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    Property profile & analytics

    215 Pearl St Hartford, CT 06103

    • Office buildings
    • 3,900 SF
    • 0.20 lot acres
    For Sale
    View listing
    $799,900
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0307524
    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

    • Earhart Heavy Duty Towing / Towing Service

    Property Details for 215 Pearl St

    Year built
    1924
    Construction
    FRAME
    Lot size
    0.20 lot acres
    Property size
    3,900 SF
    Zone code
    DT-2
    Property type
    Office buildings
    APN
    HTFD M:246 B:341 L:018
    APU
    HTFDM246B341L018

    Description

    This exceptional 9,000 square foot commercial property located at 215 Pearl Street in the heart of downtown Hartford, Connecticut presents a remarkable investment opportunity. Situated on a 0.2-acre lot, this building offers a unique blend of historic charm and modern potential. Currently priced at $799,900, the property features a stunning 32-foot cathedral ceiling, creating an impressive and spacious atmosphere ideal for a variety of uses. City-approved plans are already in place, significantly streamlining the development process and minimizing upfront planning costs. The expansive layout includes a dedicated stage area, perfect for events or performances, and a substantial basement area, well-suited for kitchen facilities, storage, or additional event space. While some renovations are required, the property's prime location and existing infrastructure provide a solid foundation for a successful venture. This is a chance to be part of Hartford's ongoing revitalization, transforming this historic building into a thriving hub within the city's dynamic downtown core. The property's versatility makes it suitable for a restaurant, event venue, nightlife establishment, or a combination thereof, capitalizing on the growing demand for unique spaces in this vibrant urban setting. Don't miss this chance to own a piece of Hartford's history and future.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $250,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $206,000
      Market price range: $173k - $466k
      AI Estimate
      $166,000
      Market price range: $55.0k - $415k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $295,000
      Current use
      RETAIL STORES
      $395,000
      Change: +34% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $350,000
      Change: +19% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $340,000
      Change: +16% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Hartford
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.6774
    Latitude
    41.7662
    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
    $9,111
    $129,290
    $70
    $129,360
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $315,000
      4,792 SF

      24 Lewis St

      OFFICE BUILDING • 4,792 SF
      24 Lewis St, Hartford, CT 06103-2501
      View Details
    • Value Estimation
      $475,000
      11,022 SF

      247-251 Pearl St

      OFFICE BUILDING • 11,022 SF
      247-251 Pearl St, Hartford, CT 06103
      View Details
    • Value Estimation
      $755,000
      53,531 SF

      15 Lewis St, Unit 21

      OFFICE BUILDING • 53,531 SF
      15 Lewis St, Hartford, CT 06103-2502
      View Details
    • Value Estimation
      $600,000
      130,548 SF

      750 Main St Ste, Unit 760

      OFFICE BUILDING • 130,548 SF
      750 Main St Ste, Hartford, CT 06103-2709
      View Details
    • Value Estimation
      $2,615,000
      50,694 SF

      140 Trumbull St, Unit 150

      OFFICE BUILDING • 50,694 SF
      140 Trumbull St, Hartford, CT 06103-2406
      View Details
    • Value Estimation
      $810,000
      54,330 SF

      11 Asylum St, Unit 23

      OFFICE BUILDING • 54,330 SF
      11 Asylum St, Hartford, CT 06103-2209
      View Details

    Similar Nearby for Sale

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    • $799,900
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      Downtown Hartford Commercial Gem

      Historic building, huge potential, city-approved plans.
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      Downtown Hartford Event Venue Opportunity

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      East Hartford Retail Opportunity

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    Similar Nearby for Lease

    • $12 SF/Yr
      285,457 SF

      Class B Office Building

      Financially sound office building with flexible layout in downtown.
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      View Details
    • $25 SF/Yr
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      Downtown Hartford Retail/Office/Cafe Space

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    • $22 SF/Yr
      15,572 SF

      Downtown Hartford Office Space

      Premium Hartford Offices: Modern & Flexible
      100 Pearl St, Hartford, CT 06103
      View Details
    • $20 SF/Yr
      4,688 SF

      Prime Office Space on Pratt

      Second-floor office space with views and parking available for rent.
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      View Details
    • Contact for pricing
      22,531 SF

      Office Space in Hartford, CT

      Office space available for lease in Hartford, Connecticut.
      1 State St, Hartford, CT 06103
      View Details
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    215 Pearl St
    Hartford, CT 06103
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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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