Equipped Commercial
New
For Sale
$499,000
227 Franklin Ave, Hartford, CT 06114
Former bakery property offered with existing bakery equipment inventory for food-service operations.
Property Size1,470 SF
Days on Market5
Property Features for 227 Franklin Ave
General Information
Standard status
Active
Size
1,470 SF
Property subtype
Commercial
Additional Details
Equipment Included
Yes
Building Details
Building Size
1,470 SF
Year Built
1950
Listing Agency:
Century 21 Bay-Mar Realty
(860) 878-4837
Listed By:
Betty Sanchez · License #RES.0769369
(860) 878-4837
Source:
Elliman
Added: Aug 5
Changed: Aug 6
Last Checked: Aug 8 at 11:04AM
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 Century 21 Bay-Mar Realty
Investment Insights
Based on property information with market context.
Located at 227 Franklin Ave in Hartford, Connecticut, this commercial property includes a former bakery with an existing inventory of bakery equipment. The sale combines the real estate and equipment, providing an established physical setup for food-service use.
The property was built in 1950 and is positioned in a walkable, transit-served setting. WalkScore is 92, TransitScore is 80, and BikeScore is 59. The property information identifies potential applications including bakery, cafe, restaurant, catering, and other food-service operations.
The property was built in 1950 and is positioned in a walkable, transit-served setting. WalkScore is 92, TransitScore is 80, and BikeScore is 59. The property information identifies potential applications including bakery, cafe, restaurant, catering, and other food-service operations.
Key Highlights
- Former bakery with existing bakery equipment inventory
- Sale includes the commercial real estate and bakery equipment
- 227 Franklin Ave, Hartford, CT 06114
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
$19,475
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
3.90%
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%
$389,500
$389.5K
Cap Rate 7%
$278,214
$278.2K
Cap Rate 9%
$216,389
$216.4K
Market Conditions
NOI Build-Up for 1,470 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
$28.2K $19.20/SF
− Vacancy
−$2.3K −$1.54/SF
EGI
$26.0K $17.66/SF
− OpEx
−$6.5K −$4.42/SF
NOI
$19.5K $13.25/SF
Area
Hartford, CT
Vacancy
8.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$389,500
Cap Rate 7%
$278,214
Cap Rate 9%
$216,389
Alternative Uses
Best Use
Specialty Retail
$278.2K
$243.4K – $324.6K
NOI $19,475 @ 7.0% cap · market cap 3.90%
Second Best
Retail
$237.3K
$207.7K – $276.9K
NOI $16,614 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$438.2K
$383.4K – $511.2K
NOI $30,672 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,631
Businesses Nearby
59k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 65%
Dining 17%
Groceries 13%
Electronics 3%
Family Dollar
Shops & Services
10,435 visits/mo
0.4 miles
Dunkin' Donuts
Dining
8,497 visits/mo
0.5 miles
Bravo Supermarkets
Groceries
7,539 visits/mo
0.4 miles
Dollar General
Shops & Services
6,698 visits/mo
0.4 miles
M&T Bank
Shops & Services
4,776 visits/mo
0.1 miles
Demographics for 06114, CT
26,257
Population
11,206
Households
2.3
Avg Household Size
34
Median Age
15%
College-Educated
71%
High-School Grad
4.0 sq mi
ZIP Area
6,564
Density / Sq Mi
$47,905
Median Household Income
$31,996
Median Earnings
$1,296
Median Rent
$228,300
Median Home Value
Market
Vacancy Rate% for Retail in Hartford, CT
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial kitchen - Former bakery property offered with existing bakery equipment inventory for food-service operations.
Where is this commercial kitchen located?
The property is located at 227 Franklin Ave Hartford, CT.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Former bakery with existing bakery equipment inventory; Sale includes the commercial real estate and bakery equipment; 227 Franklin Ave, Hartford, CT 06114
