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    1031 Norwich-New London Tpke Montville, CT 06382

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    1031 Norwich-New London Tpke Montville, CT 06382

    View on Map
    • Neighborhood centers
    • 10,400 SF
    • 6.23 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 1031 Norwich-New London Tpke

    Lot size
    6.23 lot acres
    Property size
    10,400 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    This Montville, Connecticut property, located at 1031 Norwich-New London Turnpike (Route 32), offers exceptional retail and office space opportunities. The 10,400 square foot building sits on 6.23 acres of land and is classified as Class B. Currently, there are 2,400 square feet of vacant space available, divisible into units ranging from a minimum of 800 square feet to a maximum contiguous space of 1,600 square feet. Larger spaces may be available upon request. The property boasts high visibility with an average daily traffic count of 11,000 vehicles. Zoned C-1 Commercial, permitted uses include retail, service businesses, offices, restaurants, and daycare facilities. The building does not have elevators. Rental rates are competitive, with 800 square foot spaces available at $950 per month plus utilities, and 1,600 square foot spaces at $1,900 per month plus utilities. The rental rate for the 2,400 square foot space is to be determined. This property presents a unique opportunity for businesses seeking a high-traffic location in a thriving community. The property is conveniently located just south of Herb's Country Deli on Route 32 in New London County, zip code 06382.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Montville
    County
    New London
    State
    Connecticut
    Longitude
    -72.1062
    Latitude
    41.4543

    Comparable in this City

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      2,400 SF

      863 Norwich-New London Tpke

      Restaurants • 2,400 SF
      863 Norwich-New London Tpke, Montville, CT 06382
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      2,400 SF

      863 Norwich-New London Tpke

      Restaurants • 2,400 SF
      863 Norwich-New London Tpke, Montville, CT 06382
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      3.36 Acres

      2268 Ct-32

      Restaurants • 3.36 Acres
      2268 Ct-32, Montville, CT 06382
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      1,500 SF

      33 Leffingwell Rd

      OFFICE BUILDING • 1,500 SF
      33 Leffingwell Rd, Uncasville, CT 06382-1022
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    • Value Estimation by Request
      1,290 SF

      2239 Norwich New London Tpke

      OFFICE BUILDING • 1,290 SF
      2239 Norwich New London Tpke, Uncasville, CT 06382-1228
      View Details

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    Similar Nearby for Lease

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      Retail Pad Sites Available

      Retail pad sites for lease near major retailers and casino.
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      Retail/Office Spaces on Route 32

      Retail and office spaces available in Montville, CT.
      1031 Norwich-New London Tpke, Montville, CT 06382
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    • Contact for pricing

      Retail/Office Spaces on Route 32

      Retail and office spaces available in Montville, CT.
      1031 Norwich-New London Tpke, Montville, CT 06382
      View Details
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    Montville, CT 06382
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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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