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    Two-Story Historic Mill Building Title is generated by Realmo AI

    28 MASON ST, Coventry, CT 06238

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    Two-story mill building in a two-property package, zoned VC with septic and public water/sewer services.

    Type:Multifamily, Industrial
    Property size:
    10,074 SF
    Lot size:
    1.74 Acres
    Added:
    Jun 2, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 6 at 6:02 am

    Property Features for 28 MASON ST

    General Information

    Standard status
    Active
    Size
    10,074 SF
    Lot size
    1.74 Acres
    Property subtype
    Multifamily, Industrial

    Building Details

    Year Built
    1870

    We can help!

    Listing Contact
    Justin Manning

    Listing agent Justin Manning

    Listing office JJManning Auctioneers

    Listing date Jun 2, 2026

    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 JJManning Auctioneers

    HighLights

    • Two historic mill buildings (2‑property package) proposed for a 35–40 unit multi‑family development
    • 28 Mason St.: 10,074+/- SF, 2‑story mill building on .74+/- ac; zoned VC; utilities include septic and public water/sewer; built 1870
    • 30 Mason St.: 30,760+/- SF, 3‑story mill building on 1+/- ac; zoned VC; utilities include public water and sewer; built 1800
    • Auction: absolute sale on Thursday, July 16 at 12PM; on‑site property tour Thursday, July 9 (12pm–2pm)
    • Tax credit eligibility noted: eligible for state & federal tax credits

    Overview

    28 Mason St. consists of a 2-story historic mill building built in 1870, situated on approximately 0.74+/- acres. The property is zoned VC and is served by septic, along with public water and public sewer.

    This offering is being sold in the entirety as part of a two-building package that also includes 30 Mason St. The combined assemblage is proposed for 35-40 multifamily units and is described as eligible for state and federal tax credits. An on-site absolute auction is scheduled for Thursday, July 16 at 12:00 PM, with a property tour on Thursday, July 9 from 12:00 PM to 2:00 PM.

    For buyers and operators evaluating a multifamily conversion or redevelopment, this asset provides an established mill-building framework with VC zoning and site utilities that include septic plus public water and sewer. As with any conversion project, interested parties should conduct due diligence regarding feasibility, final unit configuration, and the basis for any applicable tax credit eligibility.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Coventry
    County
    Tolland
    State
    Connecticut
    Longitude
    -72.298904
    Latitude
    41.766447

    Nearby Similar for Sale

    • $325,000
      3,087 SF

      Historic Coventry Two-Family Home

      Charming antique home with income potential near UConn.
      1079 Main Street, Coventry, CT 06238
      View Details
    • $400,000
      40,834 SF

      Two Historic Mill Buildings

      Two historic mill buildings totaling 40,834 SF on 1.74 AC.
      28-30 Mason Street, Coventry, CT 06238
      View Details

    FAQs

    What type of property is this?
    Apartment building - Two-story mill building in a two-property package, zoned VC with septic and public water/sewer services.
    Where is this apartment building located?
    The property is located at 28 MASON ST Coventry, CT.
    What are key features of this property?
    This property features: Two historic mill buildings (2‑property package) proposed for a 35–40 unit multi‑family development; 28 Mason St.: 10,074+/- SF, 2‑story mill building on .74+/- ac; zoned VC; utilities include septic and public water/sewer; built 1870; 30 Mason St.: 30,760+/- SF, 3‑story mill building on 1+/- ac; zoned VC; utilities include public water and sewer; built 1800
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Justin Manning
    Learn More
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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.

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