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    1116 Putnam Ave Greenwich, CT 06878
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    1116 Putnam Ave, Greenwich, CT 06878

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    • Retail properties & Spaces
    • 9,592 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 1116 Putnam Ave

    Year built
    1950
    Property type
    Retail properties & Spaces
    Property subtype
    Land

    Description

    This exceptional Greenwich, CT property, located at 1116-1130 East Putnam Avenue, presents a compelling investment opportunity. The 43,338 square foot lot boasts a prime corner location in the prestigious Riverside section, offering excellent visibility along Route 1. The property includes two commercial buildings and two residential buildings, totaling 9,592 square feet. The main commercial building, constructed between 1920 and 1950 and remodeled in 2006, comprises 6,036 square feet and features four storefronts, a six-bay garage, and a basement. Currently, Mavis Tire is the primary commercial tenant, along with three smaller stores. The two residential buildings, built in 1900 (2,164 sq ft) and 1936 (1,056 sq ft), each offer two stories over a basement, and there's also a separate two-car garage (336 sq ft). The property's zoning is a blend of LB (Local Business, 76%) and R-12 (Residential, 24%), allowing for a variety of commercial and/or multifamily uses. The rectangular lot shape and relatively flat topography further enhance its development potential. The asking price is $4,700,000. This property offers a unique blend of existing income and significant redevelopment potential in a highly desirable location. The year built for the main commercial building is 1950.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Greenwich
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.5846
    Latitude
    41.0407

    Comparable in this City

    • Value Estimation by Request

      1205 Putnam Ave

      Land
      1205 Putnam Ave, Greenwich, CT 06878
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    • Value Estimation by Request
      288 SF

      68 Sound Bch Ave

      SHOW ROOM, WAREHOUSE
      68 Sound Bch Ave, Riverside, CT 06878-1231
      View Details
    • Value Estimation
      $610,000
      3,116 SF

      1215 Putnam Ave

      RESTAURANT
      1215 Putnam Ave, Riverside, CT 06878
      View Details
    • Value Estimation by Request
      3,330 SF

      1063 Putnam Ave

      RETAIL STORES (PERSONAL SERVICES)
      1063 Putnam Ave, Riverside, CT 06878-1305
      View Details
    • Value Estimation
      $2,785,000
      17,580 SF

      1297 Putnam Ave

      RETAIL STORES (PERSONAL SERVICES)
      1297 Putnam Ave, Riverside, CT 06878-1500
      View Details
    • Value Estimation
      $860,000
      8,313 SF

      1050 Putnam Ave

      RETAIL STORES (PERSONAL SERVICES)
      1050 Putnam Ave, Riverside, CT 06878-1303
      View Details

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      Prime Land on East Putnam

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      Office space with convenient access to transportation and amenities.
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    Greenwich, CT 06878
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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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