Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    The Largest CRE Database in the US with Over 1 Million Listings

    87 Spencer Plain Rd Old Saybrook, CT 6475

    View on Map
    Claim this Listing
    New
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $3,500 /Mo

    2,400 sq ft flex space with office and hoop house.

    Type:Commercial
    Property size:
    2,400 SF
    Added:
    Apr 27, 2026
    Days on Market:
    3
    Last Refresh:
    Apr 27 at 6:35 pm

    Property Features for 87 Spencer Plain Rd

    General Information

    Standard status
    Active
    Size
    2,400 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1960

    We can help!

    Listing Contact
    Craig Milton

    Listing agent Craig Milton License #REB.0756400

    Listing office RE/MAX VALLEY SHORE

    Listing date Apr 27, 2026

    Source Elliman

    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 RE/MAX VALLEY SHORE

    Overview

    Versatile Flex Space with Office

    This property offers approximately 2,400 sq ft of flex space, featuring 4 bays, 3 walk-in doors, and 1 private office. A 30' x 36' hoop house is also included. The property is equipped for an air compressor and welder. It contains 1 bathroom. The lease is triple-net. The shed does not remain.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Old Saybrook
    County
    Middlesex
    State
    Connecticut
    Longitude
    -72.4208768
    Latitude
    41.2917212

    Nearby Similar for Lease

    • $3,500/Mo

      Old Saybrook Commercial Space Available

      Commercial space for lease in Old Saybrook, Connecticut.
      87 Spencer Plain Road, Old Saybrook, CT 06475
      View Details
    • $1,450/Mo

      Updated Office Space For Rent

      Clean, updated 1,200 SF office space in Old Saybrook.
      123 Elm Street, Old Saybrook, CT 06475
      View Details
    • $2,800/Mo

      Old Saybrook Office Space For Lease

      Open office space with kitchen and bath in Old Saybrook.
      5 Barnes Avenue, Old Saybrook, CT 06475
      View Details
    • $14 SF/Yr

      Prime Retail Space in Old Saybrook

      Spacious retail space with excellent visibility and convenient parking.
      118 Main St, Old Saybrook, CT
      View Details
    • $785/Mo

      Old Saybrook Office Space Available

      Office space for lease in the heart of Old Saybrook.
      263 Main Street #203, Old Saybrook, CT 06475
      View Details
    • $785/Mo

      Old Saybrook Office Space For Rent

      Office space in the heart of Old Saybrook, CT.
      263 Main Street #203, Old Saybrook, CT 06475
      View Details
    • $425/Mo

      Old Saybrook Office Space Available

      Office space for rent in the heart of Old Saybrook.
      263 Main Street #201, Old Saybrook, CT 06475
      View Details
    • $3,000/Mo

      High-Visibility Retail/Office Opportunity

      Retail or office space in high-traffic area, excellent visibility.
      523 Boston Post Road, Old Saybrook, CT 06475
      View Details
    • $800/Mo

      Main Street Retail/Office Space

      600 SF retail/office space in the heart of Old Saybrook.
      265 Main Street #C, Old Saybrook, CT 06475
      View Details
    • $3,500/Mo

      Industrial Space with Hoop House

      2,400 sq ft industrial space with hoop house.
      87 Spencer Plain Road, Old Saybrook, CT 06475
      View Details
    • $6,700/Mo

      Renovated Office Space For Rent

      2900 SF renovated office space suitable for medical or law offices.
      1180 Boston Post Rd, Old Saybrook, CT
      View Details
    • $2,800/Mo

      Old Saybrook Office Space For Rent

      Office space for rent in picturesque Old Saybrook location.
      5 Barnes Avenue, Old Saybrook, CT 06475
      View Details

    FAQs

    What type of property is this?
    Flex space - 2,400 sq ft flex space with office and hoop house.
    Where is this flex space located?
    The property is located at 87 Spencer Plain Rd Old Saybrook, CT.
    What is the lease rate?
    The lease rate is $3,500 /Mo.
    What are key features of this property?
    This property features: 4 bays offer significant operational capacity.; Approximately 2,400 sq ft provides ample workspace.; 3 walk‑in doors enhance accessibility.
    (860) 388-4663
    We can help!
    Listing Contact
    Craig Milton
    Real Estate License ID: REB.0756400
    Learn More
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!