Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    948 Main St Windham, CT 06226
    Back to Search
    Property profile & analytics

    948 Main St, Windham, CT 06226

    View on Map
    • Commercial real estate
    • 5,560 SF
    • 0.13 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 948 Main St

    Year built
    1960
    Lot size
    0.13 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional mixed-use investment opportunity in downtown Windham, CT, comprises two buildings totaling 5,560 square feet on a 0.13-acre lot. 948 Main Street, a 3,700+ square foot building, houses a fully operational restaurant with seating for over 50 guests, a full bar, outdoor dining, and a fully equipped commercial kitchen. This established restaurant has enjoyed a successful 15-year history. The second floor of 948 Main Street is zoned for residential or office use, offering potential for owner-occupancy, rental income, or conversion to co-working space. The adjacent 956 Main Street building, currently gutted, is ready for immediate build-out. Zoned for retail and apartments, it presents a blank canvas for a mixed-use development. The property boasts a prime downtown location with high visibility and foot traffic, offering flexible zoning to maximize income streams through retail, restaurant, office, and residential uses. This turnkey restaurant and development-ready building represent a rare chance to acquire a versatile, income-generating property with significant value-add potential and built-in expansion opportunities. The asking price is $449,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Windham
    County
    Windham
    State
    Connecticut
    Longitude
    -72.2171
    Latitude
    41.7127

    Comparable in this City

    • Value Estimation by Request

      84 Ash St

      COMMERCIAL (GENERAL)
      84 Ash St, Willimantic, CT 06226-2948
      View Details
    • Value Estimation by Request

      466 Ash St

      COMMERCIAL (GENERAL)
      466 Ash St, Willimantic, CT 06226-1419
      View Details
    • Value Estimation by Request
      2,628 SF

      59 Chapman St

      SHOW ROOM, WAREHOUSE
      59 Chapman St, Willimantic, CT 06226-3169
      View Details
    • Value Estimation
      $690,000
      4,903 SF

      61 Bellevue St

      SHOW ROOM, WAREHOUSE
      61 Bellevue St, Willimantic, CT 06226-2748
      View Details
    • Value Estimation by Request
      2,346 SF

      122 Brg St

      SHOW ROOM, WAREHOUSE
      122 Brg St, Willimantic, CT 06226-3237
      View Details
    • Value Estimation by Request
      2,652 SF

      116 Chapman St

      SHOW ROOM, WAREHOUSE
      116 Chapman St, Willimantic, CT 06226-3166
      View Details

    Similar Nearby for Sale

    • $3,500,000
      12,696 SF

      Office/Retail Building at Gateway Commons

      12,696 SF office/retail building for sale with highway access.
      1681 West Main St, Windham, CT 06226
      View Details
    • Contact for pricing
      17,400 SF

      Main Street Mixed-Use Redevelopment Opportunity

      17,400+/- SF building suitable for redevelopment or entertainment venue.
      872 Main St, Windham, CT 06226
      View Details
    • $325,000
      2,781 SF

      Spacious Duplex for Investors

      Income-generating duplex with potential for subdivision.
      125 Mountain St, Willimantic, CT 06226
      View Details
    • Contact for pricing
      1,424 SF

      Retail Property in Willimantic, CT

      Retail property for sale in Willimantic, Connecticut.
      45 High St, Willimantic, CT 06226
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      4,600 SF

      Windham Office/Retail Space Available

      Class A office/retail space in a high-traffic location.
      1320 Main St, Windham, CT 06226
      View Details
    • Contact for pricing
      2,000 SF

      Retail Space in Willimantic, CT

      2000 SF retail space available for lease.
      21-25 Church St, Willimantic, CT 06226
      View Details
    • Contact for pricing

      Retail/Office Space on Route 32

      Lease opportunity with high visibility and traffic count.
      1681 W Main St, Windham, CT 06226
      View Details
    • Contact for pricing

      Restaurant Space with Existing FF&E

      Second generation restaurant space with furniture, fixtures, and equipment.
      1315 Main St, Windham, CT 06226
      View Details
    • $12 SF/Yr
      12,838 SF

      Downtown Willimantic Retail/Office Space

      Retail or office space in downtown Willimantic.
      757 Main St, Windham, CT 06226
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    948 Main St
    Windham, CT 06226
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    948 Main St, Windham, CT, 06226
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!