Freestanding Storefront
New
For Sale
$699,000
1231 Main St, East Hartford, CT 06108
Gas heat and air conditioning support retail, office, restaurant, and professional-service use.
Property Size2,301 SF
Lot Size0.43 Acres
Price / SF$303.78
Days on Market2
Property Features for 1231 Main St
General Information
Standard status
Active
Size
2,301 SF
Total Parking Spaces
40
Lot size
0.43 Acres
Property subtype
Commercial
Additional Details
Highway Access
Yes
Building Details
Year Built
1965
Buildings
1
Listing Agency:
Five Stars Realty
Listed By:
Guillermo A. Araujo · License #REB.0794500
(860) 794-5353
Source:
Elliman
Added: Sep 12
Last Checked: Sep 13 at 6:42AM
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 Five Stars Realty
Investment Insights
Based on property information with market context.
This freestanding commercial building contains approximately 2,301 SF on a 0.43-acre parcel and includes approximately 40 parking spaces. Building systems include gas heat and air conditioning, while the property’s configuration supports potential retail, office, restaurant, and professional-service applications. Future residential development may also be possible, subject to zoning and municipal approvals.
The property is located at 1231 Main Street in East Hartford, near Burnside Avenue and Route 44. Access to I-84 and I-291 connects the site with Hartford and surrounding communities. Local businesses, restaurants, services, and recreational areas are located nearby. The property was built in 1965 and offers a freestanding commercial setting with on-site parking.
The property is located at 1231 Main Street in East Hartford, near Burnside Avenue and Route 44. Access to I-84 and I-291 connects the site with Hartford and surrounding communities. Local businesses, restaurants, services, and recreational areas are located nearby. The property was built in 1965 and offers a freestanding commercial setting with on-site parking.
Key Highlights
- Approximately 2,301 SF on 0.43 acres
- Approximately 40 parking spaces
- Freestanding building at 1231 Main Street
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$26,006
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.72%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$520,120
$520.1K
Cap Rate 7%
$371,514
$371.5K
Cap Rate 9%
$288,956
$289.0K
Market Conditions
NOI Build-Up for 2,301 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$41.4K $18.00/SF
− Vacancy
−$4.3K −$1.85/SF
EGI
$37.2K $16.15/SF
− OpEx
−$11.1K −$4.84/SF
NOI
$26.0K $11.30/SF
Area
Hartford, CT
Vacancy
10.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$520,120
Cap Rate 7%
$371,514
Cap Rate 9%
$288,956
Alternative Uses
Best Use
Retail
$371.5K
$325.1K – $433.4K
NOI $26,006 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$685.9K
$600.1K – $800.2K
NOI $48,010 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
876
Businesses Nearby
48k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 68%
Groceries 23%
Dining 4%
Electronics 3%
Key Food
Groceries
10,851 visits/mo
0.3 miles
Citgo
Shops & Services
8,825 visits/mo
0.2 miles
Dollar General
Shops & Services
7,549 visits/mo
0.2 miles
AutoZone
Shops & Services
4,560 visits/mo
0.3 miles
M&T Bank
Shops & Services
4,307 visits/mo
0.3 miles
Demographics for 06108, CT
24,201
Population
9,963
Households
2.4
Avg Household Size
38
Median Age
15%
College-Educated
85%
High-School Grad
8.1 sq mi
ZIP Area
2,988
Density / Sq Mi
$55,766
Median Household Income
$35,801
Median Earnings
$1,161
Median Rent
$218,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Storefront property - Gas heat and air conditioning support retail, office, restaurant, and professional-service use.
Where is this storefront property located?
The property is located at 1231 Main St East Hartford, CT.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Approximately 2,301 SF on 0.43 acres; Approximately 40 parking spaces; Freestanding building at 1231 Main Street
