Two-Parcel Retail Storefront
For Sale
$599,900
29 Connecticut Boulevard, East Hartford, CT 06108
Two adjacent storefront parcels for sale with ample parking, with one property needing interior renovations.
Property Size1,920 SF
Price / SF$249.65
Days on Market68
Property Features for 29 Connecticut Boulevard
General Information
Standard status
Active
Size
1,920 SF
Property subtype
Commercial
Building Details
Building Size
1,920 SF
Year Built
1920
Listing Agency:
Sentry Real Estate
(860) 874-7900
Listed By:
Ben Castonguay · License #REB.0789871
(860) 874-7900
Source:
Iverty
Added: Jun 2
Changed: Aug 8
Last Checked: Jun 5 at 1:48AM
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 Sentry Real Estate
Investment Insights
Based on property information with market context.
This offering includes two separate parcels being sold together: 29 Connecticut Blvd and 33 Connecticut Blvd. The properties are presented as retail storefront space, with the combined listing price covering both parcels. 29 Connecticut Blvd is specifically noted as needing interior renovations, making this an option for buyers looking to tailor interior improvements to their operating plan.
The site is described as having a great location with ample parking. Additional details on exact frontage, street-level features, or surrounding tenants are not provided in the information received.
For tenants, buyers, and investors evaluating retail space, the combined parcels can provide flexibility for occupancy, re-tenanting, or phased improvement. Because at least one parcel requires interior renovation, due diligence on the condition and scope of work will be important for budgeting and scheduling. The property’s retail storefront configuration and parking support practical day-to-day operations for a range of retail uses, subject to applicable approvals.
The site is described as having a great location with ample parking. Additional details on exact frontage, street-level features, or surrounding tenants are not provided in the information received.
For tenants, buyers, and investors evaluating retail space, the combined parcels can provide flexibility for occupancy, re-tenanting, or phased improvement. Because at least one parcel requires interior renovation, due diligence on the condition and scope of work will be important for budgeting and scheduling. The property’s retail storefront configuration and parking support practical day-to-day operations for a range of retail uses, subject to applicable approvals.
Key Highlights
- Two adjacent storefront parcels—29 Connecticut Blvd and 33 Connecticut Blvd—being sold together
- List price of $599,900 includes both properties
- Ample parking on‑site (per listing remarks)
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
$27,159
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
4.53%
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%
$543,180
$543.2K
Cap Rate 7%
$387,986
$388.0K
Cap Rate 9%
$301,767
$301.8K
Market Conditions
NOI Build-Up for 2,403 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
$43.3K $18.00/SF
− Vacancy
−$4.5K −$1.85/SF
EGI
$38.8K $16.15/SF
− OpEx
−$11.6K −$4.84/SF
NOI
$27.2K $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%
$543,180
Cap Rate 7%
$387,986
Cap Rate 9%
$301,767
Alternative Uses
Best Use
Retail
$388.0K
$339.5K – $452.7K
NOI $27,159 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$716.3K
$626.7K – $835.7K
NOI $50,139 @ 7.0% cap · market cap 8.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
973
Businesses Nearby
54k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 70%
Groceries 20%
Dining 4%
Electronics 3%
Bank of America
Shops & Services
10,882 visits/mo
0.2 miles
Key Food
Groceries
10,851 visits/mo
0.1 miles
Citgo
Shops & Services
8,825 visits/mo
0.5 miles
AutoZone
Shops & Services
4,560 visits/mo
0.1 miles
M&T Bank
Shops & Services
4,307 visits/mo
0.1 miles
Demographics for 06108, CT
24,201
Population
9,963
Households
2.4
Avg Household Size
38
Median Age
15%
College-Educated
85%
High-School Grad
8.1 sq mi
ZIP Area
2,988
Density / Sq Mi
$55,766
Median Household Income
$35,801
Median Earnings
$1,161
Median Rent
$218,800
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?
Storefront property - Two adjacent storefront parcels for sale with ample parking, with one property needing interior renovations.
Where is this storefront property located?
The property is located at 29 Connecticut Boulevard East Hartford, CT.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two adjacent storefront parcels—29 Connecticut Blvd and 33 Connecticut Blvd—being sold together; List price of $599,900 includes both properties; Ample parking on‑site (per listing remarks)
