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    438 Main St Middlefield, CT 06455

    • Retail properties
    • 24,824 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 438 Main St

    Property size
    24,824 SF
    Property type
    Retail properties
    Property subtype
    Office Properties & Spaces

    Description

    This exceptional commercial property at 438 Main Street in Middlefield, Connecticut, offers a unique opportunity for businesses seeking versatile and well-located office space. The building, totaling 24,824 square feet, is a four-story structure with a desirable downtown corner location at the intersection of Main and Washington Streets, ensuring maximum visibility and accessibility. Currently, there are multiple tenancies available, with seven spaces ranging from 360 to 998 contiguous square feet, and a total of 3,605 square feet currently vacant. The minimum divisible space is 360 square feet, making it ideal for a variety of business sizes. Each space boasts a 10-foot ceiling height, providing ample room and a sense of openness. The building's amenities include free Wi-Fi and security cameras, enhancing both convenience and security for tenants. The property is classified as Retail, Office, and Industrial, offering flexibility for diverse business needs. Its location in Middlefield, CT, zip code 06455, provides easy access to major transportation routes and a thriving local community. This is a rare opportunity to secure prime commercial real estate in a highly visible and desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Middlefield
    County
    Middlesex
    State
    Connecticut
    Longitude
    -72.6505
    Latitude
    41.5623

    Comparable in this City

    • Value Estimation
      $320,000
      4.32 Acres

      24 Ww St

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 4.32 Acres
      24 Ww St, Middlefield, CT 06455-1150
      View Details
    • Value Estimation
      $345,000
      7,560 SF

      52 Industrial Park Access Rd

      INDUSTRIAL (GENERAL) • 7,560 SF
      52 Industrial Park Access Rd, Middlefield, CT 06455-1263
      View Details
    • Value Estimation
      $325,000
      8,000 SF

      41 Industrial Park Access Rd

      INDUSTRIAL (GENERAL) • 8,000 SF
      41 Industrial Park Access Rd, Middlefield, CT 06455-1263
      View Details
    • Value Estimation
      $330,000
      7,100 SF

      47 Industrial Park Access Rd

      INDUSTRIAL (GENERAL) • 7,100 SF
      47 Industrial Park Access Rd, Middlefield, CT 06455-1263
      View Details
    • Value Estimation
      $315,000
      4,894 SF

      104 Baileyville Rd

      INDUSTRIAL (GENERAL) • 4,894 SF
      104 Baileyville Rd, Middlefield, CT 06455
      View Details
    • Value Estimation
      $320,000
      1,104 SF

      60 Industrial Park Access Rd

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 1,104 SF
      60 Industrial Park Access Rd, Middlefield, CT 06455-1263
      View Details

    Similar Nearby for Sale

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      Turnkey Restaurant and Retail Property

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      Former Garden Center For Sale

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    • $399,000

      Land For Sale

      Land available for sale.
      Baileyville Rd, Middlefield, CT 06455
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    • $749,900

      Unique Specialty Property For Sale

      Specialty property available for purchase.
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    Similar Nearby for Lease

    • $12 SF/Yr
      4,902 SF

      Middlefield Office Building For Lease

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      Manufacturing properties • 14,568 SF
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      View Details
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    438 Main St
    Middlefield, CT 06455
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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
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