Flex Space with Drive-In Overhead
For Sale
$760,000
Pending
193 Pascone Place, Newington, CT 06111
COMMERCIAL - Newington, CT
Property Size5,000 SF
Lot Size0.57 Acres
Days on Market119
Property Features for 193 Pascone Place
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
PD
Bathrooms
2
Half bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Parking
35
Interior features
Handicap Design,Loading - Grade,Public Restrooms,Window Display
Exterior features
Doors - 10-15 ft,Gutters,Outside Storage Area
Accessibility
Accessible Approach with Ramp
Lot features
Dry, Level Lot
Directions
Berlin Turnpike Rt 5&15, at Chili's Grill & Bar, turn onto Pascone Place just past KinderCare.
Standard status
Pending
Size
5,000 SF
Lot size
0.57 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9970
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1960
Floors in Building
1
Flooring type
Concrete
Additional Structures
Storage
Listing Agency:
Amodio & Co.
(860) 674-8908
Listed By:
Frank Amodio · License #REB.0756053
(860) 674-8908
Added: Apr 16
Changed: Aug 9
Last Checked: Aug 12 at 3:06AM
MLS# 24167845
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex space features a finished front showroom and offices with wide-open clear span space in the rear, designed to support a range of light industrial and service-oriented uses. The masonry building includes a 12'x12' overhead drive-in door, unit heaters, and a functional layout with public restrooms and window display. Concrete flooring, handicap design with an accessible approach and ramp, and loading-grade capability add practical day-to-day utility.
Set on 0.57 acres, the property offers prominent street frontage in a well-established commercial corridor. Exterior improvements include 19,500 sq ft of asphalt paving for parking, loading, and truck maneuverability, supporting equipment and fleet operations. The site is adjacent to Route 5&15, also known as the Berlin Turnpike, with reported average daily traffic counts of 25,000 vehicles per day.
Built in 1960, the building is served by public water and public sewer and is zoned PD, providing a solid platform for an owner user seeking dedicated space or an investor looking for long-term tenancy potential.
Set on 0.57 acres, the property offers prominent street frontage in a well-established commercial corridor. Exterior improvements include 19,500 sq ft of asphalt paving for parking, loading, and truck maneuverability, supporting equipment and fleet operations. The site is adjacent to Route 5&15, also known as the Berlin Turnpike, with reported average daily traffic counts of 25,000 vehicles per day.
Built in 1960, the building is served by public water and public sewer and is zoned PD, providing a solid platform for an owner user seeking dedicated space or an investor looking for long-term tenancy potential.
Key Highlights
- 5,000 SF flex space with finished front showroom and offices
- Wide‑open rear clear span with concrete flooring
- 12'x12' overhead drive‑in door plus unit heaters
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
$69,016
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
9.08%
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%
$1,380,320
$1.4M
Cap Rate 7%
$985,943
$985.9K
Cap Rate 9%
$766,844
$766.8K
Market Conditions
NOI Build-Up for 5,000 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
$85.2K $17.04/SF
− Vacancy
−$4.0K −$0.80/SF
EGI
$81.2K $16.24/SF
− OpEx
−$12.2K −$2.44/SF
NOI
$69.0K $13.80/SF
Area
Hartford, CT
Vacancy
4.70%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
15.00%
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%
$1,380,320
Cap Rate 7%
$985,943
Cap Rate 9%
$766,844
Alternative Uses
Best Use
Office B
$1.11M
$969.5K – $1.29M
NOI $77,558 @ 7.0% cap · market cap 10.21%
Second Best
Warehouse
$985.9K
$862.7K – $1.15M
NOI $69,016 @ 7.0% cap · market cap 9.08%
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,325 @ 7.0% cap · market cap 13.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
348
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 06111, CT
30,536
Population
13,334
Households
2.3
Avg Household Size
45
Median Age
40%
College-Educated
92%
High-School Grad
13.0 sq mi
ZIP Area
2,349
Density / Sq Mi
$98,585
Median Household Income
$54,916
Median Earnings
$1,487
Median Rent
$279,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space with finished front showroom and offices, plus wide-open clear span and a 12'x12' overhead drive-in door.
Where is this flex space located?
The property is located at 193 Pascone Place Newington, CT.
What is the asking price?
The asking price for this property is $760,000.
What are key features of this property?
This property features: 5,000 SF flex space with finished front showroom and offices; Wide‑open rear clear span with concrete flooring; 12'x12' overhead drive‑in door plus unit heaters
