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

    338 Asylum St Hartford, CT 06103

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Two commercial spaces for lease in downtown Hartford.

    Property size:
    2,000 SF
    Lot size:
    1.91 Acres

    Property Features for 338 Asylum St

    General Information

    Size
    2,000 SF
    Lot size
    1.91 Acres

    We can help!

    Listing Contact
    Jason Diaz
    Jason Diaz
    Source: Moodyscre

    Listing Agency: Berkshire Hathaway NE Prop. Listing Agent: Jason Diaz

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Downtown Hartford Commercial Space Available

    Two commercial lease opportunities are available in a downtown location with heavy foot traffic and a strong nearby population. The properties are near the XL Center, which is undergoing a massive renovation, Hartford Union Station, and several luxury apartment complexes. Both spaces are suitable for retail, office, or restaurant use. Located in the Bond Residences building, a mixed-use building with 116 apartments and a banquet hall, these spaces are part of a new retail/reception area being built out on the bottom floor. One space is approximately 2,000 sq ft on one level, featuring cathedral ceilings and built-in balconies. It was previously a restaurant and can be transformed into a stunning space. The other space is two floors and just under 7200 sq ft, resembling a separate building. An entrance will need to be constructed on Asylum St. This space requires renovations and contains an unused pool and locker room, making it suitable for a gym.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Bond Residences Apartment Building Bond Ballroom Wedding Service Hatha Yoga and Fitness Alternative Medicine Practice Hartford Fetish Alternative Medicine Practice

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Hartford
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.6792218
    Latitude
    41.7677566

    Nearby Similar for Lease

    • $14 SF/Yr
      2,500 SF

      East Hartford Office Suite For Rent

      Well-located 2,500 sq ft office suite with ample parking.
      1137 Main St, East Hartford, CT 06108
      View Details
    • New
      $1,200 /Mo
      1,200 SF

      Hartford Office Space For Rent

      Third-floor office space near Downtown Hartford and I-91.
      198 Wethersfield Ave, Hartford, CT 06114
      View Details
    • $1,250 /Mo
      1,000 SF

      Remodeled Commercial Unit in Hartford

      Modern 1,000 sq ft commercial unit for lease.
      1594 Park St, Hartford, CT 06106
      View Details
    • $9 SF/Yr
      9,973 SF

      Retail Space on Busy Street

      Retail space available for lease on a busy street.
      760 Broad St, Hartford, CT 06106
      View Details
    • $1,500 /Mo
      1,500 SF

      East Hartford Office Space Available

      1500 SF office space for lease in East Hartford.
      43 Franklin St, East Hartford, CT 06108
      View Details
    • $875 /Mo
      584 SF

      Professional Office Suites in Hartford

      Versatile office suites for lease in Hartford's South Meadows.
      90 Brainard Rd, Hartford, CT 06114
      View Details
    • $2,150 /Mo
      1,427 SF

      Hartford Office Suites For Lease

      Versatile office suites available in Hartford's South Meadows district.
      90 Brainard Rd, Hartford, CT 06114
      View Details
    • $2,500 /Mo
      2,500 SF

      Newington Flex Space For Lease

      Versatile flex-use space with warehouse and office/retail areas.
      739 N Mountain Rd, Newington, CT 06117
      View Details
    • $2,200 /Mo
      3,672 SF

      West Hartford Center Office Space

      Office space for lease in West Hartford Center, CT.
      16 Brace Rd, West Hartford, CT 06107
      View Details
    • $700 /Mo
      300 SF

      East Hartford Office Space Available

      Professional office space for rent with shared amenities.
      99 Ash St, East Hartford, CT 06108
      View Details
    • $3,000 /Mo
      3,000 SF

      Newington Flex Space Available

      3000 SF flex space with office and warehouse areas.
      65 Louis St, Newington, CT 06111
      View Details
    • $7 SF/Yr
      45,000 SF

      Hartford Commercial Space For Lease

      Office and warehouse space with heavy power and ample parking.
      151 Walnut St, Hartford, CT 06120
      View Details

    FAQs

    What type of property is this?
    Retail space - Two commercial spaces for lease in downtown Hartford.
    Where is this retail space located?
    The property is located at 338 Asylum St Hartford, CT.
    What is the lease rate?
    The lease rate is $10 SF/Yr.
    What are key features of this property?
    This property features: - High-traffic downtown location near XL Center, Union Station, and luxury apartments.; - Versatile spaces suitable for retail, office, or restaurant use.; - Space #1 (approx. 7200 sq/ft) **ideal for a gym with existing pool and locker room.**
    (860) 633-3674 Call to check price and availability
    Request Owner's contact information
    338 Asylum St Hartford, CT 06103
    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.
    338 Asylum St
    Hartford, CT 06103
    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
    338 Asylum St Hartford, CT 06103
    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

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jason Diaz
    Jason Diaz
    Real Estate License ID: RES.0808559
    (860) 633-3674 (860) 993-2032
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!