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

    151 1st Ave New London, CT 06320-4155

    • Residential income homes
    • 3,296 SF
    • 0.22 lot acres
    OFF-MARKET
    Value Estimations
    $265,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0149268
    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

    • Residential income homes

    Property Details for 151 1st Ave

    Year built
    1964
    Lot size
    0.22 lot acres
    Property size
    3,296 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    NLON M:F03 B:0319 L:0019
    APU
    NLONMF03B0319L0019

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $255,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $276,000
      Market price range: $198k - $364k
      AI Estimate
      $252,000
      Market price range: $227k - $326k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $300,000
      Current use
      RETAIL STORES
      $365,000
      Change: +23% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $255,000
      Change: -14% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    New London
    County
    New London
    State
    Connecticut
    Longitude
    -72.1011
    Latitude
    41.3792
    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
    $5,336
    $33,250
    $110,040
    $143,290
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $210,000
      3,020 SF

      32 Franklin St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,020 SF
      32 Franklin St, New London, CT 06320-5986
      View Details
    • Value Estimation
      $195,000
      3,159 SF

      27 Coit St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,159 SF
      27 Coit St, New London, CT 06320-5060
      View Details
    • Value Estimation
      $215,000
      3,140 SF

      289 Colman St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,140 SF
      289 Colman St, New London, CT 06320-3621
      View Details
    • Value Estimation
      $215,000
      3,120 SF

      13 Jefferson Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,120 SF
      13 Jefferson Ave, New London, CT 06320-5069
      View Details
    • Value Estimation
      $275,000
      4,280 SF

      35 Perry St

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,280 SF
      35 Perry St, New London, CT 06320-4707
      View Details
    • Value Estimation
      $300,000
      3,168 SF

      88 Riverview Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,168 SF
      88 Riverview Ave, New London, CT 06320-5413
      View Details

    Similar Nearby for Sale

    • $4,699,000

      New London Commercial Building Conversion

      26,727 SF building near Yale New Haven Hospital.
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    • $485,000

      New London Multifamily Investment Opportunity

      Well-maintained four-family property with long-term tenants and recent updates.
      142 Montauk Ave, New London, CT 06320
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    • $435,000

      Multifamily Property for Sale

      Multifamily property available for purchase.
      32 Moore Ave, New London, CT 06320
      View Details
    • $349,900
      Pending

      New London Triplex Investment Opportunity

      Triplex with three units, convenient location, TLC needed.
      77 Colman St, New London, CT 06320
      View Details
    • New
      $315,000
      1,666 SF

      Two-Unit Multifamily Property For Sale

      Well-maintained two-unit multifamily property with immediate cash flow.
      31 Grand St, New London, CT 06320
      View Details
    • $225,000

      Three-Family House Requiring Renovation

      Three-family house with water damage, in need of renovation.
      59 Connecticut Ave, New London, CT 06320
      View Details

    Similar Nearby for Lease

    • $2,800 /Mo

      Waterfront Living with Private Roof

      Two-bedroom apartment with amenities and convenient location.
      133 Bank St, New London, CT 06320
      View Details
    • $1,350 /Mo

      Remodeled One-Bedroom Apartment

      Third-floor apartment with updated finishes, available for immediate occupancy.
      192 Shaw St, New London, CT 06320
      View Details
    • $1,250 /Mo

      Two-Bedroom Ground Floor Apartment

      Recently painted 2-bedroom apartment near Coast Guard Academy.
      111 Oneco Ave, New London, CT 06320
      View Details
    • $2,700 /Mo

      Spacious Four-Bedroom Apartment Available

      Large, renovated 4-bedroom apartment with parking and in-unit laundry.
      68 Connecticut Ave, New London, CT 06320
      View Details
    • $1,950 /Mo

      New Apartment with Included Utilities

      One-bedroom apartment with new appliances and included utilities for rent.
      253 State St, New London, CT 06320
      View Details
    • $1,750 /Mo

      Luxurious One Bedroom Apartment

      High-end apartment with modern touches in New London.
      207 Bank St, New London, CT 06320
      View Details
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    151 1st Ave
    New London, CT 06320-4155
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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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