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

    24 Spg Ln Farmington, CT 06032-3349

    • Manufacturing properties
    • 8,864 SF
    • 2.08 lot acres
    OFF-MARKET
    Value Estimations
    $380,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0724252
    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

    • Murray Kaizer Dental Lab / Dental Laboratory
    • Yankee Fitness Company / Fitness Center / Gym

    Property Details for 24 Spg Ln

    Year built
    1958
    Lot size
    2.08 lot acres
    Property size
    8,864 SF
    Zone code
    CR
    Property type
    Manufacturing properties
    APN
    FARM M:0137 B:12E
    APU
    FARMM0137B12E

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $365,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $392,000
      Market price range: $161k - $447k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $495,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Farmington
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.8734
    Latitude
    41.7041
    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
    $14,103
    $160,580
    $421,960
    $582,540
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $690,000
      52,080 SF

      1838 New Britain Ave

      MANUFACTURING (LIGHT) • 52,080 SF
      1838 New Britain Ave, Farmington, CT 06032-3114
      View Details
    • Value Estimation
      $290,000
      7,452 SF

      17 Spg Ln

      MANUFACTURING (LIGHT) • 7,452 SF
      17 Spg Ln, Farmington, CT 06032-3128
      View Details
    • Value Estimation
      $995,000
      50,080 SF

      28 Spg Ln

      MANUFACTURING (LIGHT) • 50,080 SF
      28 Spg Ln, Farmington, CT 06032-3140
      View Details
    • Value Estimation
      $475,000
      22,440 SF

      1547 New Britain Ave

      MANUFACTURING (LIGHT) • 22,440 SF
      1547 New Britain Ave, Farmington, CT 06032-3310
      View Details
    • Value Estimation by Request
      1,068 SF

      196 Brickyard Rd

      Distribution properties • 1,068 SF
      196 Brickyard Rd, Farmington, CT 06032
      View Details
    • Value Estimation
      $350,000
      27.02 Acres

      65 Scott Swamp Rd

      INDUSTRIAL (GENERAL) • 27.02 Acres
      65 Scott Swamp Rd, Farmington, CT 06032-2803
      View Details

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      Land For Sale

      Land available for sale.
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      Specialty property available for purchase in Farmington, Connecticut.
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    • $1,000,000
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      Farmington Commercial Land Opportunity

      2.5 acre lot with 2,814 SF residential ranch home.
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    Similar Nearby for Lease

    • Contact for pricing
      3,773 SF

      Farmington Office/Flex Building For Rent

      Well-maintained office/flex building with loading dock and ample parking.
      220 Farmington Ave, Farmington, CT 06032
      View Details
    • $15 SF/Yr
      34,000 SF

      Farmington Commercial Space For Lease

      Flexible commercial space available in Farmington, CT.
      613 New Britain Ave, Farmington, CT 06032
      View Details
    • Contact for pricing

      Farmington Office or Industrial Space

      160,266 sq ft building on 26.8 acres available for lease.
      1690 New Britain Ave, Farmington, CT 06032
      View Details
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      210,372 SF

      West Farm Shopping Center: Retail Space

      High-traffic Route 71, prime retail space available.
      1600 Rd, Farmington, CT 06032
      View Details
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      811 SF

      Farmington Office Space For Lease

      Office space available for lease in Farmington, Connecticut.
      30 Stanford Dr, Farmington, CT 06032
      View Details
    • Contact for pricing
      8,528 SF

      Farmington Office Sublease Opportunity

      Office space available for sublease in Farmington, Connecticut.
      3 Farm Glen Blvd, Farmington, CT 06032
      View Details
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    24 Spg Ln
    Farmington, CT 06032-3349
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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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