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    431 New State Rd Manchester, CT 06042

    • Flex space
    For Lease
    View listing
    $15 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Landworks Fence LLC / Fence Contractor
    • Landworks enterprises inc / Landscaper / Property Maintenance

    Property Details for 431 New State Rd

    Property type
    Flex space

    Description

    4940+/- SF available for lease in Industrial area but just off Tolland Turnpike. Easy access to Route 84 and Route 291. Fantastic location for contractor or retail/shop, engineer or lay-down yard. Large sales area with sales counter, multiple private offices, two restrooms. Large drive door opens to large flex space with high ceilings. Additional yard space available with huge heated shop!

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Manchester
    County
    State
    Connecticut
    Longitude
    -72.5533936
    Latitude
    41.7918439

    Comparable in this City

    • $15 SF/Yr

      Industrial Flex Space For Lease

      4940 SF flex space with retail and office components.
      431 New State Rd, Manchester, CT 06042
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      140,000 SF

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      13,800 SF

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      13,800 SF industrial building with 12,000 SF canopy.
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      283,127 SF

      Manchester Retail Plaza Investment Opportunity

      High-traffic retail center, 7 buildings, spaces available.
      1181 Tolland Tpke, Manchester, CT 06042
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      90,818 SF

      Hale Road Retail Center - For Lease

      High-visibility retail space, I-84 access.
      120 Hale Rd, Manchester, CT 06042
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    • $3,000,000
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      Prime Retail Opportunity in Manchester

      Freestanding building with greenhouse in high-traffic retail corridor.
      33 Adams St, Manchester, CT 06042
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    Similar Nearby for Sale

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      Auto Repair Facility For Sale

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      Manchester Industrial Facility For Sale

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    • $890,000
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      Manchester Industrial Land - $890K

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    • $3,900,000
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      Manchester Restaurant & Bar - Sale/Leaseback

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      Restaurant and Sports Betting Property

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    Similar Nearby for Lease

    • $15 SF/Yr

      Industrial Flex Space For Lease

      4940 SF flex space with retail and office components.
      431 New State Rd, Manchester, CT 06042
      View Details
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      140,000 SF

      Manchester Logistics Facility

      140,000 SF Industrial Space, New Construction
      71 Commerce Rd, Manchester, CT 06042
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      13,800 SF

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      13,800 SF industrial building with 12,000 SF canopy.
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      Manchester Redevelopment Opportunity

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      Retail Space in High-Traffic Area

      Retail storefront available in a high-traffic shopping center.
      189 Hale Rd, Manchester, CT 06042
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    431 New State Rd
    Manchester, CT 06042
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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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