Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Flex Building with Office Space Title is generated by Realmo AI

    15 Progress Drive Shelton, Shelton, CT 06484

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    53,164 SF flex building with 23,495 SF office space.

    Type:Office
    Added:
    Sep 10, 2025
    Days on Market:
    262
    Last Refresh:
    May 19 at 2:52 am

    Property Features for 15 Progress Drive Shelton

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1980

    We can help!

    Listing Contact
    Michael Dillon
    Michael Dillon

    Listing agent Michael Dillon

    Listing office Cushman & Wakefield | Stamford

    Listing date Sep 10, 2025

    Source Cushmanwakefield

    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 Cushman & Wakefield | Stamford

    HighLights

    • 53,164 square‑foot flex building with 23,495 square feet of office space.
    • Expandable by approximately 60,000 square feet on a 10‑acre site.
    • Two floors of office space.
    • Flex building design.
    • Built in 1980.
    • 10‑acre site.

    Overview

    This flex building offers a total of 53,164 square feet, including 23,495 square feet of office space distributed across two floors. Situated on a 10-acre site, the building has expansion potential of approximately 60,000 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Baker Properties Bakery

    Suggested Use

    Restaurant Real Estate Agency Building Supply Law Firm Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Nail Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Shelton
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.132547
    Latitude
    41.274524

    Nearby Similar for Lease

    • $10,000/Mo
      6,576 SF

      Shelton Industrial Space For Lease

      Industrial space with loading dock and freight elevator near Route 8.
      33 Hull Street, Shelton, CT 06484
      View Details
    • $1,200/Mo
      600 SF

      Shelton Commercial Space For Rent

      Commercial space in desirable business corridor, suitable for various uses.
      609 Howe Avenue, Shelton, CT 06484
      View Details
    • $2,500/Mo
      1,200 SF

      Shelton Office Space For Rent

      Office space available in Shelton, Connecticut.
      50 Fairmont Place, Shelton, CT 06484
      View Details
    • Sponsored
      Contact for pricing

      CT, Shelton - 1 Waterview Dr

      1 Waterview Dr, Unit 101, Shelton, CT 06484
      View Details
    • $10 SF/Yr
      54,219 SF

      Shelton Office Space For Rent

      Two-story office complex with natural light and walking trails.
      1 Greenwich Place, Shelton, CT 06484
      View Details
    • $25 SF/Yr
      4,032 SF

      Shelton Retail/Office Space Available

      Modern, flexible retail or office spaces in a prime location.
      350 Bridgeport Ave 101, Shelton, CT 06484
      View Details
    • $129-$4,647/Mo
      11-1,292 SF

      Shelton

      4 Research Dr, Unit 402, Shelton, CT 06484
      View Details
    • $5,500/Mo
      5,500 SF

      Controls Drive Office Space Available

      Professional office space for lease with flexible sizing options.
      30 Controls Dr, Shelton, CT 06484
      View Details
    • $2,000/Mo
      1,303 SF

      Updated Office Suite For Rent

      Move-in ready office suite with reception, offices, and private bathroom.
      1 Trap Falls Rd 213, Shelton, CT 06484
      View Details
    • $10,000/Mo
      6,576 SF

      Industrial Space Near Route 8

      Industrial space with loading dock, freight elevator, and office.
      33 Hull Street #4th floor, Shelton, CT 06484
      View Details
    • $1,650/Mo
      1,200 SF

      Street Front Commercial Space Available

      Retail or office space available immediately in Shelton, Connecticut.
      549 Howe Avenue #Suite C, Shelton, CT 06484
      View Details
    • $5,500/Mo
      5,500 SF

      Controls Drive Office Space Available

      Professional office space for lease with flexible sizing options.
      30 Controls Drive, Shelton, CT 06484
      View Details

    FAQs

    What type of property is this?
    Office units - 53,164 SF flex building with 23,495 SF office space.
    Where is this office units located?
    The property is located at 15 Progress Drive Shelton Shelton, CT.
    What are key features of this property?
    This property features: 53,164 square‑foot flex building with **23,495 square feet of office space**.; Expandable by approximately 60,000 square feet on a **10‑acre site**.; Two floors of office space.
    (203) 326-5826
    We can help!
    Listing Contact
    Michael Dillon
    Michael Dillon
    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 Progress Drive, Shelton, CT 06484 United States, CT 06484
    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!