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    148 Route 2 Preston, CT 06365

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    For Sale
    $320,000

    Well-maintained office building with ample parking and possible mixed-use conversion.

    Lot size:
    0.70 Acres

    Property Features for 148 Route 2

    General Information

    Lot size
    0.70 Acres

    Building Details

    Year built
    1947

    We can help!

    Listing Contact
    Norman Peck
    Source: Elliman

    Listing Agent: Norman Peck

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

    Learn more

    Overview

    Renovated Office Building with Garage

    This well-maintained and renovated two-story office building offers a total of 1,782 square feet. The property features a garage, ample parking for 13 or more vehicles, and 100 feet of road frontage on Route 2. Situated on a 0.7-acre lot within Zone C-1, the location benefits from an average daily traffic count of 7,800. The building is equipped with oil heat, well water, a septic system, forced hot air, and central air conditioning. It also includes one overhead door in the garage. The property allows for potential conversion to mixed-use. Permitted uses include office, service, retail, day care, and repair shop. Uses by special permit include auto sales, gas station, and arcade. The property is located on Route 2, easily accessible from I-395 via Exit 9 North or Exit 22 South. An abutting property is also available for sale.
    Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Restaurant Building Supply Auto Repair Shop Hotel & Motel Kitchen & Bath Garden Center Electrical Service Car Rental Smoke and Vape Shop Shopping Mall

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

    Location Insight

    • Map
    • Local Demand
    City
    Preston
    County
    New London
    State
    Connecticut
    Longitude
    -72.032307
    Latitude
    41.499202

    Nearby Similar for Sale

    • $240,000

      Mixed-Use Property with Brook Border

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      Development Opportunity Near Mohegan Sun

      Car wash, convenience store, and gas station near Mohegan Sun.
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    • $599,000

      Preston Specialty Property For Sale

      Specialty property available for purchase in Preston, Connecticut.
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      Route 164 Specialty Property

      Specialty property available for sale on Route 164.
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    FAQs

    What type of property is this?
    Office building - Well-maintained office building with ample parking and possible mixed-use conversion.
    Where is this office building located?
    The property is located at 148 Route 2 Preston, CT.
    What is the asking price?
    The asking price for this property is $320,000.
    What are key features of this property?
    This property features: - Totally renovated office building with potential for mixed-use conversion.; - Located on busy Route 2 with **high visibility** (7,800 Average Daily Traffic).; - **Ample parking** with a garage and 13+\/- spaces.
    (860) 447-8839
    Request Owner's contact information
    148 Route 2 Preston, CT 06365
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    Preston, CT 06365
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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
    148 Route 2 Preston, CT 06365
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    We can help!
    Listing Contact
    Norman Peck
    (860) 447-8839
    Learn more
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