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    1003 Middletown Ave, North Branford, CT 06472

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    Adaptable office building with customizable floor plans for lease.

    Type:Office
    Property size:
    3,624 SF
    Added:
    Nov 15, 2024
    Days on Market:
    562
    Last Refresh:
    May 12 at 8:59 pm

    Property Features for 1003 Middletown Ave

    General Information

    Standard status
    Active
    Size
    3,624 SF
    Property subtype
    Office

    Building Details

    Year Built
    2024

    Spaces For Lease

    at 1003 Middletown Ave Contact us

    Available Space 1 $14/Mo

    Size
    3,624 SF
    Type
    Office
    New Building waiting to be fit out to tenants needs, lease 1st Floor, 2nd floor or...
    show more
    Contact us

    Available Space 2 $14/Mo

    Size
    2,400 SF
    Type
    Office
    2nd Floor space with 3 stop Elevator can be built out to tenants needs, lease entire...
    show more
    Contact us

    We can help!

    Listing Contact
    Mark Glassman

    Listing agent Mark Glassman License #CT RES.0263303

    Listing office AP Commercial World

    Listing date Nov 15, 2024

    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 AP Commercial World

    HighLights

    • New construction built in 2024
    • Flexible build‑out plans to tenant needs
    • Lease the entire building or individual floors
    • 3‑stop elevator for easy access
    • Total of 8,424 sq. ft. available, including basement
    • Basement space available at a reduced rate

    Overview

    This commercial property offers flexible office spaces available for lease. The first floor provides 3,624 square feet of space, while the second floor offers 2,400 square feet. A three-stop elevator serves the building. The property includes a 2,400-square-foot basement, bringing the total available space to 8,424 square feet if the entire building is leased. The basement space is offered at a reduced rate, dependent on the tenant's build-out requirements. The floors can be divided to meet specific tenant needs, allowing for flexible build-out plans.
    Property Profile Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Big Box & Wholesale Store Auto Repair Shop Kitchen & Bath Showroom HVAC Service Garden Center Electrical Service

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

    Location Insight

    • Map
    • Local Demand
    City
    North Branford
    County
    New Haven
    State
    Connecticut
    Longitude
    -72.817181
    Latitude
    41.3756801

    Nearby Similar for Lease

    • $1,700/Mo
      1,264 SF

      Retail Space in Downtown Northford

      Retail space in a strip mall at a convenient location.
      855 Forest Road, North Branford, CT 06472
      View Details
    • $6 SF/Yr
      26,085 SF

      North Branford Industrial Warehouse Space

      26,085 SF industrial space available for lease.
      260 Branford Road, North Branford, CT, 06471
      View Details
    • $15 SF/Yr
      1,200 SF

      Retail Space on Route 80

      Retail space for lease in neighborhood shopping center.
      1715-1719 Foxon Rd, North Branford, CT
      View Details

    FAQs

    What type of property is this?
    Office building - Adaptable office building with customizable floor plans for lease.
    Where is this office building located?
    The property is located at 1003 Middletown Ave North Branford, CT.
    What is the lease rate?
    The lease rate is $5 SF/Yr.
    What are key features of this property?
    This property features: New construction built in 2024; Flexible build‑out plans to tenant needs; Lease the entire building or individual floors
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Mark Glassman
    Real Estate License ID: CT RES.0263303
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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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