830 Farmington AveWest Hartford, CT 06119

Property Details for 830 Farmington Ave

Year built

1947

Construction

STEEL FRAME

Lot size

0.62 AC

Property size (Sq ft)

29,620 SF

Zone code

BND

Property type

Other commercial real estate

Property subtype

Showrooms

APN

WHAR M:G8 B:1891 L:830

APU

WHARMG8B1891L830

Description

This exceptional Class A, 29,550 square foot retail and medical office property in West Hartford, CT, presents a compelling investment opportunity. Located at 830 Farmington Avenue, this shopping center/medical office building boasts a strong net operating income (NOI) of $400,000, representing a 10%+ capitalization rate. The asking price is $4,000,000. Situated on a 0.68-acre lot, the property offers ample parking. Currently occupied by a long-term tenant (45 years), the building benefits from a BC zoning designation, allowing for diverse future uses. The property enjoys high visibility and significant foot traffic in a thriving West Hartford location, close to major highways (Interstates 84 and 95), Hartford's city center (6 miles), and numerous upscale retailers, including Whole Foods. The West Hartford retail submarket shows positive growth, with rents exceeding $40 per square foot (NNN), a 2.4% increase over the past year, and vacancy rates below the three-year average. The broader Hartford metro area also demonstrates robust economic performance, with a significant year-over-year job growth. West Hartford's appeal is further enhanced by its excellent public schools and proximity to several universities, including the University of Saint Joseph, University of Hartford, UConn Law School, UConn Med School, and Trinity College. This property offers a blend of stability and growth potential in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $7,198,694

  6.5%

  $6,644,948

  7%

  $6,170,309

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,752,776

  Geo Method

  $9,752,776

• Alternative Use

  Use

  Valuation

  Residential

  $5,605,262

  Hospitality

  $5,134,390

  Educational

  $4,271,752

  Medical

  $4,418,664

  Retail

  $6,644,948

Location Insight

City

West Hartford

County

Hartford

State

Connecticut

Latitude

41.7647

Longitude

-72.7308

CBSA code

25540

CBSA name

HARTFORD-WEST HARTFORD-EAST HARTFORD, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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