Historic Restaurant & Bar
For Sale
$399,000
407 Main Street, Hartford, CT 06106
COMMERCIAL - Hartford, CT
Property Size1,492 SF
Price / SF$267.43
Days on Market51
Property Features for 407 Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bathroom 2, Bathroom 1
Parking
30
Lot features
Corner Lot, Level Lot
Directions
GPS friendly. Main Street, Hartford.
Subdivision
Downtown
Standard status
Active
Size
1,492 SF
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5116
HOA Fee
$3,700 Monthly
Utilities
Sewer type
Public Sewer
Heating system
Zoned
Cooling system
Central Air
Water source
Public
Building Details
Year built
1895
Listing Agency:
Keller Williams Prestige Prop. · Keller Williams Realty
(203) 327-6700
Listed By:
Jacqueline Yeap
(917) 302-7916
Added: Jul 1
Changed: Aug 16
Last Checked: Aug 20 at 7:06PM
MLS# 24187466
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Historic restaurant and bar retail condo offering a ready-to-operate setting for a chef’s restaurant concept and bar. The space includes central air cooling and zoned heating, with public water and public sewer services. The building was constructed in 1895.
Located at the intersection of Main Street and Capitol Avenue in Hartford, Connecticut. This opportunity is presented as one of two retail condo units available for sale, with an operating restaurant and bar business in place, and the units are listed separately but must be purchased together.
The property is served with public utilities and includes two bathrooms. It is offered for sale as a conventional restaurant.
Located at the intersection of Main Street and Capitol Avenue in Hartford, Connecticut. This opportunity is presented as one of two retail condo units available for sale, with an operating restaurant and bar business in place, and the units are listed separately but must be purchased together.
The property is served with public utilities and includes two bathrooms. It is offered for sale as a conventional restaurant.
Key Highlights
- 1,492 SF retail condo restaurant and bar space
- Built in 1895 historic building
- Central Air cooling
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
—
—
no second resolved use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Historic restaurant and bar retail condo with central air, zoned heating, and public water and sewer services.
Where is this conventional restaurant located?
The property is located at 407 Main Street 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 condo restaurant and bar space; Built in 1895 historic building; Central Air cooling
