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

    190 New Park Dr Berlin, CT 06037-3741

    • Manufacturing properties
    • 24,707 SF
    • 4.30 lot acres
    OFF-MARKET
    Value Estimations
    $655,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0127678
    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

    • Erection & Welding Contractors / Professional Services / Steel Fabricator

    Property Details for 190 New Park Dr

    Year built
    1976
    Construction
    STEEL FRAME
    Lot size
    4.30 lot acres
    Property size
    24,707 SF
    Zone code
    PI
    Property type
    Manufacturing properties
    APN
    BERL M:22-3 B:153 L:11D
    APU
    BERLM223B153L11D

    Description

    This exceptional Class A industrial property, located at 190 New Park Drive in Berlin, Connecticut, offers 29,504 square feet of versatile distribution, flex, and warehouse space. Built in 1976 and extensively renovated in 2014, this fee-simple owned building sits on a 4.3-acre lot and is zoned PI. The single-story structure boasts a minimum ceiling height of 25 feet, reaching up to 36 feet in certain areas, and includes one dock-high door and three drive-in doors. The property benefits from a full sprinkler system and is conveniently located near I-91 and the Berlin Turnpike, ensuring easy access to major transportation routes. The current owner will vacate upon sale, and existing equipment and assets are available for separate purchase. Expansion possibilities exist, making this a highly attractive investment opportunity for owner-users seeking premium industrial space in a prime Connecticut location. The property's 29,504 square feet of net rentable space provides ample room for various business operations.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $500,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $813,000
      Market price range: $505k - $1.52M

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

    Location Insight

    • Map
    • Local Demand
    City
    Berlin
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.7496
    Latitude
    41.5958
    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
    $28,091
    $196,400
    $753,900
    $950,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $720,000
      147,947 SF

      95 Edgewood Rd

      MANUFACTURING (LIGHT) • 147,947 SF
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      View Details
    • Value Estimation
      $7,005,000
      126,727 SF

      128 Old Brickyard Ln

      MANUFACTURING (LIGHT) • 126,727 SF
      128 Old Brickyard Ln, Berlin, CT 06037-1465
      View Details
    • Value Estimation
      $740,000
      88,546 SF

      114 New Park Dr

      MANUFACTURING (LIGHT) • 88,546 SF
      114 New Park Dr, Berlin, CT 06037-3775
      View Details
    • Value Estimation
      $1,005,000
      17,408 SF

      555 Wethersfield Rd

      MANUFACTURING (LIGHT) • 17,408 SF
      555 Wethersfield Rd, Berlin, CT 06037-1628
      View Details
    • Value Estimation
      $540,000
      9,000 SF

      37 Willow Brk Dr

      MANUFACTURING (LIGHT) • 9,000 SF
      37 Willow Brk Dr, Berlin, CT 06037-1533
      View Details
    • Value Estimation
      $605,000
      19,392 SF

      199 New Park Dr

      MANUFACTURING (LIGHT) • 19,392 SF
      199 New Park Dr, Berlin, CT 06037-3740
      View Details

    Similar Nearby for Sale

    • $1,535,000
      Pending

      Berlin Commercial Building For Sale

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      5.00 Acres

      Berlin Turnpike Industrial Land

      ±13 Acres, Prime Industrial Location
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      33,056 SF

      Berlin Flex/Industrial Space Available

      33,056 SF flex/industrial property in Berlin, CT for sale.
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      View Details
    • $1,695,000
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      Berlin Commercial Property - Prime Location

      Established Restaurant, Event Space, FF&E Included
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    • $2,700,000
      30,120 SF

      30,120 SF Two Office Buildings on 1.87 AC

      30,120 SF Two Office Buildings on 1.87 AC
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      Land Available on Berlin Turnpike

      Two lots available on Berlin Turnpike with high visibility.
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    Similar Nearby for Lease

    • $5 SF/Yr
      126,727 SF

      128 Old Brickyard Ln

      Distribution properties • 126,727 SF
      128 Old Brickyard Ln, Berlin, CT 06037
      View Details
    • Contact for pricing
      16,000 SF

      800,000 SF Manufacturing Complex

      Manufacturing complex with industrial amenities, heavy power, and rail access.
      225 Episcopal Rd, Berlin, CT 06037
      View Details
    • $750 /Mo
      554 SF

      Unfinished Flex Space For Rent

      Second floor flex space with private access and expansion potential.
      510 Christian Ln, Berlin, CT 06037
      View Details
    • $1,958 /Mo
      1,740 SF

      Industrial Garage with Office Space

      1,740 SF industrial garage with office space for rent.
      510 Christian Ln, Berlin, CT 06037
      View Details
    • $9 SF/Yr
      3,750 SF

      Flex Space with Retail/Warehouse

      3,750 SF flex space with retail and warehouse components.
      2590 Berlin Tpke, 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
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    190 New Park Dr
    Berlin, CT 06037-3741
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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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