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    Prime Land in Buckland Hills Title is generated by Realmo AI

    170 Hale Rd, Manchester, CT 06042

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    3.44 acre parcel in thriving retail corridor for lease.

    Type:Retail, Land, Restaurant
    Property size:
    6,084 SF
    Lot size:
    3.44 Acres
    Added:
    Apr 24, 2020
    Days on Market:
    2232
    Last Refresh:
    May 20 at 8:24 pm

    Property Features for 170 Hale Rd

    General Information

    Standard status
    Active
    Size
    6,084 SF
    Lot size
    3.44 Acres
    Property subtype
    Retail, Land, Restaurant

    Building Details

    Year Built
    1995

    Spaces For Lease

    at 170 Hale Rd Contact us

    We can help!

    Listing Contact
    Matt Halprin

    Listing agent Matt Halprin License #CT 0292130

    Listing office New England Retail Properties Inc

    Listing date Apr 24, 2020

    Source Crexi

    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 New England Retail Properties Inc

    HighLights

    • Prime location in the Buckland Hills retail corridor with high visibility (over 15,000 vehicles per day).
    • Redevelopment potential to build up to 30,000 SF.
    • Conveniently located a 2‑minute drive from Interstate‑84.
    • Zoned B3, ideal for a variety of uses including retail, medical, hotel, restaurant, and apartments.
    • Situated on a 3.44‑acre parcel.
    • Existing 6,084 SF building (former restaurant) on site.

    Overview

    Located in the Buckland Hills retail corridor, 170 Hale Road is a 3.44-acre parcel with the potential for development of up to 30,000 square feet. The site benefits from high visibility at the traffic light on Hale Road, which sees over 15,000 vehicles per day, and is conveniently located a 2-minute drive from Interstate-84. The property is surrounded by a mix of national and local businesses, including Ashley’s Furniture, Courtyard by Marriott, Urban Air Adventure Park, Walmart, and The Buckland Hills Mall. The existing building is 6,084 square feet, formerly a restaurant. Zoned B3, the property is suitable for ground lease or build-to-suit options. Ideal uses include retail, medical, hotel, restaurant, service, gas station/convenience, or apartments.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Manchester
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.5319576
    Latitude
    41.8102268

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    FAQs

    What type of property is this?
    Commercial land - 3.44 acre parcel in thriving retail corridor for lease.
    Where is this commercial land located?
    The property is located at 170 Hale Rd Manchester, CT.
    What are key features of this property?
    This property features: Prime location in the Buckland Hills retail corridor with high visibility (over 15,000 vehicles per day).; Redevelopment potential to build up to 30,000 SF.; Conveniently located a 2‑minute drive from Interstate‑84.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Matt Halprin
    Real Estate License ID: CT 0292130
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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
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