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    Cor Of Wolcott St & Ctr St Wolcott, CT 06716

    Sponsored
    For Lease
    Contact for pricing

    Prime 4.89-acre commercial lot, high visibility.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional 4.89-acre commercial land parcel presents a remarkable development opportunity in Wolcott, Connecticut. Strategically located on the corner of Wolcott Street and Center Street (Route 69), this property boasts unparalleled visibility and accessibility, benefiting from high daily traffic counts exceeding 15,000 vehicles, according to the Department of Transportation. The site is zoned for commercial use, making it ideal for a variety of ventures, including retail establishments or professional office spaces. The expansive lot size offers ample space for a substantial development project. A build-to-suit option is available, with the potential for a building of approximately 10,500 square feet or more. This property is being offered for sale at $499,000. Alternatively, a lease option is available at a monthly rate of $8,166. This prime location in New Haven County, with its convenient access and high traffic volume, ensures significant potential for return on investment. The property's single-tenant zoning provides flexibility for development. The address is located in the 06716 zip code. This is a rare opportunity to acquire a highly visible and versatile commercial property in a thriving Connecticut market.

    Property Features for 0 Cor Of Wolcott St & Ctr St

    General Information

    Property type
    Land
    Lease Type
    Gross Lease

    Unit(s) available at that property

    Space
    Available space
    Size
    0 SF

    HighLights

    • 4.89‑acre commercially zoned land parcel in Wolcott, CT.
    • Monthly lease rate: $8,166.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Wolcott
    County
    New Haven
    State
    Connecticut
    Longitude
    -72.9863327
    Latitude
    41.6049637

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    FAQs

    What type of property is this?
    Land - Prime 4.89-acre commercial lot, high visibility.
    Where is this land located?
    The property is located at Cor Of Wolcott St & Ctr St Wolcott, CT.
    What are key features of this property?
    This property features: 4.89-acre commercially zoned land parcel in Wolcott, CT.; Monthly lease rate: $8,166.;
    Request Owner's contact information
    Cor Of Wolcott St & Ctr St Wolcott, CT 06716
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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
    Cor Of Wolcott St & Ctr St Wolcott, CT 06716
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