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    170 Bishop Crossing Rd Griswold, CT 06351

    Sponsored
    For Sale
    $2,975,000

    168 Acres, Four Parcels, I-395 Frontage

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional 168-acre commercial land offering presents a unique investment opportunity in Griswold, Connecticut. The property comprises four parcels: 170, 205, and 161 Bishop Crossing Road, and 111 Geer Road. Three parcels are zoned Business Park, providing flexibility for various commercial developments, while one parcel is zoned Residential. The land boasts high visibility with nearly 4,000 feet of frontage along I-395, ensuring excellent exposure for any business. Existing structures include an open field, a large barn, a farmhouse, and a large poultry house. The strategic location offers easy access to major transportation routes, placing it midway between New York City and Boston. Proximity to Hartford, Providence, Springfield, and Worcester enhances its appeal. Furthermore, its location is just 2.5 miles from the Lisbon Landing shopping center, home to major retailers like Walmart, Kohl's, Home Depot, Target, Lowe's, Ruby Tuesday's, and Chili's. The property also benefits from its proximity to Foxwoods and Mohegan Sun casinos and is within 40 minutes of the Connecticut shoreline, offering convenient access to train, corporate jet, and commuting options. Detailed zoning information is available upon request. The asking price for this substantial land holding is $2,975,000.

    Property Features for 170 Bishop Crossing Rd

    General Information

    Property type
    Business parks
    Lot Size
    7,331,148 SF

    HighLights

    • $2,975,000 asking price.
    • 168.3‑acre land parcel in Griswold, CT.
    • Four‑parcel package including 170, 205, and 161 Bishop Crossing Road, and 111 Geer Road.
    • Business Park zoning (Bishop Crossing parcels); Residential zoning (Geer Road parcel).
    • High visibility with nearly 4,000 feet of I‑395 frontage.
    Property Profile Location Intelligence

    Current Use by Public Records

    Polinsky Farms Logo Wholesaler

    Suggested Use

    Realty agency Wholesale Shop Garden Center Electrical Service Bakery Cosmetics Store Parking Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Griswold
    County
    New London
    State
    Connecticut
    Longitude
    -71.94489668
    Latitude
    41.62188953

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    FAQs

    What type of property is this?
    Business park - 168 Acres, Four Parcels, I-395 Frontage
    Where is this business park located?
    The property is located at 170 Bishop Crossing Rd Griswold, CT.
    What is the asking price?
    The asking price for this property is $2,975,000.
    What are key features of this property?
    This property features: $2,975,000 asking price.; 168.3-acre land parcel in Griswold, CT.; Four-parcel package including 170, 205, and 161 Bishop Crossing Road, and 111 Geer Road.
    Request Owner's contact information
    170 Bishop Crossing Rd Griswold, CT 06351
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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.

    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
    170 Bishop Crossing Rd Griswold, CT 06351
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