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    259-279 New Britain Rd Berlin, CT 06037
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    259-279 New Britain Rd Berlin, CT 06037

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    • Office Spaces
    • 30,120 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Spaces

    Property Details for 259-279 New Britain Rd

    Property size
    30,120 SF
    Property type
    Office Spaces
    Property subtype
    Land

    Description

    This exceptional commercial property at 259-279 New Britain Road in Capitol County offers a unique investment opportunity. The property encompasses a substantial 30,120 square foot office building situated on a generous 1.87-acre lot. The building is currently configured as a single-tenant occupancy, presenting a significant opportunity for a variety of uses. Within the main building, there is a 5,200 square foot area featuring a blend of private offices and open workspace, designed for optimal functionality and accessibility. The building is handicap accessible, catering to a diverse range of potential tenants. In addition to the main office space, a 2,400 square foot ground floor area is available, accessed via a ramp and eight stairs. This lower-level space previously served as a medical office, offering potential for similar uses or adaptable conversion. The property's size and location make it ideal for a range of commercial ventures, from professional offices to medical practices or other businesses requiring ample space and convenient access. The locally owned and managed building ensures a commitment to quality and tenant satisfaction. This property presents a rare opportunity to acquire a substantial and versatile commercial space in a desirable location. The combination of office space and expansive land provides significant potential for future development or expansion.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Berlin
    County
    Capitol
    State
    Connecticut
    Longitude
    -72.7696
    Latitude
    41.6416

    Comparable in this City

    • Value Estimation by Request
      3.50 Acres

      Berlin Tpke

      Land • 3.50 Acres
      0 Berlin Tpke, Berlin, CT 06037
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    • Value Estimation by Request

      404 Berlin Tpke

      Land
      404 Berlin Tpke, Berlin, CT 06037
      View Details
    • Value Estimation by Request
      512 SF

      369 New Britain Rd Rdg, Unit G

      CONDOMINIUM OFFICES • 512 SF
      369 New Britain Rd Rdg, Berlin, CT 06037-1351
      View Details
    • Value Estimation by Request
      1,904 SF

      363 New Britain Rd, Unit B

      CONDOMINIUM OFFICES • 1,904 SF
      363 New Britain Rd, Berlin, CT 06037-1318
      View Details
    • Value Estimation by Request
      2,700 SF

      355 New Britain Rd

      CONDOMINIUM OFFICES • 2,700 SF
      355 New Britain Rd, Berlin, CT 06037-1318
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    • Value Estimation by Request
      986 SF

      211 New Britain Rd Ste, Unit 104

      CONDOMINIUM OFFICES • 986 SF
      211 New Britain Rd Ste, Berlin, CT 06037-3167
      View Details

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    Similar Nearby for Lease

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      Professional Office Space in Berlin

      Office space available in a professionally managed building.
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    259-279 New Britain Rd
    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.

    More about this property
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    259-279 New Britain Rd, Berlin, CT, 06037
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