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    66 Cedar St Newington, CT 06111

    Sponsored
    For Lease
    $16 SF/Yr

    Prime Newington Office Suites Available

    Lot size:
    5,630 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This exceptional office building at 66 Cedar Street in Newington, Connecticut, offers a variety of flexible spaces ideal for businesses seeking a convenient and well-equipped location. The property features a total of approximately 2300 square feet, currently divided into three available suites ranging from 600 to 2730 square feet. Each suite offers a blend of open workspace and private offices, perfect for accommodating diverse team sizes and workflows. One of the private offices is particularly well-suited for use as a conference room. A convenient kitchen is also included within the building. The building is a Class B property, equipped with a single elevator for easy access to all floors. Central air conditioning ensures year-round comfort, and ample parking is available on-site. The building is located in the Newington submarket of Hartford County, offering easy access to Newington Center. Heat is included in the lease rate

    Property Features for 66 Cedar St

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    5,630 SF
    Class
    B

    Unit(s) available at that property

    Space
    Unit 204
    Size
    600 SF
    Rate per SF
    $16
    Space
    Unit 203
    Size
    2,730 SF
    Rate per SF
    $16
    Space
    Unit 305
    Size
    2,300 SF
    Rate per SF
    $16

    We can help!

    Listing Contact
    Evan Berman
    Evan Berman

    Learn more

    Property Insight Report

    HighLights

    • 2,300 SF office building in Newington, CT.
    • Three suites available, ranging from 600 to 2,730 SF.
    • Each suite offers open workspace and private offices, including a conference room.
    • Building amenities include a kitchen, elevator, central AC, and ample on‑site parking.
    • Class B property with heat included in lease.
    • Convenient location in Newington, near Newington Center, with easy access to Hartford County.
    Property Profile Location Intelligence

    Current Use by Public Records

    Jennifer Schaefer Marriage Or Relationship Counselor Suite 306 Bank Joanna Curry-Sartori Marriage Or Relationship Counselor A Walk-In Medical Center: ... Urgent Care Center Junkluggers Waste Management Service

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Newington
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.72683011
    Latitude
    41.6977491

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    FAQs

    What type of property is this?
    Medical office - Prime Newington Office Suites Available
    Where is this medical office located?
    The property is located at 66 Cedar St Newington, CT.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: 2,300 SF office building in Newington, CT.; Three suites available, ranging from 600 to 2,730 SF.; Each suite offers open workspace and private offices, including a conference room.
    Request Owner's contact information
    66 Cedar St Newington, CT 06111
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    Newington, CT 06111
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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
    66 Cedar St Newington, CT 06111
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    We can help!
    Listing Contact
    Evan Berman
    Evan Berman
    Real Estate License ID: REB.0754216
    Learn more
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