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    Renovated 3-Bedroom Apartment Unit Title is generated by Realmo AI

    416 Park Street Unit 3, New Britain, CT 06051

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    New
    For Lease
    $2,100/Mo $20 SF/Yr (calc)

    Top-to-bottom renovated unit with private balcony, oak hardwood floors, and modern gas heating in a well-maintained building.

    Type:Multi-Family Rental
    Property size:
    1,221 SF
    Added:
    May 29, 2026
    Days on Market:
    7
    Last Refresh:
    Jun 3 at 2:18 am

    Property Features for 416 Park Street Unit 3

    General Information

    Standard status
    Active
    Size
    1,221 SF
    Property subtype
    Multi-Family Rental

    Building Details

    Year Built
    1905

    We can help!

    Listing Contact
    Florian Orleanu

    Listing agent Florian Orleanu

    Listing office eXp Realty

    Listing date May 29, 2026

    Source Lockandkeyre

    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 eXp Realty

    HighLights

    • 3rd‑floor rental unit with 3 bedrooms and 1 bathroom, plus living room and kitchen
    • Private balcony and oak hardwood flooring throughout
    • High‑efficiency natural gas furnace and natural gas hot water heater
    • Hard‑wired smoke/CO detectors and emergency lighting in common staircases; fire‑rated entrance doors
    • Coin‑operated laundry in the basement; plenty of parking available (garage can be rented separately)
    • First month rent and 1 month security deposit required; non‑smoking; pets considered case by case with landlord approval

    Overview

    This renovated 3-bedroom, 1-bath apartment unit offers a bright, functional layout with a living room and kitchen, plus a private balcony. Oak hardwood flooring runs throughout the unit, and comfort is supported by a high-efficiency natural gas-fired furnace and hot water heater. For safety and convenience, the building includes hard-wired smoke/CO detectors and emergency lighting in common stairwells, fire-rated entrance doors, and updated fire code compliance measures throughout. Common areas feature motion sensor lighting and LED lighting, and the electrical panel is located within the unit. Coin-operated laundry is available in the basement, and no smoking is allowed.

    The property is located only a few minutes away from downtown, with plenty of parking available on site. A garage can be rented separately, subject to availability. The landlord also handles lawn maintenance and snow removal, reducing tenant responsibilities during the year.

    The unit should appeal to tenants seeking a move-in-ready home with a renovated interior, in-building laundry access, and dependable heating. Pets are considered on a case-by-case basis and require landlord approval. The lease requires first month rent and a one-month security deposit.
    Location Intelligence

    Current Use by Public Records

    Henzer Residential Construction Construction Company

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    New Britain
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.7697029
    Latitude
    41.6659227

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    FAQs

    What type of property is this?
    Apartment building - Top-to-bottom renovated unit with private balcony, oak hardwood floors, and modern gas heating in a well-maintained building.
    Where is this apartment building located?
    The property is located at 416 Park Street Unit 3 New Britain, CT.
    What is the lease rate?
    The lease rate is $2,100 /Mo.
    What are key features of this property?
    This property features: 3rd‑floor rental unit with 3 bedrooms and 1 bathroom, plus living room and kitchen; Private balcony and oak hardwood flooring throughout; High‑efficiency natural gas furnace and natural gas hot water heater
    (860) 538-6549
    We can help!
    Listing Contact
    Florian Orleanu
    Learn More
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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.

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