Add Listing
    For Lease
    • 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

    324 Flanders Road East Lyme, CT 6333

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $20 SF/Yr

    Highly visible East Lyme plaza with retail, restaurant, and office space.

    Type:Commercial
    Property size:
    18,800 SF
    Lot size:
    2.69 Acres
    Added:
    Jul 24, 2025
    Days on Market:
    263
    Last Refresh:
    Apr 5 at 8:13 pm

    Property Features for 324 Flanders Road

    General Information

    Standard status
    Active
    Size
    18,800 SF
    Lot size
    2.69 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1991

    We can help!

    Listing Contact
    NORMAN PECK

    Listing agent NORMAN PECK License #RES.0528743

    Listing office Signature Properties of NewEng

    Listing date Jul 24, 2025

    Source Corcoran

    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 Signature Properties of NewEng

    Overview

    East Lyme Plaza Retail/Office Space

    Space is available in a busy, highly visible, and easily accessible plaza located just off Exit 75. The space, comprising 5,700 square feet, may be sub-divided. Current tenants include a family restaurant, a real estate office, a Chinese restaurant, and a Japanese restaurant. Permitted uses for the space include restaurant, office, retail, medical, hotel, personal service, and business service establishments. Uses by special permit include commercial recreation, indoor theater, private club, and small animal veterinary clinic. Ample parking is available. The space will be available starting March 2026.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Richard Albrecht, MD Physician B Burnham Medical Clinic Jean Tuneski Physician Stories Worth Telling ... Real Estate Agency Kiki Sydnor, RE ... Real Estate Agency

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    East Lyme
    County
    New London
    State
    Connecticut
    Longitude
    -72.2102
    Latitude
    41.365

    Nearby Similar for Lease

    • $20/mo

      East Lyme Commercial Space Available

      Commercial space ideal for medical, spa, or corporate use.
      339 Flanders Road, East Lyme, CT 06333
      View Details
    • $20/mo

      Retail/Office Space in Niantic

      3,000 SF retail/office space with high visibility.
      170 Flanders Road, East Lyme, CT 06357
      View Details
    • $17/mo

      East Lyme Professional Corner Unit

      Move-in ready 1,221 SF suite ideal for medical or office.
      131 Boston Post Road, East Lyme, CT 06333
      View Details
    • $20/mo

      Retail/Office Space in Niantic

      Retail/office space in desirable Niantic location with high visibility.
      170 Flanders Road, East Lyme, CT 06357
      View Details
    • $20/mo

      East Lyme Commercial Space Available

      Commercial space ideal for medical, spa, or corporate use.
      339 Flanders Road, East Lyme, CT 06333
      View Details
    • $20/mo

      East Lyme Commercial Space

      Highly visible commercial space available in East Lyme, CT.
      324-B Flanders Road, East Lyme, CT 06333
      View Details
    • Contact for pricing

      New Office Space For Rent

      Brand new 839 SF office space near Flanders Four Corners.
      23 Chesterfield Road, East Lyme, CT 06333
      View Details
    • Contact for pricing

      Flexible Spaces in Rocky Neck

      Modern flex spaces with overhead doors and A/C for rent.
      11 Freedom Way, East Lyme, CT 06357
      View Details
    • Contact for pricing

      Retail Space with High Visibility

      Retail space with access from Route 1 and Chesterfield Road.
      15 Chesterfield Rd, East Lyme, CT
      View Details
    • Contact for pricing

      Grocery-Anchored Retail Space Available

      Retail space in shopping center with high traffic and visibility.
      248-250 Flanders Rd, East Lyme, CT
      View Details

    FAQs

    What type of property is this?
    Office units - Highly visible East Lyme plaza with retail, restaurant, and office space.
    Where is this office units located?
    The property is located at 324 Flanders Road East Lyme, CT.
    What is the lease rate?
    The lease rate is $20 SF/Yr.
    What are key features of this property?
    This property features: Highly visible and easily accessible location off Exit 75 in a busy plaza.; Space available for Hartford Healthcare in March 2026.; 5,700 sf space that may be sub‑divided.
    (860) 447-8839
    We can help!
    Listing Contact
    NORMAN PECK
    Real Estate License ID: RES.0528743
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!