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    24 Watson Rd Preston, CT 06365
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    24 Watson Rd Preston, CT 06365

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    • Commercial real estate
    • 42.50 lot acres
    Off-Market
    Property ID
    US15-0743031
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 24 Watson Rd

    Lot size
    42.50 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 42.5-acre land parcel in Preston, Connecticut, presents a prime residential development opportunity. Located at 24 Watson Rd, 06365, this property boasts R-60 zoning, allowing for significant buildable square footage – an estimated 275,045 square feet. The land is classified as Land Class R (RES ACLNDV MDL-00) and offers 15% lot coverage as-of-right. Situated directly across from Foxwoods Resort & Casino, this location benefits from the substantial tourism and employment generated by the casino, which attracts over 15 million visitors annually and employs over 3,200 people. The proximity to Foxwoods, including its hotels, restaurants, and entertainment venues, creates a strong market for residential development. Furthermore, the planned opening of a Great Wolf Lodge resort in 2025 will further enhance the area's appeal and potential for growth. The annual property taxes are $4,294. Developers envision approximately 275 single-family residences, each around 1,000 square feet, catering to both local residents and the substantial workforce and tourism associated with Foxwoods. The municipality is known to be receptive to new development proposals, presenting opportunities for variances. This property offers significant potential for a lucrative residential development project in a high-demand location. The asking price is $6,900,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Preston
    County
    New London
    State
    Connecticut
    Longitude
    -71.96529
    Latitude
    41.487951

    Comparable in this City

    • $6,500,000

      Unique Farm with Event Venue

      225-acre farm featuring a residence, inn, and event venue.
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    • New
      $49,900
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      Residential Land in Quiet Neighborhood

      Level, cleared land near Thames River, convenient to amenities.
      3 Holdsworth Rd, Preston, CT 06365
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      75 Acres Horse Farm Potential

      75+ acres with barns and homes for horse farm.
      7-43 Pierce Rd Rd, Preston, CT 06365
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      Equestrian Property in Preston, CT

      75-acre equestrian property with two homes and horse barn.
      7-43 Pierce Rd, Preston, CT 06365
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      Development Opportunity Near Mohegan Sun

      Car wash, convenience store, and gas station near Mohegan Sun.
      124 Route 12, Preston, CT 06365
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    • $320,000
      1,782 SF

      Renovated Office Building with Garage

      Well-maintained office building with garage, ample parking, and renovation.
      148 Route 2, Preston, CT 06365
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    Similar Nearby for Sale

    • $6,500,000

      Unique Farm with Event Venue

      225-acre farm featuring a residence, inn, and event venue.
      57 Northwest Corner Rd, Preston, CT 06365
      View Details
    • Contact for pricing

      75 Acres Horse Farm Potential

      75+ acres with barns and homes for horse farm.
      7-43 Pierce Rd Rd, Preston, CT 06365
      View Details
    • Contact for pricing

      Equestrian Property in Preston, CT

      75-acre equestrian property with two homes and horse barn.
      7-43 Pierce Rd, Preston, CT 06365
      View Details
    • New
      $49,900
      0.30 Acres

      Residential Land in Quiet Neighborhood

      Level, cleared land near Thames River, convenient to amenities.
      3 Holdsworth Rd, Preston, CT 06365
      View Details
    • $320,000
      1,782 SF

      Renovated Office Building with Garage

      Well-maintained office building with garage, ample parking, and renovation.
      148 Route 2, Preston, CT 06365
      View Details
    • Contact for pricing

      Development Opportunity Near Mohegan Sun

      Car wash, convenience store, and gas station near Mohegan Sun.
      124 Route 12, Preston, CT 06365
      View Details
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    Preston, CT 06365
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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.

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