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    188 Westminster Rd Canterbury, CT 06331

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    For Lease
    Contact for pricing

    Modern office suites, 1,000-4,000 sq ft.

    Lot size:
    12,000 SF

    Property Features for 188 Westminster Rd

    General Information

    Property type
    Neighborhood centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    12,000 SF
    Class
    B
    Total Rate
    10800

    Building Details

    Year Built
    2006
    Buildings
    1
    Stories
    1

    Spaces For Lease

    at 188 Westminster Rd, Canterbury, CT 06331 Contact us
    Unit 1000sf

    $10 /Mo

    Size
    1,000 SF
    Contact us

    We can help!

    Listing Contact
    Norm Peck
    Norm Peck

    Listing Agency: Signature Properties of New England Listing Agent: Norm Peck

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional Canterbury, CT commercial property, located at 188 Westminster Rd, offers a prime opportunity for businesses seeking flexible office space. The single-story, 12,000 square foot building, constructed in 2006, is classified as Class B and sits on a 2.33-acre lot. The property features a convenient "VC Village Commercial" zoning designation and boasts ample parking with 50 spaces. Currently, 4,000 square feet of space is available, divisible into units as small as 1,000 square feet, with a maximum contiguous space of 4,000 square feet. Five contiguous 1,000 square foot units are available. The building offers central air conditioning and is handicapped-accessible. This retail and office space is part of Knollwood Plaza, a modern retail plaza anchored by a new Cumberland Farms, experiencing an average daily traffic count of 6,800 vehicles. Rental rates are competitive, starting at $900 per month plus utilities for a 1,000 square foot unit and $1,650 per month plus utilities for a 2,000 square foot unit. Rates for spaces over 2,000 square feet are negotiable. The landlord may consider a relocation subsidy for established businesses. This property presents a compelling opportunity for businesses seeking a well-located, versatile, and amenity-rich office space in a thriving commercial area.
    Property Profile Location Intelligence

    Current Use by Public Records

    Neighborhood centers

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Gym & Fitness Center Pharmacy Department Store Food Market Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Canterbury
    County
    Windham
    State
    Connecticut
    Longitude
    -71.995891
    Latitude
    41.69769825

    Nearby Similar for Lease

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      2,680 SF

      Versatile Shop/Garage Space For Rent

      Multi-purpose workspace ideal for trades, hobbies, or small business.
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    • $950 /Mo
      11,984 SF

      Retail Space in Knollwood Plaza

      Retail space available in modern plaza anchored by Cumberland Farms.
      188 Westminster Rd, Canterbury, CT 06331
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    FAQs

    What type of property is this?
    Neighborhood center - Modern office suites, 1,000-4,000 sq ft.
    Where is this neighborhood center located?
    The property is located at 188 Westminster Rd Canterbury, CT.
    What is the lease rate?
    The lease rate is $10 SF/Yr.
    What are key features of this property?
    This property features: 1,000-4,000 SF of retail space available for lease.; Five contiguous 1,000 SF units available.; Modern retail plaza with strong visibility.
    (860) 447-8839 Call to check price and availability
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    188 Westminster Rd Canterbury, CT 06331
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    Canterbury, CT 06331
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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
    188 Westminster Rd Canterbury, CT 06331
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Norm Peck
    Norm Peck
    Real Estate License ID: RES.0528743
    (860) 447-8839 (860) 460-9757
    Learn more
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