease Title is generated by Realmo AI

    15 Lakewood Drive, Montville, CT 06370

    View on Map
    Claim this Listing
    For Lease
    $950/Mo $2 SF/Yr (calc)

    Flex/industrial space for lease with wide range of permitted uses.

    Type:Commercial
    Property size:
    4,800 SF
    Lot size:
    2.82 Acres
    Added:
    Oct 9, 2024
    Days on Market:
    598
    Last Refresh:
    May 11 at 1:28 am

    Property Features for 15 Lakewood Drive

    General Information

    Standard status
    Active
    Size
    4,800 SF
    Lot size
    2.82 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    2003

    We can help!

    Listing Contact
    NORMAN PECK

    Listing agent NORMAN PECK License #RES.0528743

    Listing office Signature Properties of NewEng

    Listing date Oct 9, 2024

    Source Corcoran

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Signature Properties of NewEng

    HighLights

    • Flexible zoning permits a wide range of uses.
    • Centrally located only 2.5 miles from I‑395.
    • Available space ranges from 800sf to 2,400sf.
    • Features 100 amps, 3 phase power.
    • Includes propane heat and A/C.
    • Has 12' ceilings and 1 overhead door.

    Overview

    This flex space, suitable for industrial and warehouse uses, offers units starting at 800 square feet, with up to 2,400 square feet available for lease. The monthly lease rate begins at $950, plus utilities. The property benefits from a central location and features 100 amps of 3-phase power, propane heat, and air conditioning. The units have 12-foot ceilings and one overhead door. Zoning allows for a variety of industrial, office, and institutional uses, including day care, warehouse operations, indoor recreation, auto and equipment sales, and lumber yards. The property is located approximately 2.5 miles from I-395.
    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

    Law Firm Spa & Massage Center Building Supply Big Box & Wholesale Store Hair Salon Nail Salon Auto Parts Store Gym & Fitness Center Kitchen & Bath Showroom Garden Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Montville
    County
    New London
    State
    Connecticut
    Longitude
    -72.1896
    Latitude
    41.4669

    Nearby Similar for Lease

    • $12 SF/Yr
      19,500 SF

      Montville Retail and Office Space

      19,500 SF retail/office space on 5.19 acres for lease.
      430 Chapel Hill Rd, Montville, CT
      View Details
    • $5,000/Mo
      4,500 SF

      Turn-Key Medical Office Space

      4,500 sq ft commercial space ready for occupancy.
      627 Route 82 #1, Montville, CT 06370
      View Details
    • $12 SF/Yr
      19,500 SF

      Montville Retail and Office Space

      19,500 SF retail/office space for lease on 5.19 acres.
      430 Chapel Hill Road, Montville, CT 06370
      View Details
    • $1.00 SF/Yr
      1,530 SF

      Retail Pad Sites Available

      Retail pad sites for lease near major retailers and casino.
      1874 Norwich New London Turnpike, Montville, CT 06382
      View Details

    FAQs

    What type of property is this?
    Flex space - Flex/industrial space for lease with wide range of permitted uses.
    Where is this flex space located?
    The property is located at 15 Lakewood Drive Montville, CT.
    What is the lease rate?
    The lease rate is $950 /Mo.
    What are key features of this property?
    This property features: Flexible zoning permits a wide range of uses.; Centrally located only 2.5 miles from I‑395.; Available space ranges from 800sf to 2,400sf.
    (860) 447-8839
    We can help!
    Listing Contact
    NORMAN PECK
    Real Estate License ID: RES.0528743
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    15 Lakewood Drive, Montville, CT 06370
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!