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    7 Andover Dr West Hartford, CT 6110

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    For Lease
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    Warehouse spaces for lease with loading docks and drive-in doors.

    Type:Industrial
    Property size:
    19,000 SF
    Added:
    Aug 22, 2022
    Days on Market:
    1337
    Last Refresh:
    Mar 17 at 1:18 pm

    Property Features for 7 Andover Dr

    General Information

    Standard status
    Active
    Size
    19,000 SF
    Property subtype
    Industrial

    Spaces For Lease

    at 7 Andover Dr Contact us

    1st 22A $6 /Mo

    Size
    178,223 SF
    Type
    Industrial
    Open warehouse space with 17,823 square feet and loading dock. Formally a discount...
    show more
    Contact us

    7BR $6 /Mo

    Size
    4,840 SF
    Type
    Industrial
    Warehouse space with two drive-in doors. 4840 Square Foot.
    Contact us

    1st - 15A $6 /Mo

    Size
    4,510 SF
    Type
    Industrial
    Flex warehouse space with drive in door 12x12 feet. Available April one. Easy access...
    show more
    Contact us

    9A $6 /Mo

    Size
    19,000 SF
    Type
    Industrial
    19,000 square feet of warehouse space with truck access by three (3) loading docks...
    show more
    Contact us

    We can help!

    Listing Contact
    Jeffrey Morrow

    Listing agent Jeffrey Morrow License #CT REB.0758832

    Listing office Morrow Realty LLC

    Listing date Aug 22, 2022

    Source Crexi

    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 Morrow Realty LLC

    Overview

    West Hartford Warehouse Space Available

    Warehouse spaces are available for lease in West Hartford. One space at 9A Andover offers 19,000 square feet at $6.50 NNN with three loading docks and one drive-in door, featuring a 15-foot clear height. Another space at 7BR Andover provides 4,840 square feet for $3,933 plus utilities, accessible via a drive-in door. Additionally, 15CR Andover offers 1,806 square feet with a drive-in door for $1,468 plus utilities, and 15A Andover provides 4,510 square feet with a drive-in door for $3,665 plus utilities. The property consists of multiple buildings with various loading docks and drive-in doors. Electrical services offer 208 volts three-phase power. Many buildings feature new roofs. The location provides convenient access to I-84, with proximity to I-91 and Route 9. The CTfastrak bus system is nearby, facilitating employee access. All spaces are available at base rent plus NNN and utilities.
    Location Intelligence

    Current Use by Public Records

    Fit University Star Gym & Fitness Center First Student Travel Agency

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • Extra Space Storage — 1031 New Britain Ave, West Hartford, CT 06110
    • Life Storage — 580 New Park Ave, West Hartford, CT 06110
    • Daley Moving — 39 Talcott Rd, West Hartford, CT 06110
    • Moving Pieces — 121 Talcott Rd, West Hartford, CT 06110
    • Connecticut Self Storage — 47 Chelton Ave, West Hartford, CT 06110

    Location Insight

    • Map
    • Local Demand
    City
    West Hartford
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.718637
    Latitude
    41.738032

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    FAQs

    What type of property is this?
    Warehouse - Warehouse spaces for lease with loading docks and drive-in doors.
    Where is this warehouse located?
    The property is located at 7 Andover Dr West Hartford, CT.
    What are key features of this property?
    This property features: Convenient highway access to I‑84, I‑91, and Route 9.; Multiple spaces available with varying square footage and pricing.; Availability of loading docks and drive‑in doors.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jeffrey Morrow
    Real Estate License ID: CT REB.0758832
    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.

    More about this property
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