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    9 Northridge Dr Windham, CT 06256
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    9 Northridge Dr, Windham, CT 06256

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

    Current Use by Public Records

    • Land

    Property Details for 9 Northridge Dr

    Lot size
    23.00 lot acres
    Property type
    Land

    Description

    This exceptional 23-acre commercial land parcel, identified by APN numbers 1475, 1476, and 1477, presents a unique investment opportunity in Windham, Connecticut. Located at 9 Northridge Drive, 06256, this property boasts a C-4 Special Permit zoning designation, allowing for the development of a fully approved 136-unit multifamily market-rate apartment complex. The approved project plan includes a mix of 68 two-bedroom and 68 one-bedroom units, supported by a generous surface parking ratio of 1.5 spaces per unit. This prime location offers easy access to Eastern Connecticut State University and the University of Connecticut, strategically situated on busy Route 6 between Willimantic, Storrs, and Mansfield. The property benefits from its proximity to a thriving commercial power center anchored by major retailers such as Walmart, Home Depot, and Wendy's, ensuring high visibility and convenient access to amenities. The asking price for this exceptional development opportunity is $1,700,000. This fully approved project offers immediate potential for significant returns, capitalizing on the strong demand for multifamily housing in this rapidly growing area, bridging the gap between Hartford and Providence. Don't miss this chance to acquire a ready-to-develop site with exceptional potential.

    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
    -72.1709
    Latitude
    41.7398

    Comparable in this City

    • Value Estimation by Request
      0.87 Acres

      19 Crystal Rd

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      19 Crystal Rd, Windham, CT 06256
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    • Value Estimation by Request
      38.97 Acres

      35 Northridge Dr

      Land
      35 Northridge Dr, Windham, CT 06256
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    • Value Estimation
      $1,525,000
      18,114 SF

      332 Boston Post Rd

      SHOW ROOM, WAREHOUSE
      332 Boston Post Rd, North Windham, CT 06256-1008
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    • Value Estimation
      $4,990,000
      94,901 SF

      418 Boston Post Rd

      SHOW ROOM, WAREHOUSE
      418 Boston Post Rd, North Windham, CT 06256-1073
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    • Value Estimation by Request
      3,840 SF

      12 Baker Rd

      SHOW ROOM, WAREHOUSE
      12 Baker Rd, North Windham, CT 06256-1071
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    • Value Estimation by Request
      2,154 SF

      327 Boston Post Rd

      SHOW ROOM, WAREHOUSE
      327 Boston Post Rd, North Windham, CT 06256-1009
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Approved Multifamily Development Project

      Approved 136-unit multifamily development project near universities.
      9 Northridge Dr, Windham, CT 06256
      View Details
    • Contact for pricing

      Commercial Land with High Visibility

      Commercial land with high visibility and convenient highway access.
      11-19 Crystal Rd, Windham, CT 06256
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    • Contact for pricing

      Commercial Land Near Aldi's

      0.87 acre commercial land for sale, ideal for development.
      19 Crystal Rd, Windham, CT 06256
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    • $1,500,000

      Approved Car Wash Development Site

      1.15-acre development site approved for a car wash.
      322 Boston Post Rd, North Windham, CT 06256
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    Similar Nearby for Lease

    • Contact for pricing
      1,500 SF

      Retail Space on Boston Post

      Retail space available for lease on Boston Post Road.
      351 Boston Post Rd, Windham, CT 06256
      View Details
    • $2,000 /Mo
      1,500 SF

      Retail Space in Shopping Center

      1500 SF retail space with ample parking and lavatory.
      319 Boston Post Rd, Windham, CT 06256
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    Windham, CT 06256
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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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