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    30 Bidwell St Manchester, CT 06040

    Sponsored
    For Sale
    $1,040,000

    26-Unit Townhome Project, Shovel-Ready

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional 2.74-acre parcel in Manchester, Connecticut, presents a prime opportunity for a build-to-rent (BTR) townhome development. Fully approved and entitled for 26 townhomes, this shovel-ready lot boasts a PRD zoning designation and requires no further approvals. The site is conveniently located near major highways, including Routes 384, 84, and 91, providing easy access to commuting routes. The property's flat terrain and lack of trees simplify construction. Detailed site plans and floor plans are available. Each of the planned townhomes is projected to command a monthly rental rate of $1700 to $1800. The property currently benefits from an AG exemption, resulting in very low property taxes. Its strategic location offers residents proximity to a wide array of shopping and retail options, including Walmart, Target, Home Depot, Lowe's, Costco, Trader Joe's, Shoppers Stop, Evergreen Walk, and Whole Foods. This location is considered highly desirable within the community. The asking price for this exceptional development opportunity is $1,040,000. This is a rare chance to acquire a fully permitted, ready-to-build project in a thriving market. Don't miss this chance to capitalize on the strong demand for rental housing in this area. The address is 30 Bidwell St, Manchester, CT 06040.

    Property Features for 30 Bidwell St

    General Information

    Property type
    Land
    Lot Size
    119,354 SF

    HighLights

    • 2.74‑acre shovel‑ready lot in Manchester, CT, fully approved for 26 townhomes.
    • PRD zoning, no further approvals needed.
    • Excellent location near Routes 384, 84, and 91, offering easy commuting.
    • Flat terrain simplifies construction; detailed plans available.
    • Projected rental income: $1700-$1800/month per unit; low property taxes due to AG exemption.
    • Prime location near major retailers (Walmart, Target, Home Depot, etc.) and desirable community.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Manchester
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.557377
    Latitude
    41.765868

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    FAQs

    What type of property is this?
    Land - 26-Unit Townhome Project, Shovel-Ready
    Where is this land located?
    The property is located at 30 Bidwell St Manchester, CT.
    What is the asking price?
    The asking price for this property is $1,040,000.
    What are key features of this property?
    This property features: 2.74-acre shovel-ready lot in Manchester, CT, fully approved for 26 townhomes.; PRD zoning, no further approvals needed.; Excellent location near Routes 384, 84, and 91, offering easy commuting.
    Request Owner's contact information
    30 Bidwell St Manchester, CT 06040
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    Manchester, CT 06040
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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
    30 Bidwell St Manchester, CT 06040
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