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

    24 Meriden Rd Waterbury, CT 06705

    • Parking lots & garages
    • 3,600 SF
    • 0.32 lot acres
    For Lease
    View listing
    $18 SF/Yr
    Value Estimations
    $245,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-1011447
    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

    • Ernie's Auto / Used Car Dealer
    • Tire Mart Plus / Tire Shop / Used Tire Shop
    • American Auto Electric / Auto Repair Shop / Auto Electrical Service

    Property Details for 24 Meriden Rd

    Year built
    1970
    Lot size
    0.32 lot acres
    Property size
    3,600 SF
    Zone code
    CA
    Property type
    Parking lots & garages
    APN
    WBRY M:0348 B:0102 L:0371
    APU
    WBRYM0348B0102L0371

    Description

    This 3,600 square foot free-standing building is located at 24 Meriden Road in Waterbury, Connecticut, on Route 69, boasting a daily traffic count of 22,900 vehicles. The property sits on a 0.36-acre lot and is zoned CA (Commercial). Ideal for fast food or auto service businesses, this single-tenant building offers 3 overhead doors, a 10-foot ceiling height, and is constructed of block and steel. The interior measures approximately 80' x 45' and features partial air conditioning and gas heat. Utilities include 200-amp 3-phase electric service, Eversource gas, city water, and city sewer. Built in 1988, the building is available for lease at $18.00 per square foot, plus net expenses. The property's convenient location offers proximity to Interstate 84 (less than one mile) and Route 8 (one mile). Ample parking is available. The building can be subdivided to accommodate various business needs.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $265,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $228,000
      Market price range: $92.1k - $309k
      AI Estimate
      $381,000
      Market price range: $198k - $475k

    • Alternative Use

      Use
      Estimation
      PARKING LOT
      $220,000
      Current use
      AUTO REPAIR, GARAGE
      $325,000
      Change: +47% Conversion: Difficult
      OFFICE BUILDING
      $295,000
      Change: +32% Conversion: Difficult
      RETAIL STORES
      $290,000
      Change: +32% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $250,000
      Change: +14% Conversion: Difficult
      WAREHOUSE, STORAGE
      $210,000
      Change: -4% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Waterbury
    County
    New Haven
    State
    Connecticut
    Longitude
    -73.0167
    Latitude
    41.5471
    CBSA code
    35300
    CBSA name
    NEW HAVEN-MILFORD, 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
    $13,443
    $70,630
    $177,450
    $248,080
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $215,000
      1,344 SF

      12 Meriden Rd

      PARKING GARAGE, PARKING STRUCTURE • 1,344 SF
      12 Meriden Rd, Waterbury, CT 06705-1932
      View Details
    • Value Estimation
      $205,000
      1,244 SF

      705 Meriden Rd

      PARKING GARAGE, PARKING STRUCTURE • 1,244 SF
      705 Meriden Rd, Waterbury, CT 06705-2432
      View Details
    • Value Estimation
      $215,000
      2,660 SF

      465 Meriden Rd

      PARKING GARAGE, PARKING STRUCTURE • 2,660 SF
      465 Meriden Rd, Waterbury, CT 06705-2204
      View Details
    • Value Estimation
      $620,000
      5,880 SF

      184 Kukas Ln

      PARKING GARAGE, PARKING STRUCTURE • 5,880 SF
      184 Kukas Ln, Waterbury, CT 06705-2662
      View Details
    • Value Estimation
      $300,000
      4,656 SF

      2984 Main St

      PARKING GARAGE, PARKING STRUCTURE • 4,656 SF
      2984 Main St, Waterbury, CT 06705-3422
      View Details
    • Value Estimation
      $245,000
      3,228 SF

      1833 Main St

      PARKING GARAGE, PARKING STRUCTURE • 3,228 SF
      1833 Main St, Waterbury, CT 06705-1819
      View Details

    Similar Nearby for Sale

    • $595,000
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      Waterbury Commercial Property on Large Lot

      Multi-use building on 0.77-acre lot with existing tenants.
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    • $450,000

      Automotive Garage on East Main

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    • $650,000
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      Former Yellow Cab Terminal For Sale

      5,292 SF auto shop with 5-bay garage on 0.92 acres.
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    • $4,000,000
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      Waterbury Retail Land Investment

      Prime 4.74-acre retail site, 24,000 SF.
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    • $595,000
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      Leased Commercial Building For Sale

      6,800 SF leased commercial building in high-traffic area.
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    • $1,050,000
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      Retail Property on Scott Road

      Retail property available for sale, suitable for division.
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      View Details

    Similar Nearby for Lease

    • Contact for pricing
      148,141 SF

      Waterbury Retail Center Investment

      High-traffic shopping center, 2,704 sq ft available
      921 Wolcott St, Waterbury, CT 06705
      View Details
    • $14 SF/Yr
      16,632 SF

      Meriden Road Flex Space Available

      Wolcott, CT: 16,632 SF Flex Space for Lease
      1215 Meriden Rd, Wolcott, CT 06705
      View Details
    • $9 SF/Yr
      41,562 SF

      Mattatuck Plaza: Waterbury Retail Space

      Prime Waterbury retail space, multiple suites available.
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      View Details
    • Contact for pricing
      14,477 SF

      Freestanding Building at Key Intersection

      Freestanding retail building with excellent visibility, sublease until 2035.
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      View Details
    • $14 SF/Yr
      23,540 SF

      Prime Retail Space, Waterbury, CT

      High-traffic retail space available.
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      View Details
    • $14 SF/Yr
      4,337 SF

      Retail/Office/Flex Space Available

      New retail, office, or flex space with highway access.
      1215-1261 Meriden Rd, Wolcott, CT 06705
      View Details
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    24 Meriden Rd
    Waterbury, CT 06705
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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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