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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    15 Massirio Dr Berlin, CT 06037-2300

    • Office buildings
    • 20,200 SF
    • 1.98 lot acres
    OFF-MARKET
    Last Sale
    Dec 13, 2022
    $2,350,000
    Value Estimations
    $2,285,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0844536
    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

    • Central Ct Physical Medicine / Physical Therapist
    • Jacunski Humes Architects, LLC / Architect
    • Czepiga Daly Pope & Perri / Estate Planning Attorney / Elder Law Attorney
    • Northstar Financial / Financial Consultant

    Property Details for 15 Massirio Dr

    Year built
    1988
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.98 lot acres
    Property size
    20,200 SF
    Zone code
    PI
    Property type
    Office buildings
    APN
    BERL M:9-4 B:83A L:2B
    APU
    BERLM94B83AL2B

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,360,000
      ML approach
      $2,245,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,056,000
      Market price range: $1.43M - $3.12M
      AI Estimate
      $3,006,000
      Market price range: $1.45M - $5.07M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,225,000
      Current use
      RESTAURANT
      $3,455,000
      Change: +55% Conversion: Moderate
      RETAIL STORES
      $2,325,000
      Change: +4% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $2,025,000
      Change: -9% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,910,000
      Change: -14% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $1,855,000
      Change: -17% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Berlin
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.7536
    Latitude
    41.6315
    CBSA code
    25540
    CBSA name
    HARTFORD-WEST HARTFORD-EAST HARTFORD, 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
    $49,102
    $178,200
    $1,482,900
    $1,661,100
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $370,000
      11,232 SF

      1436 Berlin Tpke

      OFFICE BUILDING • 11,232 SF
      1436 Berlin Tpke, Berlin, CT 06037-3230
      View Details
    • Value Estimation
      $280,000
      3,564 SF

      320 New Britain Rd

      OFFICE BUILDING • 3,564 SF
      320 New Britain Rd, Berlin, CT 06037-1319
      View Details
    • Value Estimation
      $230,000
      1,589 SF

      534 New Britain Rd

      OFFICE BUILDING • 1,589 SF
      534 New Britain Rd, Berlin, CT 06037-2151
      View Details
    • Value Estimation
      $400,000
      3,407 SF

      855 Berlin Tpke

      OFFICE BUILDING • 3,407 SF
      855 Berlin Tpke, Berlin, CT 06037-2444
      View Details
    • Value Estimation
      $250,000
      2,912 SF

      365 Main St

      OFFICE BUILDING • 2,912 SF
      365 Main St, Berlin, CT 06037-2665
      View Details
    • Value Estimation
      $240,000
      2,237 SF

      785 Farmington Ave

      OFFICE BUILDING • 2,237 SF
      785 Farmington Ave, Berlin, CT 06037-1302
      View Details

    Similar Nearby for Sale

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      30,120 SF

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      30,120 SF Two Office Buildings on 1.87 AC
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    • $3,900,000
      35,270 SF

      Mill Street Development Opportunity

      35,270 SF in three buildings with development potential.
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    • $250,000

      Renovated Office Condo in Berlin

      Fully renovated 1,908 SF office condo for sale.
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    • $1,695,000
      8,514 SF

      Berlin Commercial Property - Prime Location

      Established Restaurant, Event Space, FF&E Included
      237 New Britain Rd, Berlin, CT 06037
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    • Contact for pricing

      Land Available on Berlin Turnpike

      Two lots available on Berlin Turnpike with high visibility.
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      View Details
    • $1,300,000
      4 SF

      Berlin Turnpike Retail Investment Opportunity

      4,301 SF retail building with high visibility on Berlin Turnpike.
      1474 Berlin Tpke, Berlin, CT 06037
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    Similar Nearby for Lease

    • $2,025 /Mo
      2,400 SF

      Medical Office Space For Rent

      2400+ sqft medical space in a brick building.
      320 New Britain Rd, Berlin, CT 06037
      View Details
    • $1,600 /Mo
      1,160 SF

      Berlin Office Space For Lease

      First-floor office space with private offices, reception, and parking.
      979 Farmington Ave, Berlin, CT 06037
      View Details
    • $5 SF/Yr
      126,727 SF

      128 Old Brickyard Ln

      Distribution properties • 126,727 SF
      128 Old Brickyard Ln, Berlin, CT 06037
      View Details
    • $1,100 /Mo
      1,000 SF

      Office Condominium Space Available

      Office condominium with space available for rent in Berlin.
      37 Webster Square Rd, Berlin, CT 06037
      View Details
    • $2,000 /Mo
      1,360 SF

      Berlin Turnpike Office Space Available

      Versatile office space for rent on the Berlin Turnpike.
      1436 Berlin Tpke, Berlin, CT 06037
      View Details
    • $13 SF/Yr

      Professional Office Space in Berlin

      5,000 SF office space available for sublease.
      259 New Britain Rd, Berlin, CT 06037
      View Details
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    15 Massirio Dr
    Berlin, CT 06037-2300
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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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