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    Bokum Rd Essex, CT 06426

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    Bokum Rd Essex, CT 06426

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    • Land
    • 10.00 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 Bokum Rd

    Lot size
    10.00 lot acres
    Property type
    Land

    Description

    This exceptional offering presents two distinct development opportunities in the desirable town of Essex, Connecticut. The properties, located in a Rural Use (RU) zoned area, are situated within an Active Adult Community adjacent to the Essex Glen condominium community, offering a unique blend of commercial and residential potential. One parcel encompasses 10 acres (Lot 14-2) and is listed at $1,450,000. Access to both parcels is conveniently located at the cul-de-sac end of Essex Glen Drive. The strategic location provides easy access to Essex Village, Route 9, and Interstate 95, ensuring excellent connectivity and visibility. The 10-acre parcel presents a compelling opportunity for developers seeking to capitalize on the growing demand for residential or commercial projects in this sought-after area. The property's zoning allows for a variety of development options, making it an attractive investment for both experienced and emerging developers. Detailed site plans and zoning information are available upon request. This is a rare opportunity to acquire prime development land in a thriving Connecticut community. Serious inquiries only.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Essex
    County
    Middlesex
    State
    Connecticut
    Longitude
    -72.4064
    Latitude
    41.3349

    Comparable in this City

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      $1,975,000
      15,182 SF

      21 Plns Rd

      APARTMENT HOUSE (5+ UNITS) • 15,182 SF
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      0.29 Acres

      2 Essex Sq

      COMMERCIAL (GENERAL) • 0.29 Acres
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      12 Plns Rd, Unit 2

      COMMERCIAL CONDOMINUIM • 906 SF
      12 Plns Rd, Essex, CT 06426-1501
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      1,999 SF

      90 Main St, Unit 110

      COMMERCIAL CONDOMINUIM • 1,999 SF
      90 Main St, Essex, CT 06426
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    • Value Estimation by Request
      774 SF

      90 Main St, Unit 108B

      COMMERCIAL CONDOMINUIM • 774 SF
      90 Main St, Essex, CT 06426
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    Similar Nearby for Sale

    • Contact for pricing

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      Historic Mixed-Use Property in Essex

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      Land in Essex Village

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    Similar Nearby for Lease

    • Contact for pricing
      1,380 SF

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      Renovated Office Space in Essex

      Bright, open office space in the heart of Essex Village.
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    • $7 SF/Yr
      21,000 SF

      Industrial/Warehouse and Office Space

      Industrial/warehouse and office space with ample parking and loading docks.
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    • $14 SF/Yr
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      Essex Commercial Space For Lease

      Highly visible Essex commercial space suitable for multiple uses.
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    Bokum Rd
    Essex, CT 06426
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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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