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    Prime Downtown Restaurant Location Title is generated by Realmo AI

    83 Center Street, Southington, CT 06489

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    Claim this Listing
    For Lease
    $19 SF/Yr $12,285/Mo (calc)

    Spacious restaurant space in a transforming downtown area.

    Type:Commercial
    Property size:
    7,759 SF
    Lot size:
    0.47 Acres
    Added:
    Sep 19, 2025
    Days on Market:
    260
    Last Refresh:
    Apr 5 at 11:36 pm

    Property Features for 83 Center Street

    General Information

    Standard status
    Active
    Size
    7,759 SF
    Lot size
    0.47 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1880

    We can help!

    Listing Contact
    LUKE FLORIAN

    Listing agent LUKE FLORIAN

    Listing office SSG Real Estate LLC

    Listing date Sep 19, 2025

    Source Corcoran

    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 SSG Real Estate LLC

    HighLights

    • Prime downtown Southington location with over 7,000 sq. ft. first‑floor space and a finished basement, perfect for a luxury restaurant.
    • High‑income demographics: ~$121,584 median household income and ~$58,720 per capita income.
    • 81' of frontage with customizable space suitable for various tenant needs, perfect for a flagship location.
    • Easy access to I‑84 and I‑691, near Hartford and New York City.
    • Downtown Southington is evolving into a live‑work‑play hub with new luxury apartments nearby.
    • Southington is ranked among Connecticut's top suburbs with high quality of life and top schools.

    Overview

    This property offers a rare leasing opportunity in downtown Southington. The expansive first-floor space, totaling over 7,000 square feet, includes an additional finished basement of over 3,000 square feet. With 81 feet of frontage, the property is suitable for restaurant concepts and can be customized or divided to accommodate various tenant requirements. It is located approximately 5 minutes from I-84 Exit 30 and I-691, providing convenient access to Hartford, which is 20 miles away, and New York City, 80 miles away. The location is positioned to attract a consistent flow of diners. The surrounding area has a population of approximately 43,500, with a median household income of $121,584 and a per capita income of $58,720. Downtown Southington is undergoing a transformation, with 13 luxury apartments located above and behind the property, and an additional 245 apartments situated 50 yards away. Several boutique developments are contributing to the creation of a live-work-play environment. Southington is recognized for its quality of life, schools, and low crime rate. The Greater Southington Chamber of Commerce and Economic Development Office support local restaurants through various events and resources.
    Property Profile Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    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
    Southington
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.8977
    Latitude
    41.5984

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    FAQs

    What type of property is this?
    Conventional restaurant - Spacious restaurant space in a transforming downtown area.
    Where is this conventional restaurant located?
    The property is located at 83 Center Street Southington, CT.
    What is the lease rate?
    The lease rate is $19 SF/Yr.
    What are key features of this property?
    This property features: Prime downtown Southington location with over 7,000 sq. ft. first‑floor space and a finished basement, perfect for a luxury restaurant.; High‑income demographics: ~$121,584 median household income and ~$58,720 per capita income.; **81' of frontage with customizable space suitable for various tenant needs, perfect for a flagship location.**
    (860) 657-4754
    We can help!
    Listing Contact
    LUKE FLORIAN
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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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