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    Class A Office Space Available Title is generated by Realmo AI

    1625 Straits Turnpike, Middlebury, CT 06762

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    Move-in ready office space in Middlebury, CT for lease.

    Type:Office
    Property size:
    4,611 SF
    Added:
    Oct 9, 2023
    Days on Market:
    965
    Last Refresh:
    May 12 at 10:47 pm

    Property Features for 1625 Straits Turnpike

    General Information

    Standard status
    Active
    Size
    4,611 SF
    Property subtype
    Office

    Spaces For Lease

    at 1625 Straits Turnpike Contact us

    $17/Mo

    Size
    4,611 SF
    Type
    Office
    Contact us

    We can help!

    Listing Contact
    Gerry Matthews

    Listing agent Gerry Matthews License #CT REB.0754503

    Listing office Matthews Commercial Properties LLC

    Listing date Oct 9, 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 Matthews Commercial Properties LLC

    HighLights

    • Move‑in ready, completely outfitted Class "A" office space.
    • Rent includes heat, electricity, air conditioning, and common area charges.
    • Corner office location with abundant natural light from numerous windows.
    • Competitively priced at $17.50 PSF plus Nets of $9.32 PSF.
    • Located in the largest medical office building in the area.
    • Excellent parking available.

    Overview

    Available for lease is a Class A office space, offering approximately 4,611 square feet of rentable area. The space features a complete office fit-up and is in move-in condition. Located in a corner position, the office benefits from ample natural light through numerous windows. The lease rate is $17.50 per square foot, in addition to nets of $9.32 per square foot. Rent includes heat, electricity, air conditioning, and all common area charges. The building is the largest medical office building in the area, featuring decorative exterior construction and a finished interior with a ceiling height of 10 feet. The roof is made of rubber, and the building is equipped with a sprinkler system. Heating is provided by gas. The property has excellent parking facilities. Air conditioning is available. The building is serviced by town sewer and town water. Electricity is supplied by Eversource with 200 amps, and gas is also provided by Eversource. The property is zoned LI200.
    Property Profile Location Intelligence

    Current Use by Public Records

    Generali School of Literature Daycare Center Jennifer Phung Physician Dr. Stanley Foster Physician Yale Dermatology-Middlebury Physician Domenic's & Vinnie's Pizza Restaurant

    Suggested Use

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

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

    Similar Places Nearby

    • Embrace Animal Hospital — 1556 Straits Turnpike, Middlebury, CT 06762

    Location Insight

    • Map
    • Local Demand
    City
    Middlebury
    County
    New Haven
    State
    Connecticut
    Longitude
    -73.0933993
    Latitude
    41.5542624

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    FAQs

    What type of property is this?
    Medical Office Space - Move-in ready office space in Middlebury, CT for lease.
    Where is this medical office space located?
    The property is located at 1625 Straits Turnpike Middlebury, CT.
    What is the lease rate?
    The lease rate is $17 SF/Yr.
    What are key features of this property?
    This property features: Move‑in ready, completely outfitted Class "A" office space.; Rent includes heat, electricity, air conditioning, and common area charges.; **Corner office location with abundant natural light** from numerous windows.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Gerry Matthews
    Real Estate License ID: CT REB.0754503
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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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