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Property profile & analytics
OFF-MARKET
Estimated value
$1,115,000
Apartment buildings
1420 Hanover Ave Meriden, CT 06451-6273
Entity Owned
19-yr Hold
Absentee Owner
Property ID
US15-0060005
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1968
Construction
FRAME
Total area
13,392 SF
Lot
0.53 ac (23,252 SF)
Zoning code
C-3
APN
MERI M:801 B:292 L:66A-66B
UPID
US15-0060005
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.19M
Blend (final)
Blend
$1.12M
Owner & transaction history
Bancone LLC · 19 yrs held
Bancone LLC
since 2007
3 recorded transactions
Zoning & alternative use
C-3 · Meriden, CT
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$1.5M
+25.6%
Retail stores
$1.5M
+21.8%
Auto repair, garage
$1.2M
+1.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Meriden submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Meriden submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,195,000
Current use
OFFICE BUILDING
$1,500,000
Change: +26% · Conversion: Moderate
RETAIL STORES
$1,455,000
Change: +22% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,215,000
Change: +2% · Conversion: Difficult
Blend value · Realmo final
$1.12M
Range $1.00M – $1.23M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$83 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$25,821
Tax year 2024
Assessed value
$711,130
Assessed 2024
Previous assessed
$711,130
+0.0% YoY
Effective rate
3.63%
On assessed value
Assessed land
$168,000
Assessed improvement
$543,130
Applied tax rate
302.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1968
Construction
FRAME
Heating
FORCED AIR
Buildings
1
Stories
2
Units
16
Rooms
64
Total area
13,392 SF
Lot
0.53 ac (23,252 SF)
Zoning code
C-3
APN
MERI M:801 B:292 L:66A-66B
UPID
US15-0060005
Jurisdiction
MERIDEN
Zoning & alternative use
C-3 · Meriden, CT
Zoning C-3 · permitted uses
C-3 · Meriden, CT
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Meriden. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$1.2M
OFFICE BUILDING
Est. value
$1.5M
RETAIL STORES
Est. value
$1.5M
AUTO REPAIR, GARAGE
Est. value
$1.2M
APARTMENT HOUSE (5+ UNITS) Current
OFFICE BUILDING
RETAIL STORES
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1968
Construction
FRAME
Heating
FORCED AIR
Stories
2
Buildings
1
Units
16
Rooms
64
Lot
0.53 ac
Current owner
From public records · entity-resolved
Bancone LLC
Entity
Mailing address
20 CHESTNUT LN, WALLINGFORD, CT 06492-2554
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2007
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 9, 2007
$895,000
Bancone LLC
Hanover Apts LLC
Warranty Deed
$626,000 · Astoria Federal Mortgage Corp
Sep 6, 2002
$550,000
Hanover Apts LLC
Hanover Arms LLC
Warranty Deed
related
$400,000 · Wachovia Mortgage Co
Nov 21, 1997
$320,000
Hanover Arms LLC
Bozzi,marie R
Warranty Deed
$240,000 · Bankboston Development Co LLC
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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