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    48 Kingsbury Ave Tolland, CT 06084

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    Pending
    $600,000

    Fully renovated commercial building suitable for various catered events.

    Property size:
    10,080 SF
    Lot size:
    0.88 Acres

    Property Features for 48 Kingsbury Ave

    General Information

    Standard status
    Pending
    Size
    10,080 SF
    Lot size
    0.88 Acres

    Building Details

    Year built
    1969

    We can help!

    Listing Contact
    Norm S. Hamilton
    Source: Exitrealty

    Listing Agency: NextHome Elite Realty Listing Agent: Norm S. Hamilton

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

    Learn more

    Overview

    Renovated Banquet Event Venue

    This fully renovated commercial building, currently configured as a banquet event venue, is suitable for hosting catered events. It features multiple function rooms of varying sizes, accommodating weddings, baby showers, awards ceremonies, birthdays, and other occasions. The property includes two levels with new porcelain flooring, new LED lighting, and new windows. Brand new restrooms are located on both floors. Kitchen workspaces are available for caterers, equipped with on-site portable food warmers and refrigerated cooling units. The property also features a newly paved asphalt parking lot, updated heating systems and central air conditioning, new electric on the first floor, a brand new septic system, and a new fire alarm system with 24-hour system monitoring. An exterior gazebo and picnic area are also present. The property is positioned as a destination for events in Connecticut and Massachusetts, located minutes from Interstate 84 and approximately 90 minutes from Boston and Providence. The building provides just over 10,000 square feet of space.
    Location Intelligence

    Current Use by Public Records

    Wedding venues

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Tolland
    County
    Tolland
    State
    Connecticut
    Longitude
    -72.4248616
    Latitude
    41.8659257

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    FAQs

    What type of property is this?
    Wedding venue - Fully renovated commercial building suitable for various catered events.
    Where is this wedding venue located?
    The property is located at 48 Kingsbury Ave Tolland, CT.
    What is the asking price?
    The asking price for this property is $600,000.
    What are key features of this property?
    This property features: - Fully renovated commercial building ideal for a banquet/event venue with multiple function rooms.; - Boasting over 10,000 sq ft of versatile space, suitable for various business ideas.; - Prime location minutes from Interstate 84, convenient to Boston and Providence.
    (860) 985-3270
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    48 Kingsbury Ave Tolland, CT 06084
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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
    48 Kingsbury Ave Tolland, CT 06084
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    We can help!
    Listing Contact
    Norm S. Hamilton
    Real Estate License ID: RES.0782848
    (860) 985-3270 (413) 330-7343 (413) 391-1969
    Learn more
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