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

    232 New London Rd Colchester, CT 06415-1824

    • Showrooms
    • 4,842 SF
    • 1.50 lot acres
    OFF-MARKET
    Last Sale
    Sep 28, 2020
    $150,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0582402
    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

    • Fresca Tequila Bar & Grill / Mexican Restaurant

    Property Details for 232 New London Rd

    Year built
    1986
    Construction
    FRAME
    Lot size
    1.50 lot acres
    Property size
    4,842 SF
    Zone code
    RU
    Property type
    Showrooms
    APN
    COLC M:003 B:009 L:042-000
    APU
    COLCM003B009L042000

    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
    Colchester
    County
    New London
    State
    Connecticut
    Longitude
    -72.3143
    Latitude
    41.5535
    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
    $6,663
    $70,000
    $174,800
    $244,800
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      3,888 SF

      16 Wall St

      SHOW ROOM, WAREHOUSE • 3,888 SF
      16 Wall St, Colchester, CT 06415-1161
      View Details
    • Value Estimation by Request
      6,803 SF

      28 Amston Rd

      SHOW ROOM, WAREHOUSE • 6,803 SF
      28 Amston Rd, Colchester, CT 06415-1045
      View Details
    • Value Estimation by Request
      5,416 SF

      44 Amston Rd

      SHOW ROOM, WAREHOUSE • 5,416 SF
      44 Amston Rd, Colchester, CT 06415-1045
      View Details
    • Value Estimation by Request
      1,258 SF

      104 Broadway St

      SHOW ROOM, WAREHOUSE • 1,258 SF
      104 Broadway St, Colchester, CT 06415-1020
      View Details
    • Value Estimation by Request
      1,736 SF

      176 Broadway St

      SHOW ROOM, WAREHOUSE • 1,736 SF
      176 Broadway St, Colchester, CT 06415-1024
      View Details
    • Value Estimation by Request
      2,304 SF

      67 Lebanon Ave

      SHOW ROOM, WAREHOUSE • 2,304 SF
      67 Lebanon Ave, Colchester, CT 06415-1211
      View Details

    Similar Nearby for Sale

    • $3,000,000
      19,742 SF

      Colchester Cinema - Prime Retail

      Thriving 6-plex theater, high occupancy.
      396 Old Hartford Rd, Colchester, CT 06415
      View Details
    • $7,000,000
      72.30 Acres

      Colchester Commercial Land & Buildings

      72 Acres, Mixed-Use, $7M
      225 Parum Rd, Colchester, CT 06415
      View Details
    • $485,000

      Colchester Specialty Property For Sale

      Specialty property available for sale in Colchester, Connecticut.
      39 Briarwood Dr, Colchester, CT 06415
      View Details
    • $689,900

      East Haddam Specialty Property

      Specialty property available for sale in East Haddam.
      129 Salem Rd, Colchester, CT 06415
      View Details
    • $345,000

      Specialty Property For Sale

      Specialty property available for purchase.
      59 Park Rd, Colchester, CT 06415
      View Details
    • $750,000

      Colchester Specialty Property For Sale

      Specialty property available for purchase in Colchester, Connecticut.
      335 Westchester Rd, Colchester, CT 06415
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr

      Versatile Retail Space in Colchester

      3,200 SF retail space in well-known Colchester plaza.
      493 Westchester Rd, Colchester, CT 06415
      View Details
    • $300 /Mo
      6,952 SF

      Colchester, CT Retail & Office Space

      Prime Colchester location, multiple suites available.
      179 Linwood Ave, Colchester, CT 06415
      View Details
    • Contact for pricing
      43,560 SF

      Route 16 Commercial Land Opportunity

      Prime Route 16 commercial land, join Chipotle!
      131 Linwood Ave, Colchester, CT 06415
      View Details
    • $2,800 /Mo

      New Colchester Town Center Apartment

      Brand-new apartment near Colchester's town center, shops, and restaurants.
      481 Norwich Ave, Colchester, CT 06415
      View Details
    • $2,000 /Mo
      3,800 SF

      Warehouse Space with High Ceilings

      Cold warehouse space suitable for contractor or landscaper.
      96 Lebanon Ave, Colchester, CT 06415
      View Details
    • $700 /Mo
      300 SF

      Downtown Colchester Office Space Available

      Second-floor office space in downtown Colchester with parking.
      63 Norwich Ave, Colchester, CT 06415
      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.
    232 New London Rd
    Colchester, CT 06415-1824
    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.