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

    224 Governor St East Hartford, CT 06108-2144

    • Showrooms
    • 4,260 SF
    • 0.44 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0995456
    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

    • Governor's Auto Body, Inc. / Auto Body Shop

    Property Details for 224 Governor St

    Year built
    1953
    Construction
    FRAME
    Lot size
    0.44 lot acres
    Property size
    4,260 SF
    Zone code
    B-3
    Property type
    Showrooms
    APN
    EHAR M:5 L:123/124
    APU
    EHARM5L123124

    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
    East Hartford
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.6531
    Latitude
    41.7712
    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
    2024
    $10,772
    $72,880
    $171,940
    $244,820
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      0.06 Acres

      1 14th Joseph St

      SHOW ROOM, WAREHOUSE • 0.06 Acres
      1 14th Joseph St, East Hartford, CT 06108-2413
      View Details
    • Value Estimation
      $1,450,000
      12,106 SF

      73 Connecticut Blvd

      SHOW ROOM, WAREHOUSE • 12,106 SF
      73 Connecticut Blvd, East Hartford, CT 06108
      View Details
    • Value Estimation by Request
      1,710 SF

      657 Burnside Ave

      SHOW ROOM, WAREHOUSE • 1,710 SF
      657 Burnside Ave, East Hartford, CT 06108-3540
      View Details
    • Value Estimation
      $4,955,000
      101,409 SF

      333 Riv Dr

      SHOW ROOM, WAREHOUSE • 101,409 SF
      333 Riv Dr, East Hartford, CT 06108-4200
      View Details
    • Value Estimation
      $2,285,000
      69,775 SF

      300 Riv Dr

      SHOW ROOM, WAREHOUSE • 69,775 SF
      300 Riv Dr, East Hartford, CT 06108-4205
      View Details
    • Value Estimation by Request
      2,237 SF

      596 Burnside Ave

      SHOW ROOM, WAREHOUSE • 2,237 SF
      596 Burnside Ave, East Hartford, CT 06108-3538
      View Details

    Similar Nearby for Sale

    • $1,750,000
      2,511 SF

      Landmark Gas Station For Sale

      Profitable gas station with diverse revenue streams in prime location.
      131 Darlin St, East Hartford, CT 06108
      View Details
    • $289,900
      2,392 SF

      East Hartford Mixed-Use Property

      Commercial mixed-use property with apartment and off-street parking.
      4 Great Hill Rd, East Hartford, CT 06108
      View Details
    • $749,900
      6,229 SF

      East Hartford Versatile Commercial Property

      Commercial property suitable for industrial, warehouse, automotive, or restaurant use.
      776 Tolland St, East Hartford, CT 06108
      View Details
    • $339,900

      East Hartford Multifamily Opportunity

      Multifamily property for sale in East Hartford, Connecticut.
      113 Woodlawn Cir, East Hartford, CT 06108
      View Details
    • $259,000

      East Hartford Two-Family Home

      Two-family home in central East Hartford, delivered unoccupied.
      41 Bissell St, East Hartford, CT 06108
      View Details
    • $399,900
      2,859 SF

      East Hartford Multifamily Home

      Two-family home with attic and finished basement, two-car garage.
      816 Burnside Ave, East Hartford, CT 06108
      View Details

    Similar Nearby for Lease

    • $1,500 /Mo

      Versatile Space on Burnside Avenue

      Flexible 2,000 SF unit suitable for office, retail, or industrial.
      715 Burnside Ave, East Hartford, CT 06108
      View Details
    • $14 SF/Yr
      10,620 SF

      East Hartford Retail Space Available

      Retail space with excellent visibility and easy interstate access.
      329 Ellington Rd, East Hartford, CT 06108
      View Details
    • $8,000 /Mo

      Turnkey Grocery Store East Hartford

      11,026 SF fully built-out grocery space for lease.
      1140 Burnside Ave, East Hartford, CT 06108
      View Details
    • Contact for pricing
      46,174 SF

      East Hartford Retail Pad Site

      1.06-Acre Commercial Land for Lease
      333 Roberts St, East Hartford, CT 06108
      View Details
    • $18 SF/Yr
      98,166 SF

      800 Connecticut Blvd Office Space

      East Hartford executive office suites, stunning views.
      800 Connecticut Blvd, East Hartford, CT 06108
      View Details
    • $12 SF/Yr
      3,700 SF

      East Hartford Office Space Available

      Office space for rent with flexible layouts and parking.
      111 Pitkin St, East Hartford, CT 06108
      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.
    224 Governor St
    East Hartford, CT 06108-2144
    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.