Historic Restaurant and Bar
For Sale
$399,000
407 Main Street 101b, Hartford, CT 06106
Operating restaurant and bar business in a retail condominium at Main Street and Capitol Avenue.
Property Size1,492 SF
Price / SF$267.43
Days on Market48
Property Features for 407 Main Street 101b
General Information
Standard status
Active
Size
1,492 SF
Additional Details
Business Included
Yes
Corner Location
Yes
Building Details
Year Built
1895
Listing Agency:
Keller Williams Prestige Prop.
(917) 302-7916
Listed By:
Jacqueline Yeap
Source:
Homesbyshoshana
Added: Jul 13
Changed: Aug 28
Last Checked: Aug 28 at 9:13PM
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 Keller Williams Prestige Prop.
Investment Insights
Based on property information with market context.
This 1,492-square-foot retail condominium at 407 Main Street includes an operating restaurant and bar business. The premises are described as fully equipped for restaurant operations and are located within a historic building constructed in 1895.
The property sits at the intersection of Main Street and Capitol Avenue in Hartford, Connecticut. It is one of two retail condominium units being offered with an operating restaurant and bar business; the two units are listed separately but must be acquired together. The property combines an established food-and-beverage operation with a downtown Hartford address.
The property sits at the intersection of Main Street and Capitol Avenue in Hartford, Connecticut. It is one of two retail condominium units being offered with an operating restaurant and bar business; the two units are listed separately but must be acquired together. The property combines an established food-and-beverage operation with a downtown Hartford address.
Key Highlights
- 1,492 SF retail condominium
- Operating restaurant and bar business included
- Located at Main Street and Capitol Avenue
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
$19,766
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
4.95%
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%
$395,320
$395.3K
Cap Rate 7%
$282,371
$282.4K
Cap Rate 9%
$219,622
$219.6K
Market Conditions
NOI Build-Up for 1,492 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
$28.6K $19.20/SF
− Vacancy
−$2.3K −$1.54/SF
EGI
$26.4K $17.66/SF
− OpEx
−$6.6K −$4.42/SF
NOI
$19.8K $13.25/SF
Area
Hartford, CT
Vacancy
8.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$395,320
Cap Rate 7%
$282,371
Cap Rate 9%
$219,622
Alternative Uses
Best Use
Specialty Retail
$282.4K
$247.1K – $329.4K
NOI $19,766 @ 7.0% cap · market cap 4.95%
Second Best
Retail
$240.9K
$210.8K – $281.1K
NOI $16,863 @ 7.0% cap · market cap 4.23%
Theoretical Best
Office A
$444.7K
$389.1K – $518.9K
NOI $31,131 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
6,868
Businesses Nearby
69k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 67%
Shops & Services 26%
Hotels & Casinos 5%
Electronics 1%
McDonald's
Dining
31,324 visits/mo
0.5 miles
State Employees Credit Union
Shops & Services
18,403 visits/mo
0.2 miles
The Capital Grille
Dining
12,586 visits/mo
0.2 miles
Hartford Marriott Downtown
Hotels & Casinos
3,537 visits/mo
0.3 miles
Dunkin' Donuts
Dining
2,614 visits/mo
0.4 miles
Demographics for 06106, CT
38,036
Population
16,938
Households
2.2
Avg Household Size
33
Median Age
17%
College-Educated
70%
High-School Grad
4.2 sq mi
ZIP Area
9,056
Density / Sq Mi
$47,542
Median Household Income
$31,395
Median Earnings
$1,237
Median Rent
$201,600
Median Home Value
Market
Vacancy Rate% for Retail in Hartford, CT
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Operating restaurant and bar business in a retail condominium at Main Street and Capitol Avenue.
Where is this conventional restaurant located?
The property is located at 407 Main Street 101b Hartford, CT.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,492 SF retail condominium; Operating restaurant and bar business included; Located at Main Street and Capitol Avenue
