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    97R Preston Rd Griswold, CT 06351
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    97R Preston Rd, Griswold, CT 06351

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    • Retirement homes
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    Cap Rate Potential
    Location Intelligence

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    • Retirement homes

    Property Details for 97R Preston Rd

    Property type
    Retirement homes
    Property subtype
    Apartment buildings

    Description

    This exceptional 18.06-acre parcel in Griswold, Connecticut, presents a remarkable opportunity for multifamily development. Located at 97R Preston Rd, 06351, in New London County, this C-1 zoned land boasts significant potential for various uses. Public water, sewer, and gas are readily available at the street, enhancing the feasibility of construction. An existing right-of-way provides convenient access, as detailed in supplementary documents. The property's strategic location offers excellent visibility and accessibility, with a reported traffic count of 1310 vehicles. The annual property taxes are $2,629. This expansive site is ideal for a range of projects, including market-rate multifamily housing, senior living facilities (elderly housing or assisted living), flexible-use spaces, hotels, or office buildings. The site's size and zoning regulations offer considerable flexibility for developers seeking to create a significant residential or mixed-use development in a desirable Connecticut location. Detailed information regarding access and zoning is available upon request. The asking price for this prime development opportunity is $299,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Griswold
    County
    New London
    State
    Connecticut
    Longitude
    -71.9791
    Latitude
    41.5915

    Comparable in this City

    • Value Estimation
      $900,000
      7,570 SF

      30 Anthony St

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      2,080 SF

      21 Phillips St

      APARTMENT HOUSE (UNDER 5 UNITS)
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      3,600 SF

      17 Grn Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      17 Grn Ave, Griswold, CT 06351-2054
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      4,458 SF

      47 Main St

      APARTMENT HOUSE (UNDER 5 UNITS)
      47 Main St, Griswold, CT 06351-2010
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    • Value Estimation by Request
      2,175 SF

      17 Palmer Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      17 Palmer Ave, Griswold, CT 06351-2041
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    • Value Estimation by Request
      2,618 SF

      21 Dey St

      APARTMENT HOUSE (UNDER 5 UNITS)
      21 Dey St, Griswold, CT 06351-2431
      View Details

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    Similar Nearby for Lease

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    Griswold, CT 06351
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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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