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    550 Berlin Tpke Berlin Ct Berlin, CT 06037
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    550 Berlin Tpke Berlin Ct Berlin, CT 06037

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    • Apartment buildings
    • 8.00 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 550 Berlin Tpke Berlin Ct

    Lot size
    8.00 lot acres
    Property type
    Apartment buildings

    Description

    This exceptional ±8-acre development site, located at 550 Berlin Turnpike in Berlin, Connecticut, presents a unique investment opportunity. The property is zoned for development and boasts pre-approved plans for the construction of a three-building apartment complex, totaling 106 residential units. Situated in the desirable Berlin Turnpike Development Zone, this prime location offers excellent visibility and accessibility. The expansive lot size provides ample space for the proposed buildings and potential future expansion. Detailed plans for the 106-unit complex are readily available, streamlining the development process and minimizing potential delays. This turnkey project offers a significant advantage for investors seeking a high-return multifamily development opportunity in a thriving Connecticut market. The property's strategic location along the Berlin Turnpike ensures convenient access to major transportation routes, local amenities, and a strong residential population. With all necessary approvals in place, this is a rare chance to capitalize on a fully permitted project, ready for immediate development. The existing zoning and approved plans significantly reduce the time and cost associated with obtaining permits and approvals, making this a highly attractive investment proposition. The 06037 zip code offers a strong rental market, promising high occupancy rates and consistent rental income. This is an exceptional opportunity to acquire a substantial multifamily development project in a prime location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Berlin
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.7375
    Latitude
    41.635

    Comparable in this City

    • Value Estimation
      $1,535,000
      4,674 SF

      833 Deming Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,674 SF
      833 Deming Rd, Berlin, CT 06037-1660
      View Details
    • Value Estimation
      $545,000
      3,600 SF

      31 Mattabassett St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,600 SF
      31 Mattabassett St, Berlin, CT 06037
      View Details
    • Value Estimation by Request
      3,198 SF

      938 Farmington Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,198 SF
      938 Farmington Ave, Berlin, CT 06037-2299
      View Details
    • Value Estimation by Request
      3,110 SF

      86 Berlin Tpke

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,110 SF
      86 Berlin Tpke, Berlin, CT 06037-1542
      View Details
    • Value Estimation by Request
      3,427 SF

      1918 Chamberlain Hwy

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,427 SF
      1918 Chamberlain Hwy, Berlin, CT 06037-3972
      View Details
    • Value Estimation by Request
      4,248 SF

      883 Worthington Rdg

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,248 SF
      883 Worthington Rdg, Berlin, CT 06037-3256
      View Details

    Similar Nearby for Sale

    • $250,000
      1,908 SF

      Renovated Office Condo in Berlin

      First-floor, 1,908 sq ft office condo for sale.
      363 New Britain Rd, Berlin, CT 06037
      View Details
    • $1,535,000
      Pending

      Berlin Manufacturing/Industrial Property For Sale

      19,720 SF manufacturing/industrial building on 5.37 acres.
      119 White Oak Dr, Berlin, CT 06037
      View Details
    • Contact for pricing

      Land Available on Berlin Turnpike

      Two lots available with visibility and easy highway access.
      522 Berlin Tpke, Berlin, CT 06037
      View Details
    • $139,900
      1,696 SF

      Medical Office in Berlin

      Two adjoining office units totaling 1700 SF for sale.
      211 New Britain Rd #206, Berlin, CT 06037
      View Details

    Similar Nearby for Lease

    • $2,150 /Mo

      Apartment in Heart of Berlin

      Conveniently located apartment near restaurants, grocery stores, and shopping.
      1044 Farmington Ave, Berlin, CT 06037
      View Details
    • Contact for pricing
      978 SF

      Apartment in Heart of Berlin

      Conveniently located apartment near restaurants, grocery stores, and public transportation.
      1044 Farmington Ave, Berlin, CT 06037
      View Details
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    Berlin, CT 06037
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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.

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