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    218B Main St Torrington, CT 06790
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    218B Main St, Torrington, CT 06790

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    • Retail properties & Spaces
    • 10,420 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 218B Main St

    Property type
    Retail properties & Spaces
    Property subtype
    Land

    Description

    This exceptional commercial property, located at 218B and 224E Main Street in Torrington, Connecticut, presents a significant redevelopment opportunity. The 0.86-acre site boasts two existing buildings totaling 10,420 square feet, situated on a high-traffic area of East Main Street (CT Route 202), which sees 18,000 vehicles per day. Its prime location offers excellent visibility and accessibility, enhanced by its adjacency to a new Dollar Tree store, with which it shares an entrance. The property's considerable lot depth allows for ample parking and the potential for a drive-thru lane, making it ideal for a variety of uses. Potential uses include restaurants, banks, medical facilities, offices, or retail establishments. Existing tenants may remain in place during the buyer's approval process. Torrington, a major micropolitan area, serves a population exceeding 180,000 people, providing a substantial customer base. The asking price for this remarkable property is $925,000. Please note that direct contact with current building occupants is prohibited. This property is zoned for commercial use.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Torrington
    County
    Northwest Hills
    State
    Connecticut
    Longitude
    -73.1213
    Latitude
    41.805

    Comparable in this City

    • Value Estimation by Request
      17,861 SF

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      1.39 Acres

      472 Main St

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      472 Main St, Torrington, CT 06790
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      21 Water St

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      2,078 SF

      17 Funston Ave

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      $605,000
      2,580 SF

      861 New Harwinton Rd

      DEPARTMENT STORE
      861 New Harwinton Rd, Torrington, CT 06790-5959
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    • Value Estimation by Request

      49 Main St

      Office Spaces
      49 Main St, Torrington, CT 06790
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    Similar Nearby for Sale

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      Torrington Land For Sale

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      Expansive Land Parcel in Torrington

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      2.83 Acre Lot Available

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      Commercial building on 0.39 acres with retail/office potential.
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      Mixed-Use Property with Redevelopment Potential

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      55 Wall St, Torrington, CT 06790
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    Similar Nearby for Lease

    • $1,000 /Mo

      High-Visibility Torrington Retail/Office Space

      Customizable space in mixed-use building on busy retail corridor.
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      Flexible Commercial Spaces For Lease

      Office, retail, and industrial spaces available for lease.
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      Downtown Torrington Commercial Space Available

      Versatile commercial space in downtown Torrington, ideal for various uses.
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    • $1,850 /Mo
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      Downtown Torrington Commercial Space Available

      Ground level commercial space for lease in downtown Torrington.
      257 Main St, Torrington, CT 06790
      View Details
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    218B Main St
    Torrington, CT 06790
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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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