Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Retail Space Near Target Store Title is generated by Realmo AI

    488 Hartford Rd, New Britain, CT

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Retail space available in high-traffic New Britain location.

    Type:RETAIL
    Property size:
    3,143 SF
    Lot size:
    9.77 Acres
    Added:
    Feb 14, 2023
    Days on Market:
    1208
    Last Refresh:
    May 19 at 9:10 pm

    Property Features for 488 Hartford Rd

    General Information

    Standard status
    Active
    Size
    3,143 SF
    Lot size
    9.77 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 488 Hartford Rd Contact us

    We can help!

    Listing Contact
    William Cafero
    William Cafero

    Listing agent William Cafero

    Listing office Charter Realty & Development - Westport

    Listing date Feb 14, 2023

    Source Moodyscre

    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 Charter Realty & Development - Westport

    HighLights

    • Directly across the street from Target Super Store, sharing traffic light access.
    • Located in a densely populated and highly developed retail corridor.
    • Neighbor to Super Regional West Farms Mall, Corbin’s Corner, and Newly Developed Corbin Collection.
    • Direct access to Rt.9 and proximity to I‑84.
    • GLA: 18,281sf with divisible spaces.
    • Traffic Count: SouthEast Road – 36,000 vpd.

    Overview

    This retail space is part of a new development located directly across the street from a Target Super Store. The property is near the West Farms Mall, Corbin’s Corner, and the newly developed Corbin Collection. It shares traffic light access with the Target Super Store and is situated in a densely populated and highly developed retail corridor. The location offers direct access to Route 9 and proximity to Interstate 84. Traffic count on Southeast Road is 36,000 vehicles per day. The gross leasable area (GLA) is 18,281 square feet, with 3,143 square feet currently available. Spaces are divisible.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    New Britain
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.7665
    Latitude
    41.7115

    Nearby Similar for Lease

    • $14 SF/Yr
      1,878 SF

      Professional Office Space For Lease

      Professional office space available in a well-located building.
      55 Broad Street, New Britain, CT 06052
      View Details
    • Sponsored
      $129-$6,756/Mo
      11-1,292 SF

      CT, New Britain - Liberty Square

      1 Liberty Sq, Unit 301, New Britain, CT 06052
      View Details
    • $2,300/Mo
      6,598 SF

      Versatile Industrial Space For Lease

      6,598 SF industrial space with showroom and office areas.
      21 Pleasant St, New Britain, CT 06051
      View Details
    • $6,000/Mo

      Remodeled Commercial Property in New Britain

      Versatile office spaces in historic New Britain business district.
      25 Court St, New Britain, CT 06051
      View Details
    • $2,100/Mo
      1,221 SF

      Renovated 3-Bedroom Apartment Unit

      Top-to-bottom renovated unit with private balcony, oak hardwood floors, and modern gas heating in a well-maintained building.
      416 Park Street Unit 3, New Britain, CT 06051
      View Details
    • $1,700/Mo
      1,500 SF

      Spacious Unit Near Walnut Hill

      Large 2-bedroom unit near Walnut Hill Park for rent.
      42 Vance St 2nd Fl, New Britain, CT 06052
      View Details
    • $9 SF/Yr
      26,752 SF

      Multi-Tenant Specialty Space for Lease

      Lease a 26,752 SF specialty space in a multi-tenant building with convenient access to major regional routes.
      255 Myrtle St, New Britain, CT 06053
      View Details
    • $13 SF/Yr

      Professional Office Space For Lease

      Professional office suites in Little Poland Central Business District.
      55 Broad St, New Britain, CT 06052
      View Details
    • $1,500/Mo
      1,830 SF

      Spacious Apartment in Quiet Location

      First-floor apartment with oversized rooms, convenient location, and in-unit laundry.
      137 Pleasant Street, New Britain, CT 06051
      View Details
    • $9 SF/Yr
      67,007 SF

      New Britain Flex Space Available

      26,752 SF flex space for lease in New Britain.
      255 Myrtle Street, New Britain, CT, 06053
      View Details
    • $1,900/Mo
      1,116 SF

      Renovated Two Bedroom Apartment

      First-floor, two-bedroom apartment with modern updates and garage.
      73 Brooklawn St 1, New Britain, CT 06052
      View Details
    • $1,600/Mo
      948 SF

      Remodeled Apartment Near Pulaski Park

      Remodeled 2-bedroom apartment with modern amenities and convenient location.
      329 Broad Street Unit 1, New Britain, CT 06053
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space available in high-traffic New Britain location.
    Where is this retail space located?
    The property is located at 488 Hartford Rd New Britain, CT.
    What are key features of this property?
    This property features: Directly across the street from Target Super Store, sharing traffic light access.; Located in a densely populated and highly developed retail corridor.; Neighbor to Super Regional West Farms Mall, Corbin’s Corner, and Newly Developed Corbin Collection.
    (203) 227-2922 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing William Cafero
    William Cafero
    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

    Thank You for Inquiry
    488 Hartford Rd, New Britain, CT
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!