Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    236 Prospect St Torrington, CT 06790

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $895,000

    Historic bank building featuring grand hall, vaults, and parking.

    Property size:
    7,588 SF
    Lot size:
    0.46 Acres

    Property Features for 236 Prospect St

    General Information

    Standard status
    Active
    Size
    7,588 SF
    Lot size
    0.46 Acres

    Building Details

    Year built
    1900

    We can help!

    Listing Contact
    Ted Murphy
    Source: Corcoran

    Listing Agency: E.J. Murphy Realty Listing Agent: Ted Murphy

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

    Learn more

    Overview

    Historic Bank Building with Parking

    This historic bank property features a grand hall with a 25-foot ceiling, flanked by six alcoves. The building includes three massive fireproof vaults, along with additional vaults. Ornate crown moldings and mahogany trim are present throughout. A second-floor president's office overlooks the great hall. The property contains four full baths and two half baths. A full lower level includes a full kitchen and a full bath. An on-site parking lot is included, along with a separate 40-car parking lot directly across the street. The property is suitable for a financial institution, professional offices, boutique development, or a wedding venue. The building has a total size of 7588 square feet.
    Location Intelligence

    Current Use by Public Records

    Beecher House Society Association Or Organization prospect street Charitable Organization

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Torrington
    County
    Litchfield
    State
    Connecticut
    Longitude
    -73.1225886
    Latitude
    41.8023125

    Nearby Similar for Sale

    • New
      $950,000
      5,248 SF

      Turnkey Commercial Property Route 202

      Fully occupied commercial property with established tenants.
      1185 New Litchfield St, Torrington, CT 06790
      View Details
    • New
      $895,000
      7,588 SF

      Historic Bank Building with Parking

      Historic bank building perfect for various business or wedding venue.
      236 Prospect St, Torrington, CT 06790
      View Details
    • New
      $585,000
      8,060 SF

      Downtown Torrington Mixed-Use Opportunity

      Mixed-use property in downtown Torrington's vibrant arts and cultural district.
      73 E Main St, Torrington, CT 06790
      View Details
    • New
      $474,900
      2,666 SF

      Spacious Multi-Family Home

      9-bedroom multi-family home with rental income potential.
      264 S Main St, Torrington, CT 06790
      View Details
    • $319,900
      Pending

      Harwinton Two-Family Home

      Well-maintained two-unit property with strong rental history on country acre.
      164 Birge Park Rd, Harwinton, CT 06791
      View Details
    • New
      $450,000
      3,295 SF

      Renovated Turn-Key Investment Property

      Completely renovated triplex in Torrington, CT. A turn-key investment.
      72 French St, Torrington, CT 06790
      View Details
    • $309,900
      Pending

      Two-Family Home with Income Potential

      Versatile two-family home in Torrington, CT with income potential.
      86 Belleview Ave, Torrington, CT 06790
      View Details
    • New
      $239,900
      2,621 SF

      Two-Family Home with Income Potential

      Spacious two-family home offering income potential and flexible living.
      409 Brightwood Ave, Torrington, CT 06790
      View Details
    • $275,000
      1,570 SF

      Charming Multifamily Property in Torrington

      Impeccably maintained multifamily property in a central Torrington location.
      682 Main St, Torrington, CT 06790
      View Details
    • New
      $849,900
      5,936 SF

      Meticulously Maintained Medical/Office Building

      Two-story brick building near hospital with apartment and parking.
      95 New Litchfield St, Torrington, CT 06790
      View Details
    • $414,900
      3,562 SF

      Torrington Multifamily Investment Opportunity

      Three-unit property with investment potential in Torrington, Connecticut.
      118 Pearl St, Torrington, CT 06790
      View Details
    • $224,900

      Medical/Dental Office on Main Street

      2,000 SF medical/dental suite available for sale.
      895 E Main St, Torrington, CT 06790
      View Details

    FAQs

    What type of property is this?
    Office building - Historic bank building featuring grand hall, vaults, and parking.
    Where is this office building located?
    The property is located at 236 Prospect St Torrington, CT.
    What is the asking price?
    The asking price for this property is $895,000.
    What are key features of this property?
    This property features: - Grand 25-foot ceiling hall with six alcoves; - Three massive fireproof vaults plus additional vaults; - Onsite parking lot and a separate 40-car parking lot across the street
    (860) 307-7378
    Request Owner's contact information
    236 Prospect St Torrington, CT 06790
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    236 Prospect St
    Torrington, CT 06790
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    236 Prospect St Torrington, CT 06790
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Ted Murphy
    Real Estate License ID: REB.0757518
    (860) 307-7378 (860) 567-0813
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!