Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    343R Old Colchester Rd Salem, CT 06420
    Back to Search
    Property profile & analytics

    343R Old Colchester Rd, Salem, CT 06420

    View on Map
    • Land
    • 3.07 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 343R Old Colchester Rd

    Lot size
    3.07 lot acres
    Property type
    Land

    Description

    This exceptional 3.07-acre commercial land parcel in Salem, Connecticut, presents a unique investment opportunity. Located in New London County, at #R 343R Old Colchester Rd, zip code 06420, this A-zoned property offers flexibility for developers and businesses alike. The seller is open to either a build-to-suit lease arrangement or an outright sale to a commercial or industrial developer. The rural setting provides a distinct advantage, with limited competition in the immediate area, maximizing potential for growth and development. Its strategic location offers convenient access to major roadways, including proximity to routes 82, 85, and Route 2, ensuring excellent connectivity and accessibility for employees and customers. The asking price for this prime commercial land is $350,000. This presents a rare chance to establish a business in a desirable location or capitalize on the potential for significant future development in a growing area. The property's size and zoning make it suitable for a wide range of commercial or industrial uses. Don't miss this opportunity to secure a valuable asset in a thriving market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    New London
    State
    Connecticut
    Longitude
    -72.2425
    Latitude
    41.5057

    Comparable in this City

    • Value Estimation
      $555,000
      16,078 SF

      24 Hartford Rd

      SHOW ROOM, WAREHOUSE
      24 Hartford Rd, Salem, CT 06420-3838
      View Details
    • Value Estimation by Request
      72.39 Acres

      306 Old Colchester Rd

      COMMERCIAL (GENERAL)
      306 Old Colchester Rd, Salem, CT 06420-3705
      View Details
    • Value Estimation by Request
      384 SF

      29 Haddam Rd

      SHOW ROOM, WAREHOUSE
      29 Haddam Rd, Salem, CT 06420
      View Details
    • Value Estimation by Request
      52.51 Acres

      69 New London Rd

      VACANT COMMERCIAL LAND
      69 New London Rd, Salem, CT 06420-4020
      View Details
    • Value Estimation by Request
      2.82 Acres

      460 Old Colchester Rd

      VACANT COMMERCIAL LAND
      460 Old Colchester Rd, Salem, CT 06420
      View Details
    • Value Estimation by Request
      2.00 Acres

      489 Old Colchester Rd

      INDUSTRIAL - VACANT LAND
      489 Old Colchester Rd, Salem, CT 06420-3750
      View Details

    Similar Nearby for Sale

    • $211,000
      1.86 Acres

      Commercial Land on High-Traffic Road

      Commercial property with building and town-approved plans in Salem, CT.
      29 E Haddam Rd, Salem, CT 06420
      View Details
    • $211,000
      384 SF

      Retail Building on High-Traffic Road

      Commercial property with town-approved plans on a high-traffic road.
      29 East Haddam Rd, Salem, CT 06420
      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.
    343R Old Colchester Rd
    Salem, CT 06420
    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
    343R Old Colchester Rd, Salem, CT, 06420
    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!