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    Class A Office/Retail Space Title is generated by Realmo AI

    2 Gateway Blvd, East Granby, CT 06026

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    Class A office/retail space for lease near Bradley Airport.

    Type:Retail, Office
    Property size:
    46,903 SF
    Lot size:
    23.50 Acres
    Added:
    Oct 23, 2023
    Days on Market:
    950
    Last Refresh:
    May 12 at 9:40 pm

    Property Features for 2 Gateway Blvd

    General Information

    Standard status
    Active
    Size
    46,903 SF
    Lot size
    23.50 Acres
    Property subtype
    Retail, Office

    Building Details

    Year Built
    1992

    Spaces For Lease

    at 2 Gateway Blvd Contact us

    We can help!

    Listing Contact
    Ken Vincunas

    Listing agent Ken Vincunas License #MA 137045

    Listing office Development Associates

    Listing date Oct 23, 2023

    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 Development Associates

    HighLights

    • Class A professional/medical office space available for immediate occupancy.
    • Strategic location near Bradley International Airport.
    • Conveniently located midway between Hartford, CT and Springfield, MA.
    • Opportunity to tailor sites for early significant users in the Gateway Crossing development.
    • Flexible Commerce Park Transitional zone allows for a variety of uses.
    • Part of Gateway Crossing, a major new mixed‑use development project.

    Overview

    Available for lease is approximately 2,000 to 46,903 square feet of Class A, high-quality professional or medical office space, ready for immediate occupancy. The property is strategically located near Bradley International Airport, situated midway between Hartford, CT, and Springfield, MA. A major new mixed-use development project, Gateway Crossing, is planned for East Granby, CT. The two sites, encompassing 5 acres and 18.5 acres, can accommodate over 125,000 square feet of building space on CT Route 20, located just over 1 mile from Bradley International Airport. Currently in the design phase, there is an opportunity to tailor sites for early significant users. Located in the Commerce Park Transitional zone, the sites are suitable for retail, restaurant (including drive-through), medical and general office, residential, hospitality, R & D, and industrial or warehousing purposes.
    Property Profile Location Intelligence

    Current Use by Public Records

    Jack Henry & Associates ... IT Consulting Firm

    Suggested Use

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

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

    Similar Places Nearby

    • All Creatures Wise and Wonderful — 3 Turkey Hills Rd suite d, East Granby, CT 06026

    Location Insight

    • Map
    • Local Demand
    City
    East Granby
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.7160858
    Latitude
    41.934199

    Nearby Similar for Lease

    • $2,900/Mo
      2,024 SF

      Adaptable Commercial Space on Route 20

      Versatile 2,024 SF commercial space in East Granby, CT.
      5 Creamery Brook, East Granby, CT 06026
      View Details
    • $15 SF/Yr
      1,500 SF

      Restaurant/Retail Space Available

      Built-out restaurant/retail space for rent.
      3 Turkey Hills Rd, East Granby, CT
      View Details
    • $15 SF/Yr

      Divisible Office Space For Lease

      Office space for lease with highway access and flexible layouts.
      6 Creamery Brook, East Granby, CT 06026
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Class A office/retail space for lease near Bradley Airport.
    Where is this medical office space located?
    The property is located at 2 Gateway Blvd East Granby, CT.
    What are key features of this property?
    This property features: Class A professional/medical office space available for immediate occupancy.; Strategic location near Bradley International Airport.; Conveniently located midway between Hartford, CT and Springfield, MA.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Ken Vincunas
    Real Estate License ID: MA 137045
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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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