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    345 N Main St West Hartford, CT 06117

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    For Lease
    Contact for pricing

    Retail space in a vibrant, renovated shopping center.

    Property size:
    1,039 SF
    Lot size:
    6.31 Acres

    Property Features for 345 N Main St

    General Information

    Size
    1,039 SF
    Lot size
    6.31 Acres

    We can help!

    Listing Contact
    Asher Zelson
    Source: Moodyscre

    Listing Agency: Charter Realty & Development - Westport Listing Agent: Asher Zelson

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

    Learn more

    Property Insight Report

    Overview

    Upscale Retail Space in West Hartford

    Bishops Corner is a 258,813 square foot shopping center anchored by a 59,364 square foot Target. Originally built in 1970 and renovated in 2011, Bishops Corner is located in West Hartford, Connecticut. The shopping center is an upscale community place. Major retailers include Target, Marshalls / Homegoods, TD Bank, The Paper Store, Mattress Firm, Orange Theory, AT&T, Bank of America, Noodles & Company, GNC, Subway and Massage Envy. The property is situated in a densely populated, affluent retail corridor approximately 4 miles west of downtown Hartford. The location is at a signalized intersection along the region’s dominant east-west thoroughfare which sees combined traffic counts of over 40,000 vehicles per day. Within a 5-mile radius of the property, the population is over 216,000 people, and within a 1-mile radius, the average household income is over $176,000. Available is a 2,727 square foot space at 345 N Main St.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Beizer & Weintraub Law Firm CT Pediatric Dentistry ... Dental Office Dr. David W. ... Dental Office Dr. Jeffrey A. Wrubel, ... Dental Office Kehoe Fiona C Physician

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply 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.

    Similar Places Nearby

    Salsa fresca, Bishops Corner East, Bishops Corner, Coinstar Kiosk | Bitcoin ATM

    Location Insight

    • Map
    • Local Demand
    City
    West Hartford
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.6753037
    Latitude
    41.7601195

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    FAQs

    What type of property is this?
    Shopping center - Retail space in a vibrant, renovated shopping center.
    Where is this shopping center located?
    The property is located at 345 N Main St West Hartford, CT.
    What are key features of this property?
    This property features: - Located in a highly affluent area with an average household income of over $176,000 within a 1-mile radius.; - **High traffic location with over 40,000 vehicles per day at a signalized intersection.**; - Anchored by a 59,364 sf Target.
    (203) 227-2922 Call to check price and availability
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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.

    More about this property
    345 N Main St West Hartford, CT 06117
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    Contact for Pricing
    Please call us for current price
    and status of this listing
    Asher Zelson
    (203) 227-2922 (203) 653-8186
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