Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    15 Lakewood Dr Montville, CT 06370

    • Commercial real estate
    • 2.82 lot acres
    For Lease
    View listing
    $13 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0342720
    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.

    Current Use by Public Records

    • New England Acquisitions / Big Box & Wholesale Store
    • JMA Trucking / Trucking Company
    • Merry Maids of Eastern Connecticut / Hardware & Home Improvement
    • Ministry of Mayhem LLC / Powder Coating Service / Fabrication Engineer
    • PEMAC Store Fixtures / Factory / Production Facility

    Property Details for 15 Lakewood Dr

    Lot size
    2.82 lot acres
    Zone code
    LI
    Property type
    Commercial real estate
    APN
    MONT M:002 B:006 L:00B
    APU
    MONTM002B006L00B

    Description

    This Montville, CT property at 15 Lakewood Drive offers 3,200 square feet of versatile space, ideal for a variety of businesses. The property features two single-story buildings totaling 3,200 square feet, currently fully vacant and available for lease. Units range from 800 to 2,400 contiguous square feet, providing flexibility for different needs. The space boasts a 12-foot ceiling height, one drive-in door, and 100 amp 3-phase power. Heating is provided by propane, and air conditioning is installed. Situated on 2.82 acres of land with 200 feet of frontage, the property is conveniently located just 2.5 miles from I-395, offering easy access to major transportation routes. The Light Industrial zoning allows for a wide range of uses, including office, warehouse, distribution, daycare, indoor recreation, and more. The property was built in 2002 and is classified as Class B. This is an excellent opportunity to secure a functional and well-located space in a thriving Connecticut community. Leasing rates start at $900 per month plus utilities.

    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
    Oakdale
    County
    New London
    State
    Connecticut
    Longitude
    -72.202
    Latitude
    41.4205
    CBSA code
    35980
    CBSA name
    NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $21,348
    $154,420
    $614,320
    $768,740
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      2,203 SF

      60 Cottage Rd

      COMMERCIAL (GENERAL) • 2,203 SF
      60 Cottage Rd, Oakdale, CT 06370
      View Details
    • Value Estimation by Request
      0.50 Acres

      1605 Hartford New London Tpke

      COMMERCIAL (GENERAL) • 0.50 Acres
      1605 Hartford New London Tpke, Oakdale, CT 06370-1714
      View Details
    • Value Estimation by Request
      192 SF

      291 Oxoboxo Cross Rd

      COMMERCIAL (GENERAL) • 192 SF
      291 Oxoboxo Cross Rd, Oakdale, CT 06370
      View Details
    • Value Estimation by Request
      1.42 Acres

      1787 Hartford New London Tpke

      COMMERCIAL (GENERAL) • 1.42 Acres
      1787 Hartford New London Tpke, Oakdale, CT 06370
      View Details
    • Value Estimation by Request
      26.85 Acres

      157 Doyle Rd

      COMMERCIAL (GENERAL) • 26.85 Acres
      157 Doyle Rd, Oakdale, CT 06370-1054
      View Details
    • Value Estimation
      $1,335,000
      25,344 SF

      1630 Hartford New London Tpke

      COMMERCIAL (GENERAL) • 25,344 SF
      1630 Hartford New London Tpke, Oakdale, CT 06370
      View Details

    Similar Nearby for Sale

    • $500,000

      Montville Land For Sale

      Commercial land available for sale in Montville, Connecticut.
      1531 Route 163, Montville, CT 06370
      View Details
    • $45,000
      0.46 Acres

      Land Near Oxoboxo Lake

      Raw land on the south side of Oxoboxo Lake.
      33A Laurel Point Dr, Chesterfield, CT 06370
      View Details
    • $509,000

      Montville Specialty Property For Sale

      Specialty property available for purchase in Montville, Connecticut.
      300 Butlertown Rd, Chesterfield, CT 06370
      View Details
    • $450,000

      Montville Specialty Property For Sale

      Specialty property available for purchase in Montville, Connecticut.
      385 Oxoboxo Dam Rd, Chesterfield, CT 06370
      View Details
    • $1,900,000

      Expansive 240-Acre Property For Sale

      240-acre property near beaches, casinos, and shopping centers.
      63 Velgouse Rd, Chesterfield, CT 06370
      View Details
    • $389,900

      Montville Specialty Property For Sale

      Specialty property available for purchase in Montville, Connecticut.
      1578 Old Colchester Rd, Chesterfield, CT 06370
      View Details

    Similar Nearby for Lease

    • $5,000 /Mo
      4,500 SF

      Turn-Key Medical Office Space

      4,500 sq ft commercial space ready for occupancy.
      627 Rte 82, Montville, CT 06370
      View Details
    • $12 SF/Yr
      19,500 SF

      Montville Retail and Office Space

      19,500 SF retail/office space for lease on 5.19 acres.
      430 Chapel Hill Rd, Chesterfield, CT 06370
      View Details
    • $4,600 /Mo
      4,500 SF

      Turn-Key Medical Office Space

      4,500 sq ft commercial space ready for occupancy.
      627 Norwich Salem Tpke, Oakdale, CT 06370
      View Details
    • $5,000 /Mo

      Turn-Key Medical Office Space

      4,500 sq. ft. commercial space ready for occupancy.
      627 1, Montville, CT 06370
      View Details
    • $12 SF/Yr
      19,500 SF

      Montville Office Space For Lease

      Modern Office, Retail Space Available
      430 Chapel Hl Rd, Montville, CT 06370
      View Details
    • $13 SF/Yr
      3,200 SF

      Montville Office/Warehouse Space

      Flexible Office & Warehouse Space in CT
      15 Lakewood Dr, Montville, CT 06370
      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.
    15 Lakewood Dr
    Montville, CT 06370
    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

    Google sign-in failed. Please try again or use another login method.