Renovated Retail
For Sale
Contact for pricing
2543-2547 Berlin Tpke, Newington, CT 06111
Renovated retail center on a roughly 1.75-acre site with parking and a single curb cut along Berlin Tpke.
Property Size16,852 SF
Lot Size1.75 Acres
Price / SF$142.42
Days on Market150
Property Features for 2543-2547 Berlin Tpke
General Information
Standard status
Active
Size
16,852 SF
Total Parking Spaces
25
Lot size
1.75 Acres
Property subtype
RETAIL
Zoning
B-BT
Building Details
Year Renovated
2021
Listing Agency:
Colliers - Hartford
(860) 249-6521
Listed By:
Nicholas Morizio, SIOR
(860) 616-4022
Source:
Moodyscre
Added: Apr 10
Changed: Aug 8
Last Checked: Jul 22 at 8:21PM
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 Colliers - Hartford
Investment Insights
Based on property information with market context.
This renovated retail property includes buildings originally constructed in 1954 and 1962, with renovations completed in 2021. The offering comprises multiple retail spaces within an established corridor setting, supported by on-site parking for approximately 20 to 25 vehicles. For signage, the property presents an opportunity along the main frontage.
The site is located on Berlin Tpke and provides 211 feet of frontage with one curb cut for access. The property is described as being in B-BT zoning.
With a total size of 16,852 square feet, this is a well-suited retail asset for tenants or investors looking for an existing retail center configuration in an active commercial corridor.
The site is located on Berlin Tpke and provides 211 feet of frontage with one curb cut for access. The property is described as being in B-BT zoning.
With a total size of 16,852 square feet, this is a well-suited retail asset for tenants or investors looking for an existing retail center configuration in an active commercial corridor.
Key Highlights
- Renovated retail center on a ±1.75‑acre site along Berlin Tpke with 1 curb cut
- Built in 1954 and 1962; renovations completed in 2021
- Established retail corridor with national and regional tenants
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
$190,465
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
7.94%
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%
$3,809,300
$3.8M
Cap Rate 7%
$2,720,929
$2.7M
Cap Rate 9%
$2,116,278
$2.1M
Market Conditions
NOI Build-Up for 16,852 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
$303.3K $18.00/SF
− Vacancy
−$31.2K −$1.85/SF
EGI
$272.1K $16.15/SF
− OpEx
−$81.6K −$4.84/SF
NOI
$190.5K $11.30/SF
Area
Hartford, CT
Vacancy
10.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,809,300
Cap Rate 7%
$2,720,929
Cap Rate 9%
$2,116,278
Alternative Uses
Best Use
Retail
$2.72M
$2.38M – $3.17M
NOI $190,465 @ 7.0% cap · market cap 7.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.02M
$4.40M – $5.86M
NOI $351,617 @ 7.0% cap · market cap 14.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
372
Businesses Nearby
191k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 58%
Groceries 30%
Shops & Services 10%
Hotels & Casinos 1%
McDonald's
Dining
39,158 visits/mo
0.4 miles
Stop & Shop
Groceries
31,343 visits/mo
0.3 miles
Aldi
Groceries
25,578 visits/mo
0.3 miles
Wendy's
Dining
18,810 visits/mo
0.4 miles
Dunkin' Donuts
Dining
14,658 visits/mo
0.4 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Renovated retail center on a roughly 1.75-acre site with parking and a single curb cut along Berlin Tpke.
Where is this retail space located?
The property is located at 2543-2547 Berlin Tpke Newington, CT.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Renovated retail center on a ±1.75‑acre site along Berlin Tpke with 1 curb cut; Built in 1954 and 1962; renovations completed in 2021; Established retail corridor with national and regional tenants
