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    3 North 2 Ave Taftville Ct Taftville, CT 06380

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    For Lease
    Contact for pricing

    Flexible Retail & Office Units from 400 to 6,000 sq ft

    Property Features for 3 North 2 Ave Taftville Ct

    General Information

    Property type
    Flex space
    Lease Type
    NNN Lease
    TSF (Total sq. ft)
    1,400-6,000 SF
    Class
    A
    Total Parking Spaces
    50
    Elevators
    No
    Lease Term
    5+ Years

    Amenities

    Building Details

    Year Built/Renovated
    1900/2026
    Buildings
    1
    Stories
    3

    Overview

    Flexible Retail and Office Units

    Located at Norwich Avenue and North Second Ave in Taftville, CT, this property offers flexible retail and office units ranging from 400 sq ft to 6,000 sq ft. The location is a rapidly redeveloping community with historic charm and modern infrastructure in Norwich, CT, just minutes from major highways (I-395, Rt. 2). The property benefits from a growing residential population and foot traffic. Turnkey-ready spaces are available. It features a highly visible, walkable corner location. The property has a built-in customer base from surrounding residential buildings and strong community support for small business growth. Ideal uses include a pizzeria or Chinese takeout, coffee shop, juice or smoothie bar, dance or fitness studio, professional offices (real estate, insurance, legal, counseling), pet grooming or pet bakery, specialty retail (gifts, candles, vintage), nonprofit or community services office, or bodega/convenience store. The property offers competitive rental rates and flexible lease terms with committed local ownership interested in long-term tenant success.

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    Listing Contact
    Glenn La Mattina

    Learn more

    Location Intelligence

    Current Use by Public Records

    Flex space

    Map

    City
    Taftville
    State
    Connecticut
    Longitude
    -72.048813
    Latitude
    41.5702307

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    Nearby Similar for Lease

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      Ponemah Landing

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      View Details

    FAQs

    What type of property is this?
    Flex space - Flexible Retail & Office Units from 400 to 6,000 sq ft
    Where is this flex space located?
    The property is located at 3 North 2 Ave Taftville Ct Taftville, CT.
    What are key features of this property?
    This property features:
    (973) 202-2563
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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.

    More about this property
    3 North 2 Ave Taftville Ct Taftville, CT 06380
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    We can help!
    Listing Contact
    Glenn La Mattina
    (973) 202-2563
    Learn more
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