Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    138 Center St Manchester, CT 06040
    Back to Search
    Property profile & analytics

    138 Center St Manchester, CT 06040

    View on Map
    • Commercial real estate
    • 2,846 SF
    • 0.15 lot acres
    Off-Market
    Property ID
    US15-0002781
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 138 Center St

    Year built
    1916
    Lot size
    0.15 lot acres
    Property size
    2,846 SF
    Property type
    Commercial real estate

    Description

    This exceptional Class A, 12,100 square foot, two-story office building, completely renovated in 2024, offers multiple suites for lease in the heart of downtown Redding. Located at the prime corner of East and Shasta Streets, this building boasts a stunning new façade and upgraded interior finishes throughout. Suites range from 275 to 2,260 contiguous square feet, with a total of 7 suites and 7,945 square feet currently vacant. Amenities include ample parking, a shared first-floor conference room for second-floor tenants, 24/7 secure access, and modern common areas featuring new restrooms, a chic kitchenette, and updated lighting and flooring. The building's flexible floor plans cater to a variety of business needs, making it an ideal location for businesses seeking a prestigious address in a thriving downtown environment. Built in 1958, this property benefits from a recent, high-quality renovation, offering a blend of historic charm and modern functionality. The zoning is DCD-SP-BH - Downtown Core District - Specific Plan - Building Height Overlay, and the APN is 101-040-009. This is a unique opportunity to secure office space in a revitalized downtown location with superior amenities and a prime address.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Manchester
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.5248733
    Latitude
    41.774268

    Comparable in this City

    • $379,000
      2,528 SF

      Updated Two-Family House

      Updated two-family house with hardwood floors and parking.
      64-66 Ridge St, Manchester, CT 06040
      View Details
    • $359,900

      Updated Two-Family Home

      Two-family home with recent renovations and convenient location.
      34-36 Cottage St, Manchester, CT 06040
      View Details
    • $479,999

      Renovated Two-Family Home

      Renovated two-family home with three bedrooms in each unit.
      12 Newman St, Manchester, CT 06040
      View Details
    • $560,000
      Pending

      Manchester Four-Family Investment Opportunity

      Four-unit property near shops, dining, and transportation.
      9 Church St, Manchester, CT 06040
      View Details
    • New
      $379,900
      2,476 SF

      Mixed-Use Property in Business Area

      Office and apartment property near Downtown Manchester with upgrades.
      186 East Center St, Manchester, CT 06040
      View Details
    • $360,000
      1,904 SF

      Manchester Two-Family Investment Opportunity

      Two-family property in Manchester, CT with income and upside potential.
      22 Tyler Cir, Manchester, CT 06040
      View Details

    Similar Nearby for Sale

    • $359,000

      Two-Family Property in Desirable Neighborhood

      Two-family property in need of significant improvement, ideal for investors.
      106-108 Chestnut St, Manchester, CT 06040
      View Details
    • $440,000

      Well-Maintained Two-Family Home

      Two-unit home in Manchester, suitable for owners or investors.
      300 Charter Oak St, Manchester, CT 06040
      View Details
    • $359,000
      Pending

      Manchester Multi-Family Investment Opportunity

      Two-family property in need of significant improvements, ideal for investors.
      106-108 Chestnut St, Manchester, CT 06040
      View Details
    • $379,000
      2,528 SF

      Updated Two-Family House

      Updated two-family house with hardwood floors and parking.
      64-66 Ridge St, Manchester, CT 06040
      View Details
    • $359,900

      Updated Two-Family Home

      Two-family home with recent renovations and convenient location.
      34-36 Cottage St, Manchester, CT 06040
      View Details
    • $479,999

      Renovated Two-Family Home

      Renovated two-family home with three bedrooms in each unit.
      12 Newman St, Manchester, CT 06040
      View Details

    Similar Nearby for Lease

    • $1,800 /Mo

      Spacious Apartment in Manchester, CT

      Well-maintained 2-bedroom apartment with hardwood floors and stainless steel appliances.
      350 Center St, Manchester, CT 06040
      View Details
    • Contact for pricing
      1,700 SF

      Manchester Duplex with Hardwood Floors

      Bright, clean 3-bedroom duplex with convenient downtown location.
      53-55 Laurel St, Manchester, CT 06040
      View Details
    • Contact for pricing
      1,590 SF

      Spacious Duplex For Rent

      Three-bedroom duplex with convenient access to amenities and transportation.
      63 Ridge St, Manchester, CT 06040
      View Details
    • $2,200 /Mo

      Bright Duplex in Downtown Manchester

      Clean, move-in ready 3-bedroom duplex with convenient location.
      53-55 Laurel St, Manchester, CT 06040
      View Details
    • $2,399 /Mo

      Spacious Three Bedroom Apartment

      Large 3-bedroom apartment with attic, basement, and convenient location.
      10 Bank St, Manchester, CT 06040
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    138 Center St
    Manchester, CT 06040
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    138 Center St, Manchester, CT, 06040
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!